630 BARGARA ROAD BARGARA, BUNDABERG REGION. 630 Bargara Road Bargara 1

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1 630 BARGARA ROAD BARGARA, BUNDABERG REGION 630 Bargara Road Bargara 1

2 Contents Executive Summary 4 Asset Profile 6 About Bargara 8 Residential Market Indicators 10 Planning Parameters 12 Planning Parameters 12 Survey Plan 18 Sale Method 24 Disclaimer Bargara Road Bargara

3 630 Bargara Road Bargara 3

4 Executive Summary On behalf of the vendors, Colliers International and PRD Bargara are pleased to offer this prime land parcel for sale by Expression of Interest closing at 4pm on Thursday 5 May Bargara Road, Bargara is a strategic 49.63Ha land parcel located on the western edge of the Bargara township. The property is located within easy reach of the Bargara Central Shopping Village, Bargara State School, the proposed Catholic School, and the town centre. The eastern edge of the land is approximately 1.5km from the Bargara beach front. In February 2016 Council adopted the Planning Scheme Policy for the Hughes Seaview Bargara masterplan area which includes the subject land. The Policy has been prepared by the Bundaberg Regional Council to support and guide development within the area bounded by Hughes Road, Seaview Road, Bargara Road, and Watsons Road, Bargara. The Low/ Medium Density Residential and Service Station and Service Industry zonings for the land allows for a range of development outcomes that can be matched to the evolving demand. The ultimate development of the property will help to fulfil the growing demand for a high quality residential and service industry destination within the region and create more commercial opportunities to capture the spending power of the large local area catchment Ha rural land parcel on 18 titles with significant redevelopment upside Rezoned with a favourable mix of uses (Medium/ Low Density Residential, Service Station/ Service Industry, Open Space) Counter cyclical purchase in one of Queensland growing lifestyle markets Adjacent to a future proposed State and Private schools Located close to the Woolworths anchored Bargara Central Shopping Village Opportunity to continue with agricultural activities Significant exposure to Bargara Road, the major through road into Bargara Expressions of Interest can be submitted on or before 4pm on Thursday 5 May 2016 by post or to the offices of Colliers International. Philip O Dwyer Guy Stafford Greg Felgate *approx. Senior Executive l Investment Sales Senior Executive l Investment Sales Sales Consultant M: M: M: E: philip.odwyer@colliers.com E: guy.stafford@colliers.com E: greg@prdbargara.com.au Colliers International PRD Nationwide Bargara Level 30, One One One Shop 18 Bargara Central Shopping Village 111 Eagle Street, Brisbane QLD Bargara Road, Bargara Bargara Road Bargara

5 Dept. of Education and Training land Catholic Education land 630 Bargara Road Bargara 5

6 Asset Profile Bargara Road Bargara

7 Asset Profile Item Particulars Land Area 630 Bargara Road: L1,4,6 RP42972, L2 RP58894, L1-2,5,26-32 RP7246, L1 RP Ha* 64 Hughes Road: L10-11 RP Ha* 638 Bargara Road: L1 RP53744, L2 RP83844 (being reconfigured) 1.63Ha* Total: 49.63Ha* Land Description The property is largely cleared and gently undulating. The property has direct frontage to Bargara Rd, Hughes Rd and Seaview Rd. The property is improved with a two level house of masonry construction and a large metal shed. Agricultural activities are being undertaken on the property. Water allocations for the property are available for sale by negotiation. Street Frontage Services Statutory Authority Zonings 720m* frontage to Bargara Road 930m* to Seaview Road 410m* to Hughes Road Sewer, water, power and telecommunications available to the property as part of the future redevelopment Bundaberg Regional Council Service Station and Service Industry Medium Density Residential Low Density Residential Open Space *approx. 630 Bargara Road Bargara 7

