LAND ASSESSMENT. Wyndham West Development Contributions Plan (DCP) Land Assessment

Transcription

1 LAND ASSESSMENT. SOURCE - GAA Wyndham West Development Contributions Plan (DCP) Land Assessment Ballan Road Precinct Structure Plan (PSP) No. 40 Black Forest Road North PSP No Black Forest Road South PSP No Alfred Road PSP No. 43 Westbrook PSP No. 92 Prepared For Growth Areas Authority (GAA) Date of Valuation - 22 April 2013

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3 CONTENTS. Executive Summary Property Details Scope of the Development Valuation Rationale Valuation and Valuation Compliance Statement Assumptions / Qualifications

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5 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS PAGE 1 EXECUTIVE SUMMARY. Wyndham West PSP s DCP Land Assessments. INSTRUCTIONS. Client Instructions. Growth Areas Authority Level Collins Street MELBOURNE VIC 3000 (Mr. Tim Peggie, Manager Structure Planning) Refer to Assumptions / Qualifications - Terms of Reference. Refer to Assumptions / Qualifications - Definition of Market Value. Purpose. To assess the fair market value of the land within the Wyndham West Precinct Structure Plans (PSP s) in order to provide a calculated average broad hectare rate attributable to land within the precincts for application of the Wyndham West PSP s Development Contributions Plan (DCP). This assessment provides the land has appropriate approval for the highest and best underlying use identified. The values assessed in this instance have been concluded in accordance with the API definition of market value being: The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion. Elements traditionally associated with compensation as described within the Land Acquisition and Compensation Act 1986 including (but not limited to) severance, disturbance, enhancement / depreciation and special value do not form part of the assessed values. The assessments of the individual holdings have been concluded from an external inspection and publicly available information relating to the development potential of each holding. Detailed development potential for each holding has not been provided at the time of valuation. Prepared By. Thomson Maloney & Partners Pty. Ltd. T/A Charter Keck Cramer Charter Keck Cramer Reference R2:T :AS/BP:TY Liability limited by a scheme approved under Professional Standards Legislation.

6 PAGE 2 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS VALUATION DETAILS. Date of Inspection. We have inspected the subject properties within the five PSP s on numerous occasions, with the date of our most recent inspection being 22 April Date of Valuation. 22 April Refer to Assumptions / Qualifications - Date of Valuation. Critical Issues. Our valuation has been completed on the basis: The subject property relates to 78 parent parcels within the Wyndham West precincts which have been identified as land for future development. Areas have been derived from the Wyndham West PSP s Land Use Budget prepared by the GAA. Underlying zones of the subject holding have been adopted from planning maps contained within the Department of Planning and Community Development (DPCD) website. In relation to holdings affected by the Outer Metropolitan Ring Road (OMR), we have had regard to the Statement of Underlying Provisions document produced by the DPCD dated July Our valuation is provided on the basis the current adopted highest and best use accords with the zoning and overlay provisions. The parcels are considered to have future urban development potential in accordance with the PSP s, with existing improvements not being incorporated within our assessment. Land within the PSP s are unaffected by unsupervised fill, soil or groundwater contamination. The land within the PSP s are unaffected by Aboriginal or archaeological artefacts of significance. Land identified as having heritage value has been identified as encumbered land within the Wyndham West PSP s Land Use Budget. Our valuation is provided on the basis there is no cost and/or adverse implications resulting from the heritage place including restoration, maintenance, or impact on development potential. There is no cost and/or adverse implications identified within the current and/or future Cultural Heritage Management Plans (CHMP s). The land is unaffected by flora and fauna issues. Our valuation does not reflect the area and/or cost of the required offset for the removal of native vegetation. Land identified for conservation areas and regional open space has been identified as encumbered land within the Wyndham West PSP s. Our assessment has been provided on the basis land identified for the proposed Regional Rail Link (RRL) has been acquired and does not form part of the Development Contributions Plan. Our valuation does not reflect compensation for land included within the Public Acquisition Overlay (PAO) relating to the proposed Outer Metropolitan Ring Road (OMR).

