charterkc.com.au ADVISORY. RESEARCH. VALUATIONS. PROJECTS.

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1 charterkc.com.au ADVISORY. RESEARCH. VALUATIONS. PROJECTS.

2 Charter Keck Cramer PAGE 1

3 This report has been prepared for the exclusive use of the party to whom it is addressed and for no other purpose. No responsibility is accepted for any third party who may use or rely on the whole or any part of the content of this report. It should be noted that any subsequent amendments or changes in any form to this report would only be notified to and known by the parties to whom it is addressed. This report has been carefully prepared by Charter Keck Cramer and the information contained herein should not be relied upon to replace professional advice on specific matters. Further whilst Charter Keck Cramer confirms that due care has been taken in the compilation of the research contained within this report, its accuracy and/or correctness is not guaranteed. This report should not be relied upon for the purposes of financial investment decisions (Charter Keck Cramer) Charter Contact Report Author Sam Barrow Sam Barrow, Dale Branch PAGE 2

4 1.. Charter Keck Cramer ( Charter ) has been engaged by Link Marketing Services Pty Ltd to complete a Residential Market Report in relation to the Wentworth Point area. We understand this information will be utilised to establish the competitive environment, market characteristics and the demand and supply parameters relating to a residential apartment project proposed to comprise for 249 apartments. The project is to be known as Jewel. Jewel 1 Burroway Rd, Wentworth Point NSW 2172 Link Marketing Services Pty Ltd Suite 54, Level 3 East Village, 2 Defries Avenue, Zetland NSW 2017 PAGE 3

5 We have been provided with the following project overview by Link Marketing Services Jewel is located at the northern border of Wentworth Point, adjacent to the ferry wharf. - Jewel offers 249 intricately designed residential apartments to be constructed within three 9 storey buildings comprising a mix of 1, 2 and 3 bedroom apartments. - Onsite retail, Pierside, encompassing some 4,200 sq.m. and offering childcare, a supermarket, cafés and restaurants. (See below image). - Landscaped podium level garden area. (See below image). - Convenient location well serviced by multiple transport options and life style amenities First North facing project at Wentworth Point, Rhodes and Meadowbank in 19 years degree open water view. - Majority of apartments feature water views. 2.3 Jewel has been nominated as a finalist for the following awards: - Finalist, 2014 Sydney Design Awards Architecture. - Finalist, 2014 Urban Development Institute of Australia (UDIA) NSW Awards for Excellence Excellence in Concept Design. - All three buildings feature golden façade made up of individual golden screens. This attractive design also aims to screen afternoon sun and provide privacy. - A large number of apartments feature oversized balconies to maximise the water and park views. - Podium level apartments offer oversized terraces up to 58 sq.m. - The project benefits from a broad range of apartment layouts 8 x 1 bedroom apartment layouts, 16 x 2 bedroom apartment layouts and 7 x 3 bedroom apartment layouts. Jewel Landscaped Podium Level Garden Jewel Pierside (Onsite Retail) PAGE 4

6 2.4 Payce Specialists in urban renewal, PAYCE has a proven track record in setting new international benchmarks with its transformational integrated, lifestyle developments. Since 1978, PAYCE has established a reputation for not just delivering exceptional, intelligently-designed contemporary homes, but also in creating dynamic and cohesive communities. A shining example of PAYCE s ability to transform places is the award-winning Homebush Bay development The Waterfront, now known as the suburb of Wentworth Point. The former industrial waterfront land, adjacent to Sydney s Olympic Park, was transformed between to become a vibrant residential community. Today, The Waterfront encompasses 18 buildings with 1,567 apartments and more than 5000 residents. The busy Piazza forms the hub of community life. The team draws on best practice design principles, critical thinking and true innovation to create quality, inspirational and one-of-a-kind residential, commercial and retail precincts. Mariners Cove The Piazza East Village PAGE 5

7 Sekisui House Established in 1960, Sekisui House is one of Japan s most respected community developers and builders. With an array of awards for innovation, quality and sustainability, the company leads the way in developing advanced home building technology as well as developing a sustainable society for generations to enjoy. Sekisui House s unique approach to sustainability extends far beyond the environment, as they work towards improving the social, economic and residential value of homes and communities. The Address The Waterfront Central Park PAGE 6

8 3.1 Jewel is located adjacent to the Wentworth Point Ferry Wharf, at the northern end of Wentworth Point. Wentworth Point is a desirable waterfront suburb, strategically located between the Parramatta and Sydney Central Business District s (CBDs). Wentworth Point: - Occupies a strategic position in Western Sydney, on the Parramatta River and centrally located between the Sydney and Parramatta CBD s. The Greater West of Sydney is already home to approximately 1.6 million people and is expected to grow faster than other parts of Sydney with almost 1 million additional residents expected to live west of Homebush by Is situated 18 kilometres and 25 minutes travel by car west of the Sydney CBD and 11 kilometres and 15 minutes east of Parramatta CBD. - Adjoins Sydney Olympic Park which is Masterplanned to become a major employment hub for Sydney, providing a further 31,500 jobs by Is part of the Olympic Corridor which will accommodate a third of all new jobs in Western Sydney by Is historically one of Sydney s oldest industrial employment hubs. It has undergone and is continuing to experience, significant redevelopment from its industrial origins to become one of Sydney s premier waterfront communities. - Development in the area currently includes a number of existing and proposed high density residential apartment developments, ranging from seven to twenty five storeys. Some industrial sites remain and are to be redeveloped for residential purposes in the future. - Adjoins the suburb of Rhodes, which is located to the east, across Homebush Bay. Rhodes is similarly undergoing significant urban renewal with high density residential buildings completed or under construction along the peninsula. Rhodes provides additional access to transport as well as retail amenities. Connection of the two areas is to be delivered by a bridge over Homebush Bay. Wentworth Point ultimately offers excellent access to employment hubs, extensive existing/proposed infrastructure and essential lifestyle amenity. The combination of these attributes makes the area a desirable place to invest or occupy. 3.2 SYDNEY OLYMPIC PARK WENTWORTH POINT PAGE 7 Source: Charter Keck Cramer, SIX Maps.

