| The Property |
This is an amalgamation of 3 properties located adjacent to Myers Creek off Monsants Lane, Maiden Gully, Bendigo. Two of
these properties require a two-lot subdivision to separate the land on offer from land being retained by the owners.
|
| Purchase of the Property |
All three sites are under Contract of Sale to Parklands Maiden Gully Pty Ltd (ACN 126 371 613). |
| Purchase Price |
• $1,050,000 + GST |
| Terms |
| • Total Deposit on all 3 lots (paid) |
$105,000 |
| • Balance by instalment 30 days after permit approval of each lot |
|
| • Total Outstanding Payments |
$945,000
|
|
| Shareholding |
VRLF have taken a 50% share in Parklands Maiden Gully Pty Ltd which will own the land. Parklands Maiden Gully Pty Ltd is
a special purpose vehicle whose sole investment will be the property disclosed here.
Total capital invested by VRLF will be $400,000 for this shareholding. A Shareholders Agreement between the two
shareholders has been executed. Rory John Costelloe is a director and Timothy John Robertson is the director/secretary of
Parklands Maiden Gully Pty Ltd. |
| 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 for $1,050,000 + GST in their report dated 15 October 2007 |
| Zoning |
The site is zoned RZ1 with an ODP over the area.
|
| Planning Approval |
A Planning Permit is required. Applications have been lodged with the City of Greater Bendigo. Council have issued a
Planning Permit for one title. It is expected Planning Permits for the remaining 2 titles will be issued in early 2008 but this is
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 43 lots. |
| 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. |