7 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS PAGE 3 Land incorporated within the Urban Floodway Zone (UFZ) has been identified as encumbered waterway / drainage line / wetland / retarding land within the land budget and no further allowances or costs are required for the development of the parent holdings. The current highest and best use for the holdings within the precinct area has been adopted as inglobo residential or employment development land. The assessments of the individual holdings have been concluded from an external inspection and publicly available information relating to the development potential of each holding. Services and facilities are available to the precinct including water, gas, electricity, telephone and mains sewer. However, costs associated with augmentation of services to the individual parcels are not known. The costs associated with extending services to the land are not reflected in our assessment of value. Our assessment does not reflect site specific costs such as fill, extension of services, design, external site specific costs, holding periods due to planning requirements and/or buffered land. Our assessment has been concluded on the basis the identified parent holdings are assessed as individual titles, with our assessment not reflecting current ownership patterns for the holdings. Our assessment has been provided on the basis the land is zoned appropriately and issued appropriate Town Planning approval for residential or employment use as identified. Our assessment of value has been concluded on the basis that services is extended to each parcel, having occurred in accordance with the PSP s and such infrastructure and services are reticulated within the PSP s area and can be augmented to service the proposed underlying uses. This assessment does not reflect works moratorium implemented by Wyndham City Council such as up front infrastructure works and provision of services. Our assessments reflect that the Growth Areas Infrastructure Contribution (GAIC) liability affects all properties within the precinct. Our assessments are exclusive of Goods and Services Tax (GST). Disclaimer. This Executive Summary should be read in conjunction with the balance of this report. The report has been prepared subject to various qualifications, disclaimers and assumptions detailed throughout the report and within the Assumptions / Qualifications section. Refer to Assumptions / Qualifications - Third Party Disclaimer.

8 PAGE 4 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS 1. PROPERTY DETAILS. Title Particulars. For the purpose of this assessment and have relied upon information provided within the PSP s Land Budget prepared by the Growth Areas Authority (GAA). This assessment is prepared on the basis individual Certificates of Title do not incorporate encumbrances of an adverse effect upon value. The PSP s include existing roadways for which title particulars could not be confirmed. In terms of the roadways, whilst the road increases the area within the PSP s, adjacent properties abutting the roads have rights of access, therefore the roadways are considered as encumbered land. Our valuation is based on the assumption that the parcels are individually titled and that there are no easements or encumbrances which have an adverse effect on our valuation. Our assessment does not reflect the current ownership of the holdings and are assessed on the basis that each parcel is within an individual ownership. Refer to Assumptions / Qualifications - Encumbrances. Native Title. There are no attributes observed that would identify the property as having co-existing or likely co-existing Native Title interests. Refer to Assumptions / Qualifications - Native Title.

9 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS PAGE 5 Planning Details. Local Authority - City of Wyndham. Land Use Zoning and Development Controls. Pursuant to the provisions of the Wyndham Planning Scheme, the land is predominantly included within an Urban Growth Zone (UGZ). The objectives of this zone are as follows: To implement the State Planning Policy Framework and the Local Planning Policy Framework, including the Municipal Strategic Statement and local planning policies. To manage the transition of non urban land into urban land in accordance with a Precinct Structure Plan. To provide for a range of uses and the development of land in accordance with a Precinct Structure Plan. To contain urban use and development to areas identified for urban development in a Precinct Structure Plan. To provide for a continued non urban use of the land until urban development in accordance with a Precinct Structure Plan occurs. To ensure that, before a Precinct Structure Plan is applied, the use and development of the land does not prejudice the future urban use and development of the land. Land within the PSP s is further incorporated within a Rural Conservation Zone (RCZ). The objectives of this zone are as follows: To implement the State Planning Policy Framework and the Local Planning Policy Framework, including the Municipal Strategic Statement and local planning policies. To conserve the value specified in the schedule to this zone. To protect and enhance the natural environment and natural processes for historic, archaeological and scientific interest, landscape, faunal habitat and cultural values. To protect and enhance natural resources and biodiversity of the area. To encourage development and use of land which is consistent with the sustainable land management and land capability practices, which takes into account the conservation values and environmental sensitivity of the locality. To provide for agricultural use consistent with the conservation of environmental and landscape values of the area. To conserve and enhance the cultural significance and character of open rural and scenic non-urban landscapes.

