| The Property |
Lot 1 Perricoota Road Moama NSW is located on the Murray River approximately 200km north of Melbourne and is a
popular tourist destination.
|
| Purchase of the Property |
KPD Perricoota Pty Ltd owns this site in its capacity as trustee of Lakeview Unit Trust. The Lakeview Unit Trust is a special
purpose vehicle whose sole investment will be the property disclosed here.
The 27.1ha (approx) site is the remaining area of the original Lakeview Estate which has included a small number of rural
sized lots surrounding a man-made ornamental lake. It is possible that 6ha of the site will be subject to government acquisition
for a future highway realignment. |
| Purchase Price |
• Purchase price
|
$4,600,000 + GST
|
• Total payents
|
$1,600,000 + GST
|
•The land owner assumes responsibility for an existing $3,000,000 loan using the land as security |
| Terms |
| • Initial Payment (paid 14 days after signing) |
$1,080,000 |
• Payment (14 days after rezoning)
|
$520,000 |
|
| Unitholding |
VRLF have committed to a 55% share in Lakeview Unit Trust.
Total capital invested will be $880,000 for this unit holding. A second call of capital of $412,500 is expected to occur at
the commencement of construction.
VRLF will also assume responsibility for a portion of the existing loan in line with their ownership. Timothy John Robertson
and Shane Kelly are directors and Rory John Costelloe, is the director/secretary of KPD Perricoota 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 |
Valuation underway - expected 2008 |
| Zoning |
The site is zoned for Low Density Residential and has a planning permit for this use. The Murray Shire has recently undertaken
a Strategic Land Use Plan as a basis for future allocation of land use zones and other planning controls over this
area. This identifies this site for residential uses. The Local Environmental Plan has been adopted by the Shire Of Murray for
exhibition in July 2007. There is an expectation that this site could be rezoned to allow higher density residential uses as a
part of this process.
|
| Planning Approval |
A Planning Permit will be required after rezoning. |
| Type of Project |
Conventional residential development
The site is expected to yield approximately 150 lots. |
| Timing |
| Estimated timing for rezoning |
2009 |
| Estimated time for Planning Permit approval |
2010 |
| 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. |
