Information Memorandum

Transcription

1 Information Memorandum Frenchs Forest Dareen Street Warringah Road Agent - Stuart Bath

2 INFORMATION Memorandum Sections 1 Executive Summary 2 About the property 3 Northern Beaches Hospital Precinct & Structure Plan 4 Site & Property Details 5 Agent & Offer Details

3 SALES PROCESS Dareen Street and Warringah Road, Frenchs Forest is being offered to purchase via a public Expressions of Interest. Closing Date Thursday 28th April, 2016 Or earlier by Agreement DUE DILIGENCE Access to full due diligence material is available upon request. Should you require an inspection or have and queries, please do not hesitate to contact: Stuart Bath LREA JP Managing Director All Expressions of Interest are to be lodged in writing to Skyline Real Estate, the exclusive selling agents, using the EOI form provided in this document. T M E stuart@skylinerealestate.com.au An assessment of all expressions of interest received will be made by the vendor and their advisers leading to the selection of one preferred party to enter into exclusive negotiations and exchange of contracts. The conduct of the sales process, the structure and terms of the proposed sale, the evaluation of proposals, and the continued participation of interested parties in the sale process is entirely at the discretion of the vendor and its advisers. The vendor reserves the right to vary the sale process at any time.

4 OVERVIEW Executive Summary There are 13 properties being offered for sale in one line creating a prime development site of approximately 8,448sqm. This site is within walking distance to City / Chatswood / Manly Bus stops as well as the Local Skyline Shopping Centre. Property Features This significant land holding features: 13 Properties, comprising a mix of one and two level residential dwellings Approximately 8,448sqm of land This site is located within 1km of the New Northern Beaches Hospital which is scheduled to be completed in late The Precinct Structure Plan indicates that the subject properties will likely be rezoned to R3 - Medium Density or part B4 - Mixed Use. The NSW Government has invested heavily in this area with significantly improved road works and public infrastructure. This ensures the long term viability of the Frenchs Forest Area. Within 100m from local shops and transport Within 1km of the New Hospital Within 1.5km of local Primary & High Schools Within 5km of three Major Shopping Centres Approx Minutes drive to a number of local Coastal Beaches Approx Minutes to the City CBD This site is in a prime location with two street access, close proximity to all amenities as well as the potential for Northerly Views from the higher levels.

5 ABOUT THE PROPERTY Dareen Street & Warringah Road As part of the Northern Beaches Hospital Precinct Plan, both the NSW Government and Warringah Council have indicated this land will most likely be rezoned at some point in the near future. The indications are that this site could have a zoning of R3 - Medium Density as well as part of the site zoned to B4 - Mixed Use. The proposed zoning allows greater flexibility with this site which is located in a prime residential area within close proximity to all amenities. With the new major roadworks and infrastructure program underway, this prime site is ideally located to take full advantage of the plans for the Forest area. NSW Government figures indicate there are currently approx. 8,000 jobs in this area. The Government expect this figure to grow to approx. 20,000 to 25,000 jobs once the Hospital and Local Business Parks are completed and this includes approx. 5,000 jobs in the hospital alone. This growth will create strong demand for all types of housing. This prime site will allow greater diversity to create a premium style development. The close proximity to all amenities will ensure strong demand from potential purchasers of all ages. This site sits only meters from local Shops, Pre, Primary & High Schools; City, Chatswood & Manly bus stops, the major Forest Business Park as well as the new Hospital. A short drive will take you to 3 major shopping centres, Sydney CBD and local Coastal Beaches. With two street access, a large frontage, Northerly Aspect and potential views, this is an excellent opportunity for the astute investor.

6 LOCATION Frenchs Forest - Northern Beaches Dee Why beach Manly beach Subject Site New Hospital Site To City/ CBD School & Shops The Location Frenchs Forest is a centrally located suburb approximately 13kms north of Sydney CBD. It is predominantly residential with three main business parks and industrial precincts, two major shopping centres, Pre Schools, Primary and High Schools as well as a number of local shopping centres. Frenchs Forest is currently in the Local Government Area of Warringah Council and is considered part of the very popular Northern Beaches. Frenchs Forest is very well placed for easy access to all areas of the Lower and Upper North Shore as well as all Northern Beaches Suburbs. The Forest Area has access to many Government and Private Schools and is well served with public transport. The subject site is located approximately 1km East of the New Hospital and is within walking distance to many local amenities including transport, schools, shops and recreational parks. This area is prime for development with many new opportunities coming to the area as a result of the new infrastructure and construction of the hospital.

