Doreen

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The Property	195 Cookes Rd, Doreen is located to the north of Cookes Road and west of Yan Yean Rd in Doreen. It is 41.78Ha in area and exists in 4 titles.
Purchase of the Property	The original Contract of Sale to Wilbow Corporation Pty Ltd has been nominated to Cookes Road Holdings Pty Ltd (ACN 124 604 842). A Nomination Agreement sets out the relationship between these parties.
Purchase Price	• $21,500,000 + GST
Terms	• Initial Deposit (paid) $100,000 • Balance of Deposit (paid 8 June 2007) $900,000 • First Payment (paid 19 June 2007) $2,000,000 • First Nomination fee (paid 19 July 2007) $4,150,000 • Second Payment (paid 2 November 2007) $1,500,000 • Third Payment (due 24 October 2008) $4,000,000 • Second Nomination fee (due 30 June 2009) $3,650,000 • Fourth Payment (due 24 October 2009) $4,200,000 • Final Payment (due 24 October 2010) $1,000,000
Shareholding	VRLF are committed to a 19% share in Cookes Road Holdings Pty Ltd. Total capital invested by VRLF is expected to be $2,242,000 for this shareholding. . A Shareholders Agreement has been executed by the Cookes Road Holdings Pty Ltd shareholders. Timothy Gillard, Anthony Ronald Johnson, David Raymond Phillips are directors and Rory John Costelloe is the director/secretary of Cookes 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	$21,750,000 (inc GST) (Charter Keck Cramer, 20 April 2007)
Zoning	The site is zoned RZ1 and subject to several overlay controls.
Planning Approval	Council accepted the Cookes Rd Development Plan in March 2007 and resolved to issue a Planning Permit in Nov 2007.
Type of Project	Conventional residential development The site is expected to yield approximately 308 lots and a 7Ha school site.
Timing	Estimated timing for rezoning Complete Estimated time for Planning Permit approval 2008 Estimated Start of Marketing 2008 Estimated Completion 2013 The above timings are estimates only and may be altered depending on prevailing circumstances at the relevant time.