10 PAGE 6 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS Additionally, land within the PSP s is included within the following overlays: Environmental Significance Overlay (ESO) pursuant to Schedules 1 and 2 (ESO1 and ESO2). The purpose of this overlay is to identify areas where development of land may be affected by environmental constraints and to ensure that development is compatible with identified environmental values. Public Acquisition Overlay (PAO) pursuant to Schedule 6 (PAO6). The purpose of this overlay is to identify land which is proposed to be acquired by an authority and to reserve land for a public purpose and to ensure that changes to the use or development of the land do not prejudice the purpose for which the land is to be acquired. Our valuation has been completed on the basis the area s extent of encumbered land identified by the respective zoning and/or overlays have been identified within the land budget prepared by the GAA and there are no encumbrances identified within the zoning and/or overlay particulars which would impact upon the development potential of the subject holding or required extended holding periods due to planning or incur additional costs for development. Refer to Assumptions / Qualifications - Land Use Zoning and Development Controls. Current Use. At the date of our valuation, the subject land generally comprised vacant rural / residential land. The land is improved with dwellings, sheds and associated infrastructure. Potential / Future Uses. Pursuant to the Planning Scheme, the potential uses for the subject property may be summarised as those where a planning permit is not required (Section 1 of the Planning Scheme) and those where a planning permit is required (Section 2 of the Planning Scheme). Those uses noted under Section 3 (prohibited) are not considered to place any undue restriction upon the future use or development of the site. We refer you to the ordinances provided as an annexure to this report with respect to the allowable and prohibited uses. In undertaking our assessment of value of the subject parcels, we have had regard to the Future Urban Structure Plan, with the highest and best use of the individual unserviced parcels identified within the PSP s and Urban Structure Plan and current social and economic conditions within the western growth area. The highest and best use of the individual holdings is summarised within the Scope of Development - Highest and Best Use section of this report.

11 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS PAGE 7 Site Description. The Wyndham West PSP s relate to five precincts, described as follows: Alfred Road PSP. The Alfred Road PSP relates to a total of 10 holdings and an existing road (Alfred Road) with a total parent area (excluding Alfred Road) of hectares. The precinct is irregular in shape, bound by Geelong Road to the east, existing residential development to the north-east, existing railway line to the north-west and agricultural land to the south and west. In accordance with the Alfred Road Precinct Structure Plan: Background Information - Precinct Context and Site Features Report prepared by the GAA dated November 2011,... the land within the Alfred Road precinct is generally flat, sloping gently south towards Lollypop Creek. A minor drainage line winds from the northern boundary to the south carrying run-off from the precinct and, in high-rainfall events, overflow from flooding in the Melbourne-Geelong railway corridor. Additional run-off from high-rainfall events flows to the site from the neighbourhood of Westleigh Gardens in the north. These flows are managed by a retarding basin at the corner of Alfred and Geelong Roads from where they are piped east toward the Werribee River... flooding from Lollypop Creek does affect the eastern boundary of the precinct... As part of Melbourne Water s Development Services Scheme (DSS) the drainage line within the precinct will be modified to cater for the increased run-off post urban development. The new channel will be within a 45-metre reserve that runs centrally through the precinct... Drainage works within Black Forest Road South will also change flood characteristics within the region. Post construction, overflow from the high-rainfall events within the railway corridor are expected to be mitigated and the extent of the flooding along Lollypop Creek will be reduced. In accordance with the Alfred Road Draft Land Budget, the proposed encumbered land totals an area of 8.74 hectares. The encumbered land has been deducted from the parent area. Westbrook PSP. The Westbrook PSP relates to a total of 14 holdings and roads with a total parent area of hectares. The precinct area is irregular in shape, bound by Ballan Road to the south, the proposed Outer Metropolitan Transit Corridor to the west, the Werribee River to the north and Armstrong Road and railway stabling yard to the east. Ballan Road PSP. The Ballan Road PSP dated August 2012 relates to a total of 30 holdings to provide a total gross area of hectares (excluding existing roads). The precinct is broadly bound by Ballan Road to the south, McGrae Road to the east, Hobbs Road to the west and the Werribee River to the north. The Stages 1 and 2 - Desktop Environmental, Hydrogeological and Geotechnical Assessment prepared by Sinclair Knight Merz (SKM) in July 2010 identifies the topography of the sites range in elevation from metres above sea level and slope towards the east within the southeastern portion of the site with local undulations in topography. The assessment also identifies... there do not appear to be any significant Hydrogeological constraints which would render the land unsuitable for development. However, issues associated with the water table and ground water need to be considered.