8 About Bargara BUNDABERG and BARGARA The Bundaberg region is situated approximately four hours drive and only a 45 minute flight north of Queensland's capital, Brisbane. The region covers more than 6,000 square kilometres and boasts diverse natural resources and facilities, reflected in its offshore, coastal, riverine, city, rural and protected environments. The area lays claim to the internationally renowned Southern Great Barrier Reef, Mon Repos Turtle Rookery, Bundaberg Rum, and the famous aviator Bert Hinkler. Bundaberg City is the provincial hub of this vibrant, unique region, and is centred on the picturesque Burnett River at the southern tip of the Great Barrier Reef. It is the commercial and service centre, as well as distribution point for the region. The Bundaberg region's notable features include equable climate, relaxed and inviting lifestyle, affordable living, modern shopping facilities, plentiful tourism destinations and diverse economic opportunities. Such factors, together with the friendliness of its residents, make this area a superb place to visit or reside in. Residents and visitors to the Bundaberg region have easy access to a wide variety of services and vital infrastructure. These include three major hospitals, public schools and colleges, and major campuses of Central Queensland University and Institute of Technical and Further Education. The city, serving a population of 100,000 people, is a vital regional business hub for Queensland, boasting excellent shopping, sporting, cultural and tourism facilities and has become a popular venue for the staging of conferences and major events. The city has an active business and professional community, who share their expertise and insight into building a strong and sustainable regional economy Bargara Road Bargara

9 About Bargara Bargara Golf Clubhouse 2 The Point Resort 3 Bargara Golf Course 4 Hughes Road 5 Kelleys Beach Bargara Rd (subject Property) 7 Proposed Catholic School 8 Bargara Central Shopping Village 9 Dept of Educational Establishment Zone 10 Bargara State School 630 Bargara Road Bargara 9

10 Residential Market Indicators Housing Market Overview Bargara* and its coastal area property market median price sits at $350,000 for houses and $325,000 for units; which is higher than Bundaberg regional area median house price of $290,000 and median unit price of $265,000. This cements the coastal area as a market leader in property. Average days on market has increased over the past twelve months and currently sits at 114 days for houses and 130 days for units. The rental market is experiencing decline of 76.0% in days on market, sitting at an average of 37 days. This suggests that there is increasing demand for rental properties, confirming Bargara as an attractive rental market. Average vendor discounting has decreased for houses and increased for units, with Q figures standing at an average of -6.8% (houses) and 7.2% (units). This suggests there is higher interest in houses, with buyers willing to pay closer to the asking price. Investors can do well in Bargara*, with a rental yield of 4.7% for houses and 4.5% for units Future Development Project development in Bargara and its nearby suburbs in 2015 is valued at approx$64.9m,75.6% of which is focused on increasing residential supply through building and subdivided land.17 units and 226 residential subdivided land would be added to the market. One of the major residential developments is the Elliott Heads Master Planned Community valued at $35.0 million. The Bargara Beach Estate Stages 1-11, which is valued at $7.2 million will be adding 181 subdivided lots to the market. *Bargara market data and key indicators encapsulates aggregate property market conditions in the following suburbs: Bargara, Innes Park, Coral Cove, Burnett Heads and Elliott Heads Source: Cordell Database, RealEstate.com.au, APM Pricefinder, Real Estate Institute of Queensland, Bundaberg Regional Council Bargara Road Bargara

11 Residential Market Indicators 630 Bargara Road Bargara 11

12 Planning Parameters The following text, extracted from the current Bundaberg Planning Scheme (see sets out the planning parameters for the zones applied to the subject land: SC6.6.7 Strategic outcomes The strategic outcomes for the masterplan area are as follows:- 1. protect the rural residential character of expansive homes in spacious grounds in a rural setting; 2. locate urban density housing so that it does not conflict with areas of rural production, whether continuing rural production within the masterplan area or external to it; 3. medium-density housing, as an alternative residential form to conventional dwelling houses, is located in logical, accessible, and well-serviced locations; 4. non-residential uses generally do not establish within the masterplan area except for a service station, service industry, or similar use in the north-eastern corner of the masterplan area; 5. the opportunity to develop a sizable community or institutional facility at the northern end of Hughes Road potentially a school, hospital, nursing home, sporting complex or similar activity requiring up to approximately 12 hectares; 6. limited land uses and works are appropriate within the Flood hazard area, provided they avoid increasing the severity of flood events on other land. Providing drainage easements would secure access and the extent of works. Zoning Colour Approx. Area Serviced Station/ Service Industry Blue 2.5Ha Medium Density Residential Red 13Ha Low Density Residential Pink 32.5Ha Open Space Green 2Ha Bargara Road Bargara

13 Planning Parameters Map 2 Pattern of Settlement & Land Use extracted from the Bundaberg Regional Council Planning Scheme 630 Bargara Road Bargara 13