9 4.1 An overview of Key Infrastructure and Amenity in Wentworth Point is summarised as follows: Key Infrastructure and Amenity Transport Infrastructure Proposed New Infrastructure Retail Amenity Sydney Olympic Park Lifestyle Amenity Education Facilities Comment Excellent road, bus, rail and ferry access. Homebush Bay Bridge between Wentworth Point and Rhodes. Wentworth Point Marina and associated facilities. Various road upgrades. The WestConnex M4 Motorway. The Olympic Corridor including the proposed light rail. The Wentworth Point Priority Precinct. Completion of the Promenade at Wentworth Point. Improved bus services. New parks and open space. A number of retail centres and local shops are located within close proximity to the subject property. A major sporting, entertainment, commercial and residential precinct that underpins the future demand for the area. Excellent access to open space and recreational facilities in and around Wentworth Point and Sydney Olympic Park. Various Public and Private schools located within the area are easily accessible via the public transport network. 4.2 The following table provides a guide to the distances, from Jewel to key infrastructure and amenities Key Infrastructure and Amenity Sydney and Parramatta CBD s Homebush Bay Bridge Proposed Wentworth Point Marina and associated facilities The proposed peninsula park Rhodes Shopping Centre and Railway Station Sydney Olympic Park and Railway Station The Piazza Wentworth Point Pierside (convenience retail, cafes and restaurants onsite) Cafes and restaurants Comment Sydney CBD is located 18 kilometres to the east whilst Parramatta CBD is 11 kilometres to the west. The Homebush Bay Bridge will be approximately 700 metres from Jewel. Located on the foreshore and 550 metres from Jewel. Approximately 200 metres from Jewel. Driving distance of 8 kilometres to be reduced to a walking, cycle or bus distance of 1.4 kilometres via the Homebush Bay Bridge. Located 3.4 kilometres from The Jewel and easily accessible by bus. At the southern end of Wentworth Point and 1.6 kilometres from Jewel. Located at the ground floor of the subject building, Jewel, and comprising 4,200 sq.m. of retail space. Various cafes and restaurants will be located within close proximity (a short walk) from Jewel. Bus Stops Located 300 metres from Jewel. Wentworth Point Ferry Proposed Wentworth Point Primary School. Child Care Centre Adjacent to The Jewel. The school is proposed to be located adjoining Jewel. Located within the subject building, Jewel. PAGE 8

10 4.3 Wentworth point enjoys excellent access to Greater Sydney s major hubs and centres via a range of transport options. - Sydney Ferries F3 line services the area via the Olympic Park Wharf which is located on Wentworth point. This service provides access west to Parramatta and east to Darling Harbour and Circular Quay. Ferries are an excellent and reliable mode of transport, unaffected by vehicle congestion. - Rail services in the area connect to both Sydney CBD and Parramatta via the T7, T2 and T1 lines. Railway stations are located in the surrounding areas of Rhodes, Sydney Olympic Park and Strathfield. - The area benefits from a number of bus stops that provide services to the surrounding suburbs, including Rhodes, Sydney Olympic Park and Strathfield railway stations. These services underpin Wentworth Point s connectivity to Sydney s employment hubs. - Road access to the area is well developed with the location providing efficient access to the surrounding suburbs, major hubs and motorways. The M4 motorway and Parramatta Rd provide access east to the Sydney CBD and west to Parramatta and Penrith. The combination of Road, Bus, Rail and Ferry infrastructure is considered an excellent locational feature and demand driver for the suburb. 4.4 Locally there are a number of planned infrastructure projects that will improve the area and support its future growth: - Part of the Wentworth Point s future residential development will stem from the Wentworth Point Priority Precinct. Located at the northern peninsula, the precinct will include two further residential neighbourhoods providing an approximate total of 2,300 apartments in buildings that range from 7-25 storeys. The rezoning for the Wentworth Point Priority Precinct was finalised in June 2014 and Urban Growth NSW is working with Auburn Council to subdivide the site into development lots, open space and streets. Initial construction is expected to commence in late According to the NSW Department of Planning and Environment the precinct will include: - Unrestricted public access to Parramatta River and Homebush Bay foreshores, including a pedestrian and cycling path connecting to the parklands around Sydney Olympic Park. - A peninsula park (described below). - Marine facilities (described below). - A new primary school with 18 class rooms to be completed early Wentworth Point and the greater Olympic Corridor will benefit from State Government infrastructure spending as new infrastructure is progressively developed to support the growing population. - Completion of the Promenade will occur as development of Wentworth Point progresses. The promenade will link the future peninsula park at the end of the peninsula with the network of cycle paths that navigate the Homebush Bay and Olympic Park area. The estimated timing for delivery of the Promenade is unknown at this stage, however construction of the Priority Precinct, of which the Promenade is part of, is expected to commence in late Marina facilities at Wentworth Point are proposed and will provide greater public access and enjoyment of Sydney s waterways. Proposed marine facilities include a marina and associated retail, boat storage and repair and rowing and kayak launching facilities. The estimated timing for delivery of the marina facilities is unknown at this stage, however construction of the Priority Precinct, of which the marina facilities are part of, is expected to commence in late Additional to the existing network of open space, a 3.9 hectare peninsula park will provide a range of recreational spaces and protect native vegetation. Three pocket parks of at least 2,000 square metres each, will also be created. The peninsula park is proposed to be completed by December PAGE 9

11 - The Homebush Bay Bridge, which is currently under construction will span from Wentworth Point to Rhodes, accommodating buses, pedestrians and cyclists, and reducing travel distances between the two neighbouring suburbs from 8 kilometres to 1 kilometre. The bridge is due for completion in early Artist impression of proposed Homebush Bay Bridge. Source: homebushbaybridge.com.au - Road improvements including an upgrade to the intersection of Hill and Bennelong Roads and along Hill Road will provide improved access to the M4 and reduced travel times to the surrounding areas. - The WestConnex M4 Motorway will provide improved vehicle access to the Sydney CBD via the proposed M4 East tunnel ( three lanes in each direction along the Parramatta Road route from the M4 to Parramatta Road and City West Link, Haberfield. It will help remove through traffic from Parramatta Road, including heavy vehicles, and ease congestion for local travel.) Westconnex.com.au. The WestConnex will avoid 25 sets of traffic lights and improve travel times to the Sydney CBD by 20 minutes, reduced to 21 minutes. Overview of proposed motorway improvements. Source: westconnex.com.au - Upgrades to Sydney Olympic Park ferry wharf at Wentworth Point are underway. The upgrades include improvements to disabled access whilst a curved roof, glass panels and new seating will offer increased protection from the wind, rain and sun. Customers will also be able to board and disembark more efficiently. The upgrades will be completed by mid The ferry provides access to Parramatta in 30 minutes and access to Sydney CBD in 45 minutes. PAGE 10