7 PRECINCT STRUCTURE PLAN Northern Beaches Hospital Precinct Structure Plan The NSW Government is planning to upgrade roads around the Northern Beaches Hospital with work proposed to be completed in time for the hospital opening in The upgrades would provide customers with a better travel experience, increased capacity on the road network and improved access through the area, including for pedestrians and cyclists. Roads and Maritime Services is delivering the road upgrades in two stages: Stage 1 Connectivity Work will provide essential access to the Northern Beaches Hospital Stage 2 Network Enhancement Work would help increase the capacity of the road network and reduce congestion. Roads and Maritime received planning approval on 29 June 2015 for the Concept Proposal and Stage 1 Connectivity Work in accordance with Part 5.1 of the Environmental Planning and Assessment Act Further information on the project s approval is available on the NSW Department for Planning and Environment s website at Following a competitive tendering process Roads and Maritime has contracted Ferrovial York Joint Venture to construct the road upgrades around the Northern Beaches Hospital. Rezoning The NSW Government in conjunction with the Local Warringah Council have identified the need for a higher density of housing in the areas surrounding the New Hospital. This subject site sits well within the initial structure plan and has been identified as being suitable for Medium to High Density zoning. It is anticipated that the subject site will be rezoned once the new Structure Planning Map for the area is released; which is expected to be around mid 2016.

8 Warringah Council Hospital Precinct & Structure Plan Investigation Area This site clearly sits in the proposed precinct planning maps of Warringah Council and the next page shows the NSW State Government proposed maps

9 Proposed Zoning Map This Map shows expected zoning to be R3 Residential + B4 Mixed Use Proposed Height Map This Map shows expected heights at 12-13m

10 New Northern Beaches Hospital - Expected Completion Date Approx. 1km from this site

11 PROPERTY Details - Offering Property Addresses 67, 69, 71, 73, 75 Dareen Street 320, 320a, 322, 322a, 324, 326, 326a, 328 Future Zoning Warringah Road R3 - Medium Density Residential and potentially B4 - Mixed Use Purposes Total Land Area The current vendors will sell the subject 8,448sqm/ Acres / 0.84 Hectares (Approx.) properties in one line conditional on all properties being rezoned to either Site Description R3 - Medium Density or B4 - Mixed Use or Both Prime development site with 2 street access within close proximity to all amenities. Outgoings TBA Improvements The current site has a mix of one and two storey houses expected of an R2 zoning. One property has a swimming pool. Sale Process The property is being offered via Expressions of Interest.

12 Property Information SITE PARTICULARS Site Area Title Details Council Area Zoning FSR 8,448sqm* 67 Dareen Street 69 Dareen Street 71 Dareen Street 73 Dareen Street 75 Dareen Street 320 Warringah Road 320a Warringah Road 322 Warringah Road 322a Warringah Road 324 Warringah Road 326 Warringah Road 326a Warringah Road 328 Warringah Road Warringah Council R3 - Medium Density and B4 - Mixed use (Subject to Approvals) There is no floor to space ratio control for this site at this stage Height of Building Metres (Subject to Approvals) Site Descriptions and Dimensions Aspect and Frontage The site is regular in shape with two street frontages to Dareen Street, Warringah Road and Frenchs Forest Road East North East (NE) over Dareen Street South West (SW) over Warringah Road and Frenchs Forest Road East Topography Heritage Item Existing Improvements No 13 Residential Homes of varying sizes *Approximately