12 PAGE 8 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS Black Forest Road North PSP. The Black Forest Road North precinct relates to a total of 13 holdings to provide a total gross area of hectares. The precinct is broadly bound by Black Forest Road to the south, Greens Road to the north, Armstrong Road to the east and the proposed OMR to the west. Black Forest Road South PSP. The Black Forest Road South precinct relates to a total of 11 holdings to provide a total gross area of hectares (excluding existing roads). The precinct is generally bound by Black Forest Road to the north, Bulban Road / Old Bulban Road to the south, existing residential development to the east and rural residential / farming holdings to the west. The Stages 1 and 2 - Desktop Environmental, Hydrogeological and Geotechnical Assessment prepared by Sinclair Knight Merz (SKM) in July 2010 identifies the eastern swamp areas and other parts of the site are subject to poor drainage. The report notes... there do not appear to be any significant hydrological constraints which would render the land unsuitable for development. The following issues would need to be considered however, in the planning and design of ant development: The shallow watertable in the Newer Volcanics may cause groundwater inflow to excavations. Increases to groundwater recharge rates (particularly over summer and autumn) has the potential to raise the watertable to within a few metres of the ground surface, potentially causing corrosion to infrastructure and buildings; and Decreased local groundwater recharge in winter and early spring has the potential to reduce discharge to nearby surface water features, which could potentially have a negative impact on the ecological health of local waterways.

13 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS PAGE 9 A map identifying the subject PSP precincts and those not included within this assessment (not to scale) is as follows: SOURCE Wyndham West - Development Contributions Plan (August 2012)

14 PAGE 10 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS We refer you to the Scope of Development section of this report for a summary of further details for the individual holdings. Should the areas or uses vary from that adopted / indicated, then the matter should be referred back to us for further comment and re-assessment if required. Refer to Assumptions / Qualifications - Land Description and Site Identification. Locality and Surrounding Development. Located at the western fringe of metropolitan Melbourne, the Municipality of Wyndham is bound by the Municipalities of Brimbank and Melbourne to the north, Moorabool Shire and the City of Greater Geelong to the west and south respectively, the City of Hobson Bay to the east and frontage to Port Phillip Bay. The Wyndham Vale and Werribee localities are approximately 35 kilometres from the Melbourne Central Business District (CBD). Development within the locality is predominantly residential and rural residential holdings. The subject precinct represents the western expansion of residential development within the localities. The area is serviced by the existing Werribee CBD. Retail facilities within the area are predominantly within the town centre and Werribee Plaza. The Werribee Town Centre located on Watton Street provides for services which support residential occupation. With redevelopment of the shopping complex completed in November 2004, the Werribee Plaza Regional Shopping Centre includes over 200 retailers. Major retailers of the centre include K-Mart, Coles, Big W, Safeway, Harris Scarfe, Rebel Sport, Best & Less, Adairs and JB Hi-Fi, together with over 3,500 car spaces. Additionally, a shopping centre has been developed at the corner of Ballan Road and Manor Lakes Boulevard. Wyndham is also the host of a number of Federal and State Government installations and State Reserves. Research and development of national significance is undertaken within the Werribee Agriculture and Food Technology precinct. Within the agricultural and food technology precinct are the University of Melbourne Veterinary Science Clinic Centre and the Victoria University (Werribee Campus), Department of Primary Industries (Knowledge Resources Centre) and the CSIRO. Educational facilities within Werribee and Wyndham Vale include Thomas Chirnside Primary School and Iramoo Primary School and Wyndham Vale Secondary College. Furthermore, a Wyndham Vale Primary and Secondary School and Catholic School are developed within the Manor Lakes estate. Road System and Access. The Wyndham West PSP s area is generally bound to the north by the Werribee River, existing residential development to the east, the proposed OMR to the west and Urban Growth zoned land to the south. A number of main arterials dissect the precincts including Ballan Road, Black Forest Road, Greens Road, Hobbs Road, Wollahra Rise and Alfred Road. The major arterials connect with the Princes Freeway, which provides freeway access to and from the Melbourne CBD, inner western localities and Geelong.