12 - The proposed Olympic Corridor Light Rail will connect Wentworth Point and Rhodes with Parramatta, Sydney Olympic Park and Strathfield. This infrastructure has the potential to halve existing travel times between employment and residential centres. The project is in the early identification stage with progress currently driven by the private sector. The State Government is yet to commit to the project. Transport Infrastructure - Sydney Olympic Park and surrounds. Source: Olympic Corridor Light Rail Report, Delloitte (Feb-2015). - Bus service improvements will be delivered as development progresses and may include a direct service to Parramatta, faster services to Burwood and Strathfield, and extended hours of operation to the ferry wharf Planning NSW. PAGE 11

13 Left: Wentworth Point future development lands. Source: Charter Keck Cramer. Below: Artist impression of Wentworth Point Priority Precinct. Source: Planning NSW. Wentworth Point Priority Precinct Future Residential Development (Currently Industrial) Homebush Bay Bridge (Under Construction) Marina and associated facilities (Proposed) Peninsula Park (Proposed) PAGE 12

14 4.5 Sydney Olympic Park was purpose built for the 2000 Olympic Games and comprises a world class sporting, cultural and leisure precint which is home to some of Sydney s largest sporting, entertainment and exhibition events. Sydney Olympic Park Wentworth Point enjoys an excellent location within close proximity to Sydney Olympic Park and its associated facilities/amenity. In summary Sydney Olympic Park provides: hectares of open space across a total area of 640 hectares. These parkland and wetland areas are spread across Bicentennial Park, Wentworth Common, Archery Park, Blaxland Riverside Park and The Brick Pit. - Significant entertainment, corporate and sporting events are held at the site including the Royal Easter Show, The 2015 Asian Football Cup and some of Sydney s largest music festivals. - An average of 12 events per day with 5,500 events annually across its entertainment, sports, commercial and retail facilities. A total of million people passed through the Sydney Olympic Park during the financial year. - Sydney Olympic Park is currently home to 600 residents however this will increase significantly as the 2,165 apartments currently in planning or proposed are progressively constructed. - Currently the park has a working population of 17,000 people across 220 organisations with major tenants that include Commonwealth Bank, Fujitsu, Lion Group and Samsung. A new 13,000 sq.m. headquarters for Samsung Australia is currently under construction at 3 Murray Rose Avenue reflecting corporate Australia s acceptance of the area as a commercial centre. Further to Sydney Olympic Park s current offering, the precinct is earmarked for substantial growth over the next 15 years. - By 2030 the population of workers, residents and students is forecasted to increase to 31,500 people from its current level of 17,500 people daily. - According to the Deloitte Olympic Corridor Study, the Olympic Corridor, which extends from Westmead and Parramatta through Sydney Olympic Park and Silverwater to Strathfield, is expected to increase jobs within its catchment to a total of 231,551 by This will account for 12% of the forecasted growth in Sydney s metropolitan jobs. PAGE 13

15 - The Olympic Corridor has the ability to accommodate almost a fifth of required infill and a third of all new jobs in Western Sydney by 2036 Deloitte Corridor Study. The Sydney Olympic Park Master Plan 2030 identifies the following internal precincts and their projected future outcomes: Precinct Description Residential Retail Commercial Other Central Sports & Education Southern Sports Parkview Sydney Showgrounds A new town centre to be developed surrounding the existing train station and squares. A new sports and education campus including student accommodation and retail facilities. 3,400 Residents 5,000 person student accommodation 16,900 sq.m. Facilities to service education precinct 360,000 sq.m. Venue expansion to allow the ongoing development of performance and community uses. A pedestrian orientated residential area with direct links to parklands. Residential dwellings for 5,000 new residents - - Education Campus To be developed into a mixed use area with commercial, health and residential uses. Haslams Stadia Boundary Creek and Tennis To become a leafy residential precinct with courtyard buildings and a linear park extending close to the full length of the area. The precinct will be home to approximately 3,200 residents. Enhanced by new development to ensure the iconic structures remain Australia s premiere venues for sports and entertainment. Expansion of the Tennis precinct, additional sporting infrastructure and new commercial and residential buildings in the Boundary Creek area. - In addition to development within Sydney Olympic Park, the proposed redevelopment of The Carter Street Priority Precinct will provide additional employment opportunities and area growth. The precinct comprises 52 hectares of land which adjoins Sydney Olympic Park. The table below summarises the planned precinct outcomes: Precinct Description Residential Retail Commercial Other Carter St Redevelopment of a light industrial area to support significant jobs and housing growth in the greater Olympic Park Specialised precinct. 5,500 new homes in the form of buildings 4-6 storeys heading east to west, 6-8 storeys along main streets and parks and up to 20 storeys on 5 sites. New retail centre of 12,000 sq.m. with a village square and adjacent community centre It is estimated that construction of the Carter Street Priority Precinct will start in mid to late hectares of office, light industrial, business and retail uses along the M4 Motorway. 1.8 ha park, access to the Haslams Creek foreshore and connection to existing Sydney Olympic park Cycle paths. PAGE 14

16 4.6 The closest retail to Jewel will be located at Pierside. Pierside is a retail precinct locate at the Ground Floor of Jewel and is strategically positioned at the entrance to Wentworth Point. Facilities include: - 4,200 sq.m. of retail space. - A range of restaurants and cafes. - Small supermarket. - Parking for 456 cars. Other shopping, cafes and restaurants in the local area are provided by the following retail offerings: - The Waterfront estate and Piazza retail centre. - Rhodes Shopping Centre. - Newington Village. - Sydney Olympic Park. - Extensive bulky goods and home maker retail is located in the neighbouring suburb of Rhodes. - Jewel Pierside (Onsite Retail) PAGE 15