13 THE PROCESS Sales Process Expression of Interest Dareen Street and Warringah Road, Frenchs Forest are offered in one line to the open market by way of Expression of Interest (EOI). Prospective purchasers are requested to submit their proposals in writing to the listed agent. The format of the EOI s must contain the following information: Entity Details Purchase Price Deposit Settlement Terms Conditions Financial Capacity Track Record Advisors Interested party s name, company name or entity and contact details The purchase price exclusive of GST Details of the proposed deposit amount Details of the proposed settlement terms Any terms / conditions of the purchase in the forms of mark ups to the contract Details of the party s financial capacity to complete the transaction Details of prior purchases or developments and completion of such developments Details of any legal or other engaged advisors Inspections The subject properties are available for inspection via appointment only. Interested parties are to contact the exclusive agent to arrange a suitable time and day for inspection. Exclusive Agent Stuart Bath M E stuart@skylinerealestate.com.au 3/14 Frenchs Forest Road Frenchs Forest NSW 2086 Sydney, Australia

14 Suggested Terms Of Sale A Guide to Terms and Conditions of Sale TERMS & CONDITIONS Minimum deposit required is equal to 1% of purchase price Deposit paid annually for length of Option Agreement Option period is 2 years with the option to extend for a maximum of 1 year Irrespective of the Option time line or irrespective of the time the Option has been held - Contracts must be exchanged within 60 days of any rezoning gazetted by Warringah Council or the NSW State Government 10% deposit is required with exchange of contracts The rezoning may allow for varying height levels and uses - this Option must take this into consideration and purchase prices should vary according to the usage granted for this parcel of land. Ie: We are of the belief the height level proposed could be 12 to 13m. If the height level granted is higher than 12-13m then the purchase price will be varied accordingly. The same applies for each and every level above this minimum height of 12-13m. Settlement is to take place within 6 months of the exchange date irrespective of the time line of the Option Agreement

15 Expression Of Interest Form Dareen Street and Warringah Road, Frenchs Forest To be lodged to Skyline Real Estate - 3/14 Frenchs Forest Road, French Forest, NSW 2087 Property: PURCHASER DETAILS: Name: Company: ABN: Address: Phone: Mobile: PROPOSED PURCHASE TERMS Purchase Price: Deposit: Proposed Settlement: Terms:

16 PURCHASER S SOLICITOR: Firm: Contact: Address: Phone: Signature/s: Print Name/s: Company Position: Date: The Vendor specifically reserves the following rights: 1. To accept or reject any expression of interest in its absolute discretion including the highest expression of interest made and without having to attribute reasons therefore or to be accountable in any way. 2. The owners may enter into a binding agreement before the scheduled Closing Date 2. The owners reserve the right to extend the closing date. 3. To discuss any matter and to deal with any parties submitting an expression of interest at any time before or after the closing date.

17 IM DISCLAIMER This Information Memorandum has been prepared on behalf of Skyline Real Estate Pty Ltd (Skyline Real Estate) This document does not constitute an offer or contract of sale or any part of an offer or contract of sale. It is intended only as a guide and an aid to further investigation by potential purchasers / investors. Potential purchasers / investors accept this document on the condition that they will make their own enquiries and obtain their own independent advice in order to verify the accuracy of the information presented in the document. The content of this document has been derived, in part, from sources other than Skyline Real Estate and may be based on assumptions. In passing this information, Skyline Real Estate does not warrant that such information or assumptions are or will be accurate or correct. To the extent that this document includes any statement as to a further matter, that statement is provided as an estimate and/or opinion based upon the information known to Skyline Real Estate at the date of preparing this document and assumptions which may be incorrect. Skyline Real Estate does not warrant that such statements are or will be accurate or correct. Skyline Real Estate provides this document on the condition that, subject to any statutory limitation on its ability to do so, Skyline Real Estate disclaims liability under any cause of action including negligence for any loss arising from reliance upon this document. This confidential document is for the sole use of persons directly provided with it by Skyline Real Estate and is not to be resupplied to any other person without the prior written consent of Skyline Real Estate. Use by, or reliance upon this document by any other person is not authorised by Skyline Real Estate and without limitation to the above disclaimers, Skyline Real Estate is not liable for any loss arising from such unauthorised use or reliance. GST DISCLAIMER Skyline Real Estate advises that the financial information in this report, relating to income, outgoings and the like is provided without reference to the possible impact of GST, if any. Purchasers should make their own assessment of the impact of GST on the investments and the returns derived there from after obtaining expert professional advice.