15 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS PAGE 11 Services and Amenities. Our assessment has been provided on the basis that infrastructure (services) has been extended to each parcel in accordance with the Wyndham West PSP s. Costs associated with the augmentation of services to the individual parcels are not reflected within our assessment of value. Environmental Statement. A number of environmental reports have been undertaken for land within the Wyndham West Precincts, namely: Stage 1 and 2 Desktop Environmental, Hydogeological and Geotechnical Assessment prepared by Sinclair Knight Merz (SKM) dated 29 November 2011, Stage 1 and 2 Desktop Environmental, Hydrogeological and Geotechnical Assessment prepared by Sinclair Knight Merz (SKM) dated 23 July 2010, Environmental Assessment prepared by Atma Environmental Pty. Ltd. As we have not been provided with costs associated with remediating the individual properties, whilst the contamination is noted, this has not been reflected within our individual assessments of value. Therefore, this valuation and our report is made subject to there being no actual or potential contamination issues or environmental hazards, including surface or sub surface soil problems including instability, toxic or hazardous waste or building material hazard issues affecting: The existing or potential use of the property. The value or marketability of the property. The site. Should the costs associated with remediating contamination be available, the matter should be forwarded to us for incorporation within our individual assessed values.

16 PAGE 12 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS Archaeological Considerations. A number of archaeological reports have been undertaken for land within the Wyndham West Precincts, namely: Alfred Road Precinct Structure Plan: Background Information - Precinct Context and Site Features Report prepared by the GAA dated November Historic Heritage Assessment has been prepared by Context Pty Ltd, dated 7 October Draft Cultural Heritage Management Plan (CHMP) (AAV#11894) prepared by Archaeological & Heritage Management Solutions Pty. Ltd. (AHMS) dated 11 October Historic Heritage Assessment for PSP Areas 40, 42 and 43 was prepared by Context Pty. Ltd. in a report dated 7 October Draft Cultural Heritage Management Plan (CHMP) (AAV#11896) dated 1 November A Historic Heritage Assessment for PSP Areas 40, 42 and 43 was prepared by Context Pty. Ltd. in a report dated 7 October Cultural Heritage Management Plan (CHMP) dated 8 May 2012 was prepared by Heritage Insight Pty. Ltd. Environmental Assessment prepared by Atma Environmental Pty. Ltd. The cost of preparing CHMP s for individual properties and the salvaging or protection of sites has not been identified and therefore the costs associated with archaeological considerations are not reflected within our valuation. Our valuation is provided on the basis there is no cost and/or adverse implications within current and/or future CHMP s. Should any problem be known or arise, the valuation should be referred back to us for further comment.

17 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS PAGE 13 Flora and Fauna Considerations. Numerous flora, fauna and arboricultural reports have been prepared for the individual precincts. The reports provided at the time of valuation are as follows: Biodiversity Assessment Report dated 29 October 2010 prepared by AECOM Australia Pty. Ltd. Arboricutural Report prepared by Tree Logic Pty. Ltd. dated September Westbrook Native Vegetation Precinct Plan (NVPP) - Draft for Consultation dated July 2012 prepared by the GAA. Biodiversity Assessment Report dated 24 June 2011 prepared by Biosis Research Pty. Ltd. Aboricultural report prepared by Tree Logic Pty. Ltd. dated September Biodiversity Assessment Report dated July 2010 prepared by AECOM Australia Pty. Ltd. Aboricultural Assessment was undertaken for the Richmond land by Tree Logic Pty Ltd. dated 1 October The Black Forest Road South Native Vegetation Precinct Plan (NVPP) dated July 2012 prepared by the GAA. As the potential costs for the required offsets are not known, our valuation does not reflect the area and/or costs of the required offset for the removal of native vegetation. Our valuation is subject to there being no remnant vegetation or flora, other than that identified within the land budget, which would impact upon the development potential of the land or incorporate or warrant costs associated with assessment or compensation for habitat destruction. Should any problem be known or arise, the matter should be referred back to us for further comment.

18 PAGE 14 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS 2. SCOPE OF THE DEVELOPMENT. Precinct Structure Plans (PSP s). The Wyndham West PSP s area comprises of five PSP s identified as: Ballan Road PSP No. 40. Black Forest Road North PSP No Black Forest Road South PSP No Alfred Road PSP No. 43. Westbrook PSP No. 92. The five PSP s relate to a total of 78 holdings providing a total gross area of 2, hectares (excluding existing arterials). The Wyndham West PSP s area is broadly bound to the north by the Werribee River, existing established residential to the east, proposed OMR to the west and Urban Growth (UGZ) zoned land to the south. A breakdown of the parent areas in accordance with the proposed PSP s as follows: PSP No. No. of Properties Parent Area (Hectares) Total 78 2, The PSP s area has been identified primarily for residential development, together with a town centre and Government education facilities. Copies of the Draft Future Urban Structure Plans are annexed to this report. In accordance with the land budget prepared by the GAA, we have deducted encumbered land associated with the power / gas easement, waterway / drainage line / wetland / retarding basin, Aboriginal heritage, conservation areas, proposed township regional parks and railway corridor / easements to indicate a developable area totalling 1, hectares. A summary of the total areas within the precincts and developable land area adopted within our valuation is noted as follows: Area (Hectares) PSP No. Parent Encumbered Area Gross Developable Total 2, ,739.43