14 Planning Parameters The following outcomes are sought for each land use category. SC Low density residential The low density areas as depicted in Map 2 Settlement Pattern and Land use, make up most of the masterplan area. Future development of the low density residential area is to achieve the following outcomes:- 1. the minimum lot size is 600m2, enabling a density of up to 12 dwellings per hectare, subject however to site-specific characteristics and constraints; 2. lots smaller than 600m2 may be appropriate, particularly when fronting open space or park or when integrated into a reconfiguring development project providing a mixture of lot sizes where the overall built outcomes have been considered; 3. development is connected to urban services in a logical and efficient manner; 4. the general pattern of streets and lot boundaries is grid-like, parallel or perpendicular to the current cadastre and providing an efficient use of land; 5. where located along Seaview Road adequate buffering to rural land on the western side of Seaview Road is provided and access to any new lots is via a local access road, not Seaview Road; 6. dwellings resulting from additional lots fronting Seaview Road are setback not less than 30 metres; 7. where affected by waterways or overland flow, adequate stormwater drainage using water sensitive urban design techniques are provided. Map 3 Movement Network (extracted from Bundaberg Planning Scheme Bargara Road Bargara

15 Planning Parameters SC Medium density residential The medium density areas as depicted in Map 2 Settlement Pattern and Land use, will provide alternative housing choices in locations near open space and other community infrastructure. Future development of the medium density residential area is to achieve the following outcomes:- Figure SC6.6.2 (source: Bundaberg Regional Council) 1. medium density residential development is located to take advantage of existing or planned commercial and community landuses on land in the north adjacent to Bargara Road and in the south-eastern corner of the plan area between Wessells Road and Watsons Roads; 2. development demonstrates a high standard of design and provides a range of smaller dwellings to suit a range of smaller household structures. Development fronting Bargara Road is setback and provides a 10m densely landscaped buffer to the road; 3. there is no minimum lot size however development achieves a range of smaller dwelling types such as town houses, subject to site characteristics and constraints. Lots sizes within the medium density area should:- reflect an existing approval or an existing medium density residential development; or be large enough to allow for the establishment of a medium density residential land use (as detailed in item 4 below) in the future; 4. appropriate land uses include multiple dwellings, integrated small-lot housing, retirement facility, and resort complex. Figure SC6.6.2 Typical medium density form shows the form and density that can be achieved for a retirement / over age village that is supported by designated communal open space/s and community facilities; 5. development is connected to all urban services in a logical and efficient manner; 6. where affected by waterways or overland flows, adequate stormwater drainage using water sensitive urban design. 630 Bargara Road Bargara 15

16 Planning Parameters SC Open space The open space areas as depicted in Map 2 Settlement Pattern and Landuse, provide opportunities for parks to be established within the masterplan area. Future development of the open space areas is to achieve the following outcomes:- 1. a 2 hectare parcel of open space dedicated as a public park centrally located within the masterplan area providing a range of passive and active recreational activities in accordance with Council s Desired standards of service nominated within Part 4 Priority infrastructure plan. Figure SC6.6.3 Typical 2ha open space shows the typical layout of a local park; 2. open space that is smaller than 2 hectares may be acceptable (at the discretion of Council) should the design, standard of embellishments, and the accessibility exceed the expected standards nominated by the Priority infrastructure plan; 3. open space located within the Bargara Road reserve on the corner of Bargara Road and Seaview Road remains passive in nature and contributes to the landscaped gateway entry statement with a high standard of landscaping. Figure SC6.6.3 Typical 2ha open space SC Other development Other forms of development not anticipated by this masterplan may be supported within the area if compliance with the following principles can be demonstrated:- 1. development does not interfere with the long-term expectations of this masterplan or the logical rollout of urban infrastructure, including water, wastewater, stormwater drainage, and roads; 2. development does not create unmanageable amenity conflicts, including visual amenity or the release of contaminants from a site; 3. small-scale non-residential activities, especially Bargara Road Bargara

17 Planning Parameters Map 6 Infrastructure Servicing & Sequencing extracted from the Bundaberg Regional Council Planning Scheme 630 Bargara Road Bargara 17

18 Survey Plans Aerial photo showing the indicative property outline Bargara Road Bargara

19 Survey Plans Plan showing the proposed reconfiguration of Lots 1 and 2 on RP83844 and Lot 1 on RP53744 to create a balance Lot 1 of approximately 1.633Ha which is part of the land parcel that is being offered for sale. 630 Bargara Road Bargara 19