17 4.7 Further to the retail, entertainment and lifestyle amenities available at Sydney Olympic Park the Wentworth Point area provides impressive access to open space. The proposed peninsula park and various pocket parks within the area are complemented by significant areas of existing open space which include: - The millennium parklands providing 430 hectares of open space and adjoining the area to the west. - Wentworth Common, Bicentennial Park, Archery Park and The Brick Pit as parts of the Sydney Olympic Park. - A network of smaller reserves, wetlands, bike paths and a waterfront promenade as shown in the map below. Wentworth Point open space. Source: Homebush Bay West DCP. 4.8 The Wentworth point area is well serviced by existing and proposed education facilities: - A new primary school with 18 classrooms will be located next to Jewel. - Existing public schools include Newington Public School, Concord West Public School, Concord High School, Homebush Boys High School. - Private schools include Rosebank College, St Joseph s College and Riverside Girls at Hunters Hill and Presbyterian Ladies College at Croydon. - Tertiary education in the area is provided by The University of Western Sydney which is located in nearby Parramatta. Government investment in educational establishments in the local area includes: - A new public school in Concord West within the Canada Bay area. The school is estimated to cost $34.7 million and will include some 24 class rooms. The school is forecast to be completed in Newington Public School is undergoing renovations to expand the facility. PAGE 16

18 5.1 The Australian and in particular Sydney residential apartment markets are considered buoyant, underpinned by strong investment fundamentals creating a robust platform appealing to investors and owner occupiers alike. Key aspects supporting the strong conditions are historically low interest rates, positive net migration, significant supply constraints and strong offshore investor demand which may increase as a result of the softening Australian dollar. 5.2 The following graph provides an overview of apartment supply in a national context Key conclusions derived from the adjacent graph include: - The structural shifts in Australian housing markets are demonstrated by the higher level of completions of apartments in core markets moving from only 10,000 in 2010 to 28,000 in Sydney has accounted for 33% of national apartment completions since 2009, lifting to 37% in the next 3 years based on Active Projects now under construction or being marketed. - Sydney has been unable to deliver greater than 12,300 apartments in recent years, despite strong demand. This may reflect an industry delivery capacity (possibly due to availability of builders or development sites). This will be a factor contributing to price growth and sustained demand levels over the short to medium term. - It is expected some of the completion expected for 2016 will flow into PAGE 17

19 Apt Supply ('000) Marketed 21.7 Under Construction Completed Melbourne Sydney Brisbane Perth Key conclusions derived from the adjacent graph include: - Melbourne remains the largest market, accounting for 43% of short-term future supply. - Despite a larger population, the Sydney market remains significantly behind Melbourne in relation to the number of completed and active apartments. We suspect this is the result of constrained supply due in part to lack of available development sites and planning system constraints. - The per capita supply of apartments to each of Melbourne, Sydney and Brisbane since 2009 is Melbourne with 2.43 apartments per 100 residents, Sydney with 1.7 apartments per 100 residents and Brisbane with 1.15 apartments per 100 residents. - We note that per capita apartment supply is to be considered as a guide to the level of apartment development, however a detailed reconciliation of dwelling supply to a market should consider land releases and medium density (townhouses) as well as apartments. PAGE 18

20 Population (millions) 5.3 The Sydney apartment market is relatively immature in a global context. The first graph denotes major global cities and the amount of apartment stock as a percentage of total dwelling stock. Further, the second graph provides an indication of the number of Sydney suburbs with more than 10% apartments over 4 levels. Apartment Market Maturity A Global Context Gr London NY City Melb, 3.3% Sydney, 10.2% Chicago Toronto Los Angeles 2 Brisbane, Vancouver 2.9% San 1 Francisco Seattle 0 0% 10% 20% 30% 40% 50% Source: Charter Keck Cramer Apartments as % Dwelling Stock The following conclusion can be drawn from the graphs: - Despite being a global city, the, apartment market in Sydney is relatively immature in a global context with some 10% of all dwellings representing apartments (within buildings with 4 or more levels). This compares to cities like London (35%), New York (47%) and Los Angeles (27%). PAGE 19

21 6.1 An overview of the key aspects of our Wentworth Point Apartment Market overview are summarised as follows: Wentworth Point Apartment Market Rental Yield 4.80% Affordability Median Sale Price and Capital Growth Vacancy Rates Completions Comment Current gross rental yields for Wentworth Point and the surrounding suburbs range between 3.20% and 4.80%, with an average of 4.00%. Wentworth Point has the strongest gross rental yield out of all suburbs analysed at 4.80%. Wentworth Point apartments have a low median price compared to comparable locations which bodes well for future price growth and demand for apartments in the area, particularly given the significant existing and proposed amenity/infrastructure. The median apartment price in Wentworth Point increased from $505,000 to $580,000 between 2009 and Median prices have achieved an annual growth rate (compounded) of 6.0% over the past 3 years (average of 455 sales p.a.). Residential vacancy rates in Sydney s middle ring suburbs, which includes Wentworth Point has ranged between 1.10% and 3.00% and averaged 1.80% since As at December 2014 the vacancy rate for middle ring suburbs was 2.10%. According to Charter Keck Cramer s research 2,101 apartments are estimated to have been completed in Wentworth Point since 2009, taking the total amount of completed stock to 4,110 apartments as at the start of Current gross rental yields for Wentworth Point and the surrounding suburbs range between 3.20% and 4.80%, with an average of 4.00%. Wentworth Point has the strongest gross rental yield out of all suburbs analysed at 4.80%. The strong yield is a key factor supporting investor demand within the Wentworth Point apartment market. Rental Yields - Wentworth Point and Surrounding Suburbs 5.00% 4.80% 4.60% 4.40% 4.20% 4.00% Average 4.00% 3.80% 3.60% 3.40% 3.20% 3.00% Source: Charter Keck Cramer, realestate.com.au. PAGE 20

