| The Property |
The property is referred to as Lot 2 cnr of Berwick Cranbourne Rd and Clyde Five Ways Rd, Cranbourne East. The site is
located approximately 3.5km east of Cranbourne town centre, 46km southeast of Melbourne and is 26.2ha in area.
|
| Purchase of the Property |
Cranbourne Road Holdings ACN 124 584 394 has entered into a Contract of Sale for the Property. Cranbourne Road
Holdings Pty Ltd is a special purpose vehicle whose sole investment will be the property disclosed here.
The Contract of Sale is conditional upon the realignment of the proposed Cranbourne Bypass road to avoid this property. |
| Purchase Price |
• $14,589,000 + GST |
| Terms |
| • Initial Deposit (paid 05/07/2007) |
$5,000 |
| •Balance of Deposit (paid 30/09/2008) |
$3,642,250 |
| •First Payment (paid 30/09/2010) |
$10,941,750 |
|
| Shareholding |
VRLF have committed to a 19% share in Cranbourne Road Holdings Pty Ltd.
A Shareholders Agreement has been executed by the Cranbourne Road Holdings Pty Ltd shareholders. Anthony Ronald
Johnson and Andrew Robert Phillips are directors and Rory John Costelloe, is the director/secretary of Cranbourne Road
Holdings Pty |
| The Development Manager |
Villawood Management Pty Ltd (ACN 100 813 161) will be paid fees for a range of development services not exceeding
those set out in section 10.5 of the Prospectus
|
| Valuation |
Will be undertaken when the contract becomes unconditional |
| Zoning |
The 26.24ha site is located within the Urban Growth Boundary and is currently zoned for farming uses. The Growth Area
Authority is managing the development of the Cranbourne East Structure Plan on behalf of the Minister for Planning with
a timeframe of completing the area rezoning to residential and ancillary uses by September 2008. This timeframe is an
estimate only and may vary due to circumstances outside the control of the Development Manager
|
| Planning Approval |
A Planning Permit will be required after rezoning. |
| Type of Project |
Conventional residential development
The site is expected to yield approximately 300 lots. |
| Timing |
| Estimated timing for rezoning |
2008 |
| Estimated time for Planning Permit approval |
2009 |
| Estimated Start of Marketing |
2010 |
| Estimated Completion |
2014 |
The above timings are estimates only and may be altered depending on prevailing circumstances at the relevant time. |
