| The Property |
Lot 1, 32-56 Bayfield Rd, Bayswater is located to the north of Bungalook Creek slightly east of Bayswater Rd. It is 8.38Ha
in area. |
| Purchase of the Property |
The site is under a Contract of Sale to Bayfield Road Holdings Pty Ltd (ACN 122 791 931). Bayfield Road Holdings Pty Ltd is
a special purpose vehicle whose sole investment will be the property disclosed here. |
| Purchase Price |
• $8,800,000 + GST |
| Terms |
| • Initial Deposit (paid) |
$20,000 |
| •Balance of Deposit (paid 28 March 2007) |
$860,000 |
| •First Payment (paid 2 September 2007) |
$880,000 |
| •Balance (due 1 March 2008) |
$7,040,000 |
|
| Shareholding |
VRLF are committed to a 19% share in Bayfield Road Holdings Pty Ltd. Total capital invested by VRLF is expected to be
$1,011,560 for this shareholding. A Shareholders Agreement has been executed by the Bayfield Road Holdings Pty Ltd
shareholders. Rory John Costelloe and Anthony Ronald Johnson are directors and Andrew Robert Phillips is the director/secretary
of Bayfield Road Holdings Pty Ltd |
| 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 |
$8,800,000 (Charter Keck Cramer, 28 May 2007) |
| Zoning |
The site is zoned RZ1 with a Development Plan Overlay (DPO3) |
| Planning Approval |
A Planning Permit for the proposed development was issued in Nov 2007. |
| Type of Project |
Conventional residential development
The site is expected to yield approximately 83 lots. |
| Timing |
| Estimated timing for rezoning |
Complete |
| Estimated time for Planning Permit approval |
Complete |
| Estimated Start of Marketing |
2008 |
| Estimated Completion |
2010 |
The above timings are estimates only and may be altered depending on prevailing circumstances at the relevant time. |