22 Median Apartment Price Median Price vs Yield - Wentworth Point and Surrounding Suburbs $1,000,000 $900,000 Highest Yielding and Lowest Median Price (Affordability) $800,000 $700,000 $600,000 $500,000 Wentworth Point $400, % 3.20% 3.40% 3.60% 3.80% 4.00% 4.20% 4.40% 4.60% 4.80% 5.00% Gross Rental Yield - All Apartments Source: Charter Keck Cramer, realestate.com.au, pricefinder.com.au The above graph indicates that when compared with surrounding suburbs Wentworth Point, benefits from a higher gross yield and a lower entry point. The higher gross yield is reflected in a superior return to the investor, whilst the lower entry point ensures strong demand in a market with significant affordability issues. We note that this analysis only includes existing dwellings current leased and does not consider future returns (on completion) for off the plan apartments currently for sale. 6.3 In order to compare the affordability of stock in Wentworth Point with similar suburbs in the surrounding areas we prepared the following graph of median prices and indexed these prices against Wentworth Point. Existing dwellings within Wentworth Point are considered relatively affordable (and possibly undervalued) in the context of the suburbs analysed. With a median price of $580,000, Wentworth Point is the third most affordable suburb and is positioned well below the average ($697,844) of the suburbs analysed. We note the median price does not include off the plan sales that have not settled. Median Apartment Prices and Index $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 Suburb Median Price Index Suburb Index Wentworth Point 100 Meadowbank 92 West Ryde 97 Newington 104 Liberty Grove 111 Ryde 116 Sydney Olympic Park 117 Rhodes 117 Ermington 121 Epping 127 Concord West 132 Mortlake 151 Breakfast Point 159 Chatswood 164 $400,000 Source: Charter Keck Cramer, pricefinder.com.au. The low median price for Wentworth Point apartments bodes well for future price growth and demand for apartments in the area, particularly given the significant existing and proposed amenity/infrastructure. PAGE 21

23 6.4 Our research and investigation into the Wentworth Point residential apartment market (new and second-hand product) indicates the following: - The median apartment price in Wentworth Point increased from $505,000 to $580,000 between 2009 and Median prices have achieved an annual growth rate (compounded) of 6.0% over the past 3 years (average of 455 sales p.a.).albeit this growth is positive, it is considered relatively subdued compared to other nearby suburbs and is considered a strong sign Wentworth Point is well positioned for further growth in the future. We note this analysis does not include off the plan sales within developments not yet constructed. 6.5 Residential vacancy rates in Sydney s middle ring suburbs, which includes Wentworth Point has ranged between 1.10% and 3.00% and averaged 1.80% since As at December 2014 the vacancy rate for middle ring suburbs was 2.10%. Generally speaking vacancy rates have remained relatively stable, albeit softening slightly since late 2011 and are expected to remain at this level over the short to medium term, particularly as affordability issues inflate demand for rental properties in Sydney. 6.6 The following table provides a preliminary guide to rents currently being achieved in Wentworth Point. Wentworth Point Current Rentals (Gross Rent per Week) Project, Address Completion 1 Bedroom 2 Bedroom 3 Bedroom St Tropez, Wentworth Point 2013 $450 - $500 $550 - $680 $700 - $950 Quarterdeck, Wentworth Point 2013 $440 - $450 $520 - $540 $620 - $650 Alora, Wentworth Point 2014 $480 - $500 $575 - $620 $700 - $725 Savannah, Wentworth Point* 2016 $550 - $650 $650 - $800 $1,000 - $1,300 Sirius, Wentworth Point* 2016 $510 - $650 $620 - $800 $750 - $1,000 - PAGE 22

24 Project profiles Sirius, Burroway Road, Wentworth Point (Wentworth Point Marinas) Developer Architect No. of Apts Location type Description Billbergia Scott Carver 703 apartments over two stages. Waterfront. Sirius is a 703 apartment project, part of Billbergia s Wentworth Point Marinas development. Apartments comprise a mix of 1 bedroom, 2 bedroom and 3 bedroom apartments. Key project attributes/features include. - Directly adjacent to the proposed new bridge across Wentworth Point. - Wintergardens and angled balconies are orientated to the expansive city and harbour views, whilst capturing winter sun. - The buildings include rooftop gardens for residents. The apartment mix, internal areas and sale prices for the entire project, based on their marketing material and agents comments is summarised hereunder. Apartment Type No. Apart ments Approx. Int. Area (sq.m.) Carparking Sale Price Rate p.s.m. Min Avg Max Min Max Average 1 Bedroom 58% $580,000 $760,000 2 Bedroom 31% $698,000 $1,160,000 3 Bedroom 11% $976,000 $1,700,000 Excluding winter garden Above $13,500. Including winter garden Above $11,100. Total 703 PAGE 23

25 Sirius, Burroway Road, Wentworth Point (Wentworth Point Marinas) Map Jewel Sirius, Burroway Road, Wentworth Point Information Sources Marketing agents, Cordells, Charter Keck Cramer. PAGE 24

26 Z.E.N, Burroway Road, Wentworth Point (Wentworth Point Marinas) Developer Architect No. of Apts 461 Location type Description Billbergia Scott Carver Non waterfront. Z.E.N is a 461 apartment project, part of Billbergia Wentworth Point Marinas development. Apartments comprise a mix of 1 bedroom, 2 bedroom and 3 bedroom apartments. Key project attributes/features include. - Includes a public library on the ground floor dedicated to Council. - Double glazed, floor-to-ceiling glass windows and doors. - The buildings include rooftop gardens for residents. The apartment mix, internal areas, sale prices and applicable rates p.s.m for the project is summarised hereunder. Apartment Type No. Apart ments Approx. Int. Area (sq.m.) Carparking Sale Price Min Rate p.s.m. Average 1 Bedroom 59% 1 From $530,000 $11,155 2 Bedroom 31% We have been unable to obtain the approximate areas for the Z.E.N. project. 1-2 From $655,000 $10,700 3 Bedroom 11% 2 From $775,000 $10,417 Total 461 PAGE 25

27 Z.E.N, Burroway Road, Wentworth Point (Wentworth Point Marinas) Map Jewel Z.E.N, Burroway Road, Wentworth Point Information Sources Marketing agents, Cordells, Charter Keck Cramer. PAGE 26

28 Savannah, The Address, Hill Road, Wentworth Point Developer Architect No. of Apts Location type Description Sekisui House Turner Architects 149 (Stage 2) 132 (Stage 1) Total Non waterfront. The project comprises 281 residential apartments to be constructed over two stages. The project offers a mix of 1 bedroom, 2 bedroom and 3 bedroom apartments. Key project attributes/features include. - North east facing aspect with protected views towards Sydney s CBD skyline. - The Address by Sekisui House includes four projects, Savannah (now selling), Yukon (sold), Atlas (sold) and Taiga (future stage). - Marketing material focuses on excellent nearby lifestyle amenity and premium finishes such as engineered timber flooring and stone bench tops. - Project includes lap pool and gymnasium. The apartment mix, sale prices, areas and applicable rates p.s.m for Stage 2 are summarised hereunder. Apartment Type No. Apart ments 1 Bedroom $635,000 $720,000 $11,385 2 Bedroom $710,000 $950,000 $10,054 3 Bedroom $1,250,000 $1,800,000 $10,971 4 Bedroom $1,950,000 $1,950,000 $13,311 Total 149 Further, we understand areas and asking prices relating to remaining stock within the Savannah building are generally in accordance with the following: Apartment Type Approx. Int. Area (sq.m.) Carparkin Sale Price Rate p.s.m. Min Avg Max g Min Max Average Approx. Int. Area (sq.m.) Carparkin Sale Price (Approx.) Rate p.s.m. Min Avg Min g Min Max Average 1 Bedroom $555,000 $650,000 $720,000 $11,150 2 Bedroom $805,000 $850,000 $915,000 $10,675 3 Bedroom $1,200,000 $1,450,000 $1,675,000 $12,150 Total We understand approximately 70% of the remaining stock are 1 bedroom apartments. PAGE 27