20 Property Photos View from the middle of the land looking north west (main house in the right hand background) Bargara Road Bargara

21 Property Photos View from the middle of the site looking east towards Bargara settlement 630 Bargara Road Bargara 21

22 Property Photos Main house at 630 Bargara Road Driveway towards main house off Bargara Rd Machinery shed at 630 Bargara Road Machinery shed at 630 Bargara Road Bargara Road Bargara

23 Property Photos View looking west from the middle of the property towards Church Hill 630 Bargara Road Bargara 23

24 Sale Method METHOD OF SALE BID FORMATION The Property is being offered For Sale by Expression of Interest closing at 4pm on Thursday 5 May Offers can be submitted by post or to Colliers International Brisbane offices. INVITATION TO OFFER All interested parties are welcome to make offers for the chance to own this property. All buyers are allowed to submit an offer however the vendor reserves the right to evaluate each offer and to freely deal with it in such manner as the Vendor considers appropriate in its absolute discretion including to propose amendments to any offer, seek clarification or additional information from any Buyer, or reject any offer without giving reasons for such action. No Buyer shall be entitled to enquire into the basis of the Vendor s decision or appeal against any decision to accept or reject any offer. The Vendor has the right to sell or withdraw the Property at any time in its absolute discretion without liability to any party which has participated in the bidding process or due diligence process and any party participating in these processes will be taken to have accepted these conditions. DUE DILIGENCE INFORMATION The EOI submitted by the interested parties should include the following key terms: Proposed purchasing entity Nominated offer price and deposit amount Source of capital for the Buyer to complete the transaction Evidence that demonstrates the Buyer s financial capacity to complete the acquisition including the status of debt finance Outline of corporate, shareholder, regulatory or other approvals required to be obtained by the Buyer Any other conditions required to complete the proposed acquisition A list of additional information that the Buyer wishes to obtain to complete an investigation of the Property Any requirement to obtain Foreign Investment Review Board or other regulatory approvals to allow the Buyer to purchase the Property Proposed settlement date DETAILS This information memorandum has been prepared by Colliers International on behalf of the vendor. The purpose is to provide information in relation to the property and show the benefits and features. A range of extensive due diligence information is available throughout the campaign to assist prospective Buyers. Access to the information, which will be distributed through an electronic data room, can be secured upon application to the marketing agents Bargara Road Bargara

25 Disclaimer This report has been prepared by Colliers International for the information of potential purchasers to assist them in deciding whether they are sufficiently interested in the property offered to proceed with further investigation in relation to the property. The information contained in this report does not constitute any offer or contract of sale; it is provided as a guide only; and has been prepared in good faith and with due care. Potential purchasers must take note that the figures and calculations contained in this report are based upon figures provided to us by outside sources and have not been verified by us in any way. We have no belief one -way or the other in relation to the accuracy of such information. Any projections contained in this report represent estimates only and may be based on assumptions that may be incomplete, incorrect or erroneous. Potential purchasers must satisfy themselves in relation to all aspects of the report including development potential and cost; market take up; rent levels; outgoings; and all other matters a prudent purchaser would consider relevant. The Vendor, Colliers International or their employees, agents or representatives will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that a potential purchaser relies upon that is contained in this report or any other marketing material. The property will be traded or sold as is and with all faults, without any representation or warranty as to its condition; fitness for any particular purpose; or compliance with any relevant law. The Vendor reserves the right, at its sole discretion, to postpone or cancel the proposed trade or sale of the property and to modify or add any terms and conditions to any proposed contract, vendor s statement or other material associated with the proposed sale, which may be made available to a potential purchaser. 630 Bargara Road Bargara 25

26 630 BARGARA ROAD BARGARA, BUNDABERG REGION Philip O Dwyer Senior Executive l Investment Sales M: E: philip.odwyer@colliers.com Guy Stafford Senior Executive l Investment Sales M: E: guy.stafford@colliers.com Greg Felgate Sales Consultant M: E: greg@prdbargara.com.au Colliers International Level 30, One One One 111 Eagle Street, Brisbane QLD 4000 PRD Nationwide Bargara Shop 18 Bargara Central Shopping Village 699 Bargara Road, Bargara