19 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS PAGE 15 Improvements. Each holding is assessed having regard to the proposed zoning and the notional highest and best use per the PSP s Urban Structure Plan. This report relates to the assessment of the parent holdings within the precincts for the implementation of a DCP. Therefore, the values assessed relate to the underlying land values. Accordingly, the improvements have been excluded from the assessments. Highest and Best Use. In accordance with the Future Urban Structure Plan prepared by the GAA, the parent holdings are proposed to yield primarily residential development (conventional density) and will also provide for employment uses, a local convenience centre and passive open space. Therefore, in assessing value, we have had considered the highest and best use of the parent holdings as inglobo residential uses development land.

20 PAGE 16 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS 3. VALUATION RATIONALE. Goods and Services Tax (GST) Implications. Transactions of commercial properties and development land are subject to GST from 1 July 2000, at an amount equivalent to one eleventh (1/11th) of the sale price, for which it is the responsibility of the vendor to remit same to the Government. Accordingly, the vendor / notional vendor can only pass on the GST through a specific condition in the sale contract. Most contracts now include a clause that requires the purchaser to pay any GST on the basis that the purchaser is a registered business and entitled to a full input tax credit. This results in GST being a cash flow issue for the vendor only. Our valuation is expressed exclusive of GST on this basis. This valuation is based on the assumptions relating to GST set out above. If any of these assumptions are found to be incorrect, or if the party on whose instructions this valuation is provided wishes our valuation to be based on different assumptions, this valuation should be referred back to the Certified Practising Valuer for comment and, in appropriate cases, amendment. Valuation - Broad Hectare. Subject to the assumptions, we have assessed the current market value of the subject parent holdings reflecting the proposed underlying use. In arriving at our assessment of value, we have assessed the individual parent holdings on the direct comparison approach, having regard to the sales of land released in the western and northern growth corridors, as detailed within the Comparative Sales Evidence - Residential section of this report, market considerations and the associated positive and negative externalities. Accordingly, we have adopted value rates derived by the interpolation of determined rates to apply to the gross developable area of the parent holdings, adjusting for individual property attributes and externalities. In accordance with your specific instructions, we have expressed the value assessed as a rate per hectare respective of the proposed residential use. From the above assessments, the average overall broad hectare values expressed as a rate per hectare has been calculated at $390,000 per hectare.

21 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS PAGE VALUATION AND VALUATION COMPLIANCE STATEMENT. Valuation Compliance Statement. Charter Keck Cramer confirms that: The statements of fact presented in the report are correct to the best of Valuer s knowledge. The analyses and conclusions are limited only by the reported assumptions and conditions. The Valuer has no interest in the subject property. The Valuer s fee is not contingent upon any aspect of the report. The valuation was performed in accordance with an ethical code and performance standards. The Valuer has satisfied professional education requirements. The Valuer has experience in the location and category of the property being valued. The Valuer has made a personal inspection of the property. No-one, except those specified in this report, has provided professional assistance in preparing the report. Refer to Assumptions / Qualifications - Third Party Disclaimer. Prepared by Charter Keck Cramer Date of Issue of the Valuation Report - 13 August 2013 Liability limited by a scheme approved under Professional Standards Legislation.