29 Savannah, The Address, Hill Road, Wentworth Point Map Jewel Savannah, The Address, Hill Road, Wentworth Point Information Sources Marketing agents, Cordells, Charter Keck Cramer. PAGE 28

30 Evoke Apartments, 21 Porter Street, Ryde Developer Architect No. of Apts 278 Location type Description Meriton Meriton Non waterfront. Evoke is a 278 apartment project developed by Meriton in Ryde. Apartments comprise a mix of 1 bedroom, 2 bedroom and 3 bedroom configurations. Key project attributes/features include. - Relates to four medium rise buildings comprising 278 residential apartments in total. - Located approximately 14 km from the Sydney CBD and within relative proximity to the Meadowbank Train Station. - Designed by architectural firm Architectus. Within proximity to Parramatta River and featuring extensive landscaped gardens. The apartment mix, internal areas, sale prices and applicable rates p.s.m for the project is summarised hereunder. Apartment Type No. Apart ments Approx. Int. Area (sq.m.) Carparkin Sale Price Rate p.s.m. Min Max g Min Max Average 1 Bed & 1 + S $585,000 $668,000 $11,250 2 Bed & 2 + S $720,000 $1,000,000 $10,150 3 Bedroom $920,000 $1,240,000 $9,400 Total 278 PAGE 29

31 Evoke Apartments, 21 Porter Street, Ryde Map Jewel Evoke Apartments, 21 Porter Street, Ryde Information Sources Marketing agents, Cordells, Charter Keck Cramer. PAGE 30

32 Shepherds Bay, Rothesay Avenue, Meadowbank Developer Architect No. of Apts Location type Description Holdmark Group Robertson and Marks 246 (Stage 1) 196 (Stage 2). Waterfront. Stage 2 of the Shepherds Bay project comprises of 196 residential apartments with a mix of 1 bedroom, 2 bedroom and 3 bedroom apartments. The building forms part of the Shepherds Bay Masterplanned Community. Key project attributes/features include. - Located at the waters edge with the majority of apartments receiving water views to the south west. - Masterplanned community comprising a several buildings to be constructed over 6.78 hectares. Located within close proximity to various parks, walking paths and cycle ways. The apartment mix, internal areas, sale prices and applicable rates p.s.m for the project are summarised hereunder. Apartment Type No. Apart ments Approx. Int. Area (sq.m.) Carparking Sale Price Rate p.s.m. Min Max Min Average Max Average 1 Bedroom 1 $548,000 $647,167 $703,000 52% Bed + S 1-2 $538,000 $649,358 $693,000 2 Bedroom 2 $795,000 $941,354 $1,150,000 44% Bed + S $815,000 $920,581 $1,155,000 3 Bedroom $1,425,000 $1,493,750 $1,575,000 4% Bed + S $1,140,000 $1,241,875 $1,475,000 $11,944 $10,220 $11,667 Total 196 PAGE 31

33 Shepherds Bay, Rothesay Avenue, Meadowbank Map Jewel Shepherds Bay, Rothesay Avenue, Meadowbank Information Sources Marketing agents, Cordells, Charter Keck Cramer. PAGE 32

34 Opal Tower, 68 Bennalong Parkway, Sydney Olympic Park Developer Architect Ecove. No. of Apts 369. Location Type Description Bates Smart. Non waterfront. The project comprises of 369 residential apartments to be constructed within a single 34 storey tower, offering a mix of 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom apartments. Key project attributes/features include - Good to excellent views/outlooks to mid and upper levels from all aspects. - Considered a gateway to where Sydney Olympic Park meets Bicentennial Park. - Expansive glass facades maximise views. The apartment mix, internal areas, sale prices and applicable rates p.s.m are summarised hereunder. Apartment Type No. Apart ments 1 Bedroom 196 Approx. Int. Area (sq.m.) Carparking Sale Price Rate p.s.m. Min Max Min Max Average $525,000 $745,000 $11,750 2 Bedroom $730,000 $1,000,000 $10,000 3 Bedroom $1,375,000 $1,460,000 $12,900 4 Bedroom $1,950,000 $2,100,000 $11,250 Total 369 PAGE 33

35 Opal Tower, 68 Bennalong Parkway, Sydney Olympic Park Map Jewel Opal Tower, 68 Bennalong Parkway, Sydney Olympic Park Information Sources Marketing agents, Cordells, Charter Keck Cramer. PAGE 34

36 Majors Bay, 1 Northcote Street, Mortlake Developer Architect No. of Apts Location Type Description Holdmark Property Group Turner Architects. Stage (Released) Balance 200 (Yet to be Released) Waterfront. The project comprises of 450 residential apartments to be constructed across 15 boutique/low rise buildings, offering a mix of 1 bedroom, 2 bedroom, and 3 bedroom apartments. Key project attributes/features include - Overlooks the water foreshores across to Yaralla Estate historic untouched, unspoilt headland. - Uninterrupted views. - Oversized balconies and private terraces that optimise light and views. - Foreshore reserve and waterside walkway and private landscaped communal areas between buildings. - Close to Cabarita Ferry. The apartment mix for Stage 1 is summarised hereunder. The internal areas, sale prices and applicable rates p.s.m. the sales to date. Apartment Type No. Apart ments 1 Bedroom 95 Approx. Int. Area (sq.m.) Carparking Sale Price Rate p.s.m. Min Avg Max Min Avg Max Average $575,000 $655,000 $735,000 $11,909 2 Bedroom $840,000 $975,000 $1,225,000 $11,607 3 Bedroom $1,125,00 $1,425,000 $1,825,000 $13,073 Total 250 Comments Premium apartments within the project have received prices in the vicinity of $13,000 to $14,000 p.s.m. PAGE 35

