| The Property |
The property is located on the corner of Averys Rd and Bright St Eaglehawk and is approximately 4km north of the
Bendigo CBD.
|
| Purchase of the Property |
Eaglewood Estate Pty Ltd ACN 119 530 442 has entered into a contract to purchase the site. The site offers excellent
potential for residential development within this quickly expanding residential area. A number of recent developments
nearby are now in their final stages with little prospect of further development of this magnitude in this vicinity due to the
lack of available land. |
| Purchase Price |
• $750,000 + GST |
| Terms |
| • Deposit (paid June 2007) |
$200,00 |
| •Balance (December 2007) |
$550,000 + GST
|
|
| Shareholding |
Eaglewood Estate Pty Ltd owns the property and VRLF have committed to a 60% share in this company. Eaglewood Estate
Pty Ltd is a special purpose vehicle whose sole investment will be the property disclosed here.
A Shareholders Agreement between the two shareholders has been executed. Timothy John Robertson is a director and
Rory John Costelloe is the director/secretary of Eaglewood Estate Pty Ltd.
Total capital invested by VRLF is expected to be $240,000 for this shareholding. |
| The Development Manager |
Villawood Management Bendigo Pty Ltd (ACN 123 457 947) will be paid fees for a range of development services not
exceeding those set out in section 10.5 of the Prospectus.
|
| Valuation |
The site has been valued by Woodland Valuers at $750,000 + GST on 15 May 2007 |
| Zoning |
The site is zoned RZ1 and has no overlays.
|
| Planning Approval |
A Planning Permit is required and is expected to be lodged early 2008 subject to circumstances beyond control of the
Development Manager which may cause delays. |
| Type of Project |
Conventional residential development
The site is expected to yield approximately 42 lots at an average size of 600m2 with much of the significant vegetation
maintained within a reserve. |
| Timing |
| Estimated timing for rezoning |
Complete |
| Estimated time for Planning Permit approval |
2008 |
| Estimated Start of Marketing |
2008 |
| Estimated Completion |
2011 |
The above timings are estimates only and may be altered depending on prevailing circumstances at the relevant time. |