22 PAGE 18 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS 5. ASSUMPTIONS / QUALIFICATIONS. Legend. hectares square metres per annum per hectare ha. sq.m. p.a. p.ha. Terms of Reference. We note that this valuation is not for mortgage purposes. The assessment of the individual holding has been concluded from an external inspection and publicly available information relating to the development potential of each holding. Development potential details for each holding have not been provided. Therefore, should information relating to encumbrances and development potential of the individual holdings be made available, we reserve the right to reassess value in light of circumstances not previously known. Furthermore, this valuation has been undertaken on the basis and method as instructed by the GAA. Should the basis in which this valuation has been constructed or methodology change, we reserve the right to reassess this valuation accordingly. Any intending third party wishing to rely upon the contents of this valuation and its recommendations should note that in accordance with the provisions of our company s professional indemnity insurance policy, they must, in written form, seek our approval in response to which we will consider the authorisation of this report for their use. Under the provisions of our policy certain third party mortgagees may be ineligible for reliance upon our valuation. Otherwise, no responsibility is accepted for any third party which may use or rely upon the whole or any part of the contents of this report. It should be noted that any subsequent amendments or changes in any form thereto will only be notified to and known by the parties to whom it is authorised. Definition of Market Value. This valuation has been prepared in accordance with the following API definition of market value: The estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. Date of Valuation. Due to possible changes in market forces and circumstances in relation to the subject property, this report can only be regarded as relevant as at the date of valuation. This valuation is current as at the date of valuation only. The value assessed herein may change significantly and unexpectedly over a relatively short period (including as a result of general market movements or factors specific to the particular property). We do not accept liability for losses arising from such subsequent changes in value. We draw attention to the provisions of our professional indemnity insurance, that all valuations are only valid for three months from the date of valuation, no responsibility being accepted for clients' reliance upon reports beyond that period. Accordingly, any parties authorised to rely upon our opinion should be aware of the need for a review as necessary. Our assessment is subject to there being no significant event that has occurred between the date of inspection and the date of the valuation report that would impact on the value of the subject property. Third Party Disclaimer. This valuation is for the use only 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 valuation. No responsibility will be accepted for photocopied signatures. It should be noted that any subsequent amendments or changes in any form to the valuation and report would only be notified to and known by the parties to whom it is addressed. This report is a valuation report and is not intended as a structural survey. Charter Keck Cramer prohibit publication of this report in whole or in part, or any reference thereto, or to the valuation assessment(s) contained herein, or to the names and professional affiliation of the Valuers, without the written approval of the Valuer. Encumbrances. Our valuation is subject to there being no undisclosed or unregistered easements or encumbrances which would have an adverse effect on our valuation other than those previously described and noted on the Certificate of Title attached as an annexure at the rear of this report. Should it be discovered that further easements or encumbrances exist, this report should be referred back to Charter Keck Cramer for consideration, comment and amendment (if necessary).

23 WYNDHAM WEST PSP S DCP LAND ASSESSMENTS PAGE 19 Native Title. Pursuant to the Native Title Act (Clth) 1993, and as amended 30 September 1998, land with the exception of an Exclusive Possession Grant, may be claimed as the property of Indigenous Australians leading to the co-existence or likely co-existence of Native Title in relation to a particular piece of land, subject to the verification of a prior or continuing connection to the land. We are not experts in Native Title or the property rights derived therefrom and have not been supplied with appropriate anthropological, ethnoecological and/or ethnographic advice. Therefore, the property valuation or assessment is made subject to there being no actual or potential Native Title affecting: The value or marketability of the property. The land. The National Native Title Register (NNTR) was established under Section 192 of the Native Title Act (Clth) The NNTR contains determinations of Native Title made by the High Court of Australia, the Federal Court of Australia, or such similarly recognised bodies. Formal verification that the property is not subject to co-existing Native Title interests and/or subject to determination should be obtained by searching the Registry of Native Titles Claims, which is administered by the National Native Titles Tribunal. We have viewed maps prepared by the National Native Title Tribunal detailing Native Title Applications, determination areas and indigenous land use agreements. The map does not identify that the subject property is affected by applications and determinations as per the Federal Court on 31 March This assessment is completed on the basis that the property is not affected by co-existing Native Title interests. Should subsequent investigation show that the land is subject to existing or potential co-existing Native Title interests, this property valuation or assessment will require revision and should be referred back to Charter Keck Cramer for consideration, comment and amendment. Land Use Zoning and Development Controls. Although a Planning Certificate has not been sighted, the zoning particulars have been confirmed by the online Planning Scheme, which is an internet based copy of the Planning Scheme provided by the Department of Planning and Community Development (DPCD). Our assessment is completed subject to the planning information obtained being current and correct. Please note that a Planning Certificate has not been provided or obtained. In the event that a Planning Certificate is obtained and the information thereon is materially different to that provided to Charter Keck Cramer via the approved internet based version, then we reserve the right to review our assessment and amend this report (as necessary). Land Description and Site Identification. A current survey has not been sighted. This valuation is subject to there being no encroachments by or upon the property and this should be confirmed by a current survey and/or advice from a Registered Surveyor. If any encroachments are noted by the survey report, the Valuer should be consulted to reassess any effect on the value stated herein.