37 Majors Bay, 1 Northcote Street, Mortlake Map Jewel Majors Bay, 1 Northcote Street, Mortlake Information Sources Marketing agents, Cordells, Charter Keck Cramer. PAGE 36

38 Nantucket, Tennyson Road, Breakfast Point Developer Architect No. of Apts 101 Location type Description Rose Property and CBUS Rose Architectural Design Non waterfront. The project comprises of 101 residential apartments with a mix of 1 bedroom, 2 bedroom and 3 bedroom apartments. The building forms part of the Breakfast Point Masterplanned Community. Key project attributes/features include. - Access to Breakfast Point amenities such as Country Club with pool, tennis courts, spa, sauna, residents lounge and gym. - Village Green, supermarket, child care, parks, waterfront walkway, - Large courtyards to ground floor apartments many with lush, landscaped gardens offering outdoor living options. - High-end European finishes. The apartment mix, internal areas, sale prices and applicable rates p.s.m for the project are summarised hereunder. Apartment Type No. Apart ments 1 Bedroom 61 Approx. Int. Area (sq.m.) Carparkin Sale Price Rate p.s.m. Min Max g Min Max Average $680,000 $1,000,000 $11,586 2 Bedroom $820,000 $1,165,000 $12,350 3 Bedroom $1.650,000 $3,250,000 $12,500- $14,500 Total 101 Comments We note that superior apartments on the upper levels with water views have achieved above $14,000 p.s.m. PAGE 37

39 Nantucket, Tennyson Road, Breakfast Point Map Jewel Nantucket, Tennyson Road, Breakfast Point Information Sources Marketing agents, Cordells, Charter Keck Cramer. PAGE 38

40 Viva by Crown, Blaxland Road, Ryde Developer Architect No. of Apts Location Type Description Crown Group Robertson and Marks 160 (Final Stage) 615 (Entire Project) Non waterfront. The project comprises of 615 residential apartments constructed over several stages adjoining Top Ryde City retail centre. The project offers a mix of 1 bedroom, 2 bedroom and 3 bedroom apartments. Key project attributes/features include. - Interior design by Koichi Takada Architects. - The project provides an urban village atmosphere with private landscaped gardens and pool. - District views/outlook. - Top Ryde City includes 3 supermarkets, a cinema, several major/mini-major retailers and an extensive variety of specialty stores. The apartment mix, internal areas, sale prices and applicable rates p.s.m for the final stage are summarised hereunder. Apartment Type No. Apart ments 1 Bedroom 88 Approx. Int. Area (sq.m.) Carparkin Sale Price Rate p.s.m. Min Max g Min Max Average $495,000 $745,000 $11,328 2 Bedroom $825,000 $935,000 $11,390 Total 160 PAGE 39

41 Viva by Crown, Blaxland Road, Ryde Map Jewel Viva by Crown, Blaxland Road, Ryde Information Sources Marketing agents, Cordells, Charter Keck Cramer. PAGE 40

42 Rates P.S.M. 8.1 A summary of the value rates achieved per square metre for the identified projects are detailed following: Projects Apartments (Stage) Waterfront / Non- Waterfront Sirius, Burroway Road, Wentworth Point 703 Waterfront Rates p.s.m. 1 Bed Avg. 2 Bed Avg. 3 Bed Avg. Above $13,500 - excluding winter garden Above $11,100 - including winter garden Z.E.N, Burroway Road, Wentworth Point 461 Non $11,155 $10,700 $10,417 Savannah, The Address, Hill Road, Wentworth Point 149 Non $11,383 $10,054 $10,971 Evoke Apartments, 21 Porter Street, Ryde 278 Non $11,250 $10,150 $9,400 Shepherds Bay, Rothesay Avenue, Meadowbank 196 Waterfront $11,944 $10,220 $11,667 Opal Tower, 68 Bennalong Parkway, Sydney Olympic Park 369 Non $11,750 $10,000 $12,900 Majors Bay, 1 Northcote Street, Mortlake 250 Waterfront $11,909 $11,607 $13,073 Nantucket, Tennyson Road, Breakfast Point 101 Non $11,586 $12,350 Viva by Crown, Blaxland Road, Ryde 160 Non $11,328 $11,390 - On a project specific basis, larger apartments and those apartments on lower levels with a limited outlook/view profile generally achieve lower rates p.s.m. $12,500- $14, We have analysed the rate p.s.m. achieved for 1, 2 and 3 bedroom apartments within the identified projects. A summary is detailed following. These graphs should be read in conjunction with the individual project profiles. Average 1 Bedroom Apartment Rates p.s.m. $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 Sirius, Burroway Road, Wentworth Point (Excluding Winter Gardens) Source: Charter Keck Cramer Savannah, The Address, Hill Road, Wentworth Point Evoke Apartments, 21 Porter Street, Ryde Shepherds Bay, Rothesay Avenue, Meadowbank Opal Tower, 68 Bennalong Parkway, Sydney Olympic Park Majors Bay, 1 Northcote Street, Mortlake Nantucket, Tennyson Road, Breakfast Point Viva by Crown, Blaxland Road, Ryde PAGE 41

43 Rates P.S.M. Rates P.S.M. Average 2 Bedroom Apartment Rates p.s.m. $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 Sirius, Burroway Road, Wentworth Point (Excluding Winter Gardens) Source: Charter Keck Cramer Savannah, The Address, Hill Road, Wentworth Point Evoke Apartments, 21 Porter Street, Ryde Average 3 Bedroom Apartment Rates p.s.m. Shepherds Bay, Rothesay Avenue, Meadowbank Opal Tower, 68 Bennalong Parkway, Sydney Olympic Park Majors Bay, 1 Northcote Street, Mortlake Nantucket, Tennyson Road, Breakfast Point Viva by Crown, Blaxland Road, Ryde $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 Sirius, Burroway Road, Wentworth Point (Excluding Winter Gardens) Source: Charter Keck Cramer Savannah, The Address, Hill Road, Wentworth Point Evoke Apartments, 21 Porter Street, Ryde Shepherds Bay, Rothesay Avenue, Meadowbank Opal Tower, 68 Bennalong Parkway, Sydney Olympic Park Majors Bay, 1 Northcote Street, Mortlake Nantucket, Tennyson Road, Breakfast Point PAGE 42

44 8.3 The following market commentary is an overview of the general market parameters having regard to our various investigations with developers, project marketing agents, project valuers as well as Charter Keck Cramer s market knowledge and experience. A key value driver impacting apartment pricing within Wentworth Point and the similar suburbs is the view profile/outlook. The type of view profile can vary significantly. A brief guide to the types of view profiles evident in Wentworth Point is described in the following table. View profiles in Wentworth Point Quality of View Profile Average Good Excellent Outlook Type Outlook dominated by nearby buildings. Park or open space outlook. Water views. Our investigations indicate that the difference in pricing between similar apartments, assuming a similar building level (height) however with different view profile generally ranges from 10% to 25%. The upper end of this scale would result from comparison of an apartment with an average view/outlook to an apartment with an excellent view/outlook. A similar percentage to this would also be reflected achievable rents within a building. Further, we note that the above pricing can vary more substantially when factoring different levels (heights) within a building. The aspect/orientation of the apartment also impacts the value however to a lesser extent than the view profile. In regard to orientation the premium paid for northern aspects is not significant and in most instances is determined as a sum of money. This would generally be less than 5% when comparing equivalent apartments. For example, assuming all things equal (except aspect), a $700,000 apartment facing south could be worth up to $35,000 (5%) more if facing north. It is important to note that this percentage is a guide only and there are many variables that impact valuation/pricing of apartments. As such it is recommended that expert property advice is sought when pricing individual apartments within a specific project. Generally speaking the value of car spaces within new projects in Wentworth Point is between $30,000 and $70,000. As a result of the local planning controls and market demand developers will provide the following number of car spaces per apartment: Car Parking in Wentworth Point Accommodation Number of Spaces 1 Bedroom 0 1 Space 2 Bedroom 1 2 Spaces 3 Bedroom 2 Spaces Typically the only occasion the value of a car space is reflected in an apartment is for the first car space to a 1 bedroom apartment or the second car space to a 2 bedroom apartment. As detailed above, some 1 bedroom apartments have nil car spaces. In this instance there will be some prospective purchasers willing to pay $30,000 to $70,000 extra (for that apartment) in order to secure a car space. Further, all 2 bedroom apartments have at least 1 car space, and in this instance there will be some prospective purchasers willing to pay $30,000 to $70,000 extra (for that apartment) in order to secure a second car space PAGE 43

45 Analysis of the current projects and anecdotal evidence from marketing agents indicates that the following apartment features have been positively received by the market. - Functional external areas (e.g. winter gardens) - Option of studies or media areas often appeal to purchasers looking for larger apartments but do not necessarily need another bedroom. - Buyers are considered savvy with regard to finishes and expectations are quality/recognisable brands/materials. - Mixed use projects offering retail amenity at the ground floor, such as cafes and restaurants are preferred by purchasers given improved convenience and local atmosphere. 8.4 We have analysed the sale prices achieved for 1, 2 and 3 bedroom apartments within the identified projects. A summary of the price ranges by project are detailed following. 1 Bedroom Apartment Price Range Analysis $1,150,000 $1,050,000 $950,000 $850,000 $750,000 $650,000 $550,000 $450,000 Sirius, Burroway Savannah, The Road, Wentworth Point Address, Hill Road, Wentworth Point Evoke Apartments - 21 Porter Street, Ryde Shepherds Bay, Rothesay Avenue, Meadowbank Opal Tower, 68 Bennalong Parkway, Sydney Olympic Park Majors Bay, 1 Northcote Street, Mortlake Nantucket, Tennyson Road, Breakfast Point Viva by Crown, Blaxland Road, Ryde Source: Charter Keck Cramer - Sale prices for currently marketed 1 Bedroom apartments typically range between $550,000 and $750,000, excluding Nantucket, Breakfast Point which achieved sales between $680,000 and $1,000, Areas for 1 bedroom apartments typically range between 50 sq.m. to 65 sq.m. PAGE 44

46 2 Bedroom Apartment Price Range Analysis $1,500,000 $1,400,000 $1,300,000 $1,200,000 $1,100,000 $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 Sirius, Burroway Road, Wentworth Point Savannah, The Address, Hill Road, Wentworth Point Evoke Apartments - 21 Porter Street, Ryde Shepherds Bay, Rothesay Avenue, Meadowbank Opal Tower, 68 Bennalong Parkway, Sydney Olympic Park Majors Bay, 1 Northcote Street, Mortlake Nantucket, Tennyson Road, Breakfast Point Viva by Crown, Blaxland Road, Ryde Source: Charter Keck Cramer - Sale prices for currently marketed 2 Bedroom apartments typically range between $800,000 and $1,100, Areas for 2 bedroom apartments typically range between 75 sq.m. to 90 sq.m. 3 Bedroom Apartment Price Range Analysis $3,150,000 $2,650,000 $2,150,000 $1,650,000 $1,150,000 $650,000 Sirius, Burroway Road, Wentworth Point Savannah, The Address, Hill Road, Wentworth Point Evoke Apartments - 21 Porter Street, Ryde Shepherds Bay, Rothesay Avenue, Meadowbank Opal Tower, 68 Bennalong Parkway, Sydney Olympic Park Majors Bay, 1 Nantucket, Northcote Street, Tennyson Road, Mortlake Breakfast Point Source: Charter Keck Cramer - Sale prices for currently marketed 3 Bedroom apartments typically range between $1,150,000 and $1,750, Areas for 3 bedroom apartments typically range between 100 sq.m. to 140 sq.m. PAGE 45

47 9.1 In order to gauge supply in and around Wentworth Point we have analysed projects larger than 10 apartments and classified these as either Under Construction, Marketed, Approved, at Application Stage or Mooted. We have not included large parcels of land earmarked for residential development, however yet to commence planning. This includes the circa 2,000 apartments proposed for the Wentworth Point Priority Precinct. The catchment we have identified includes the following suburbs; Wentworth Point, Sydney Olympic Park, Ermington, Melrose Park, Meadowbank, Ryde, Rhodes, Concord West, Newington, Liberty Grove, and Mortlake. We note that we did not identify any supply within Newington or Liberty Grove. Projects that have not yet been announced and/or have not commenced early planning are not included in Future Supply. The supply catchment adopted for this analysis is outlined on the following map. PAGE 46