Valuation Report. 4 Londons Road Lovedale, New South Wales 2325

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1 Valuation Report 4 Londons Road Lovedale, New South Wales 2325

2 VALUATION REPORT 4 Londons Road Lovedale, New South Wales 2325 Prepared For Report Purpose La Trobe Financial Services Group & La Trobe Financial Asset Management Limited First mortgage security purposes Valuation Date 19 January 2016 Our Reference Client Reference Opteon Property Group Opteon (Newcastle & Central Coast NSW) Pty Ltd ABN PO Box 873 Newcastle NSW 2300 P (02) E newcastle.instructions@opg.net F (02) W VALUE MADE VISIBLE

3 1.0 Executive Summary 1.1 Instructions Instructing Party Mr Mark Hood, La Trobe Financial Services Group & La Trobe Financial Asset Management Limited Client / Authorised Party Borrower La Trobe Financial Services Group & La Trobe Financial Asset Management Limited Mr Andrew Tran Client Reference Valuation Purpose First mortgage security purposes 1.2 Property Details Property Address 4 Londons Road, Lovedale, New South Wales 2325 Property Description The subject comprises a small rural holding on the periphery of the Pokolbin Rothbury wine producing area. Improvements include a substantial cellar door and wine storage facility, a machinery shed and a four bedroom dwelling. The land has frontage to Black Creek. Approximately 4 hectares of the land is under vine. Title Reference Lot 853 Deposited Plan Tenure Type Registered Proprietor Encumbrances Encumbrances with a Negative Impact Zoning Freehold PIRLTON PTY LTD SECOND SCHEDULE (2 NOTIFICATIONS) LAND EXCLUDES MINERALS AND IS SUBJECT TO RESERVATIONS AND CONDITIONS IN FAVOUR OF THE CROWN - SEE CROWN GRANT(S) 2. LAND EXCLUDES THE ROAD(S) SHOWN IN THE TITLE DIAGRAM None noted RU4 (Primary Production Small Lots) Opteon Property Group VALUE MADE VISIBLE Page 3

4 1.3 Risk Ratings Property Risk* Ratings Market Risk* Ratings Location Neighbourhood: Land (incl planning, title): Environmental Issues: Recent Market Direction: Market Volatility: Local Economy Impact: Improvements: Market Segment Conditions: Risk Ratings: 1 = Low, 2 = Low to Medium, 3 = Medium, 4* = Medium to High, 5* = High 1.4 Risk Commentary Market Segment Conditions Limited sales available within the past 12 months 1.5 Valuation Risk Alerts High Risk Property Type Current use is winery/cellar door and tourist accommodation 1.6 Mortgage Considerations Recommended as Suitability for Security? Yes -The valuation firm does not make any guarantee, promise, warranty, representation or undertaking that the provision of the valuation report as part of a loan/finance application will result in mortgage finance being obtained which is dependent upon other lending criteria. Bank Standing Instructions This valuation has been prepared in accordance with the instructions received from La Trobe Financial Services Group & La Trobe Financial Asset Management Limited s and with the IVS 2013 as adopted by the API and API standards and guidelines for the valuation of real property. Opteon Property Group VALUE MADE VISIBLE Page 4

5 Lender Specific Information This valuation has been instructed by the party shown at the top of this report. It may be relied upon by any of the following parties if so nominated by the instructing party: We acknowledge I have been instructed by La Trobe Financial to undertake a market valuation for mortgage purposes and have conducted same in accordance with La Trobe Financials Valuer standing instructions. This valuation is addressed to and for the use only of the following parties, La Trobe Financial, La Trobe Financial Services Pty Limited, La Trobe Financial Asset Management Limited, Permanent Mortgages Pty Limited, Permanent Mortgages (No.2) Pty Limited, Perpetual Corporate Trust Limited or a Credit provider to be nominated by La Trobe Financial after receipt of the report, and the relevant Mortgage Insurer. No responsibility is accepted to any other third party who may use or rely on the whole or any part of the contents of this valuation. We declare that we currently carry the required Professional Indemnity Insurance of $2 million and certify it is fully paid up, including instalments required on a policy that has been funded through an independent insurance premium funder. Neither I, nor any member of this firm, have any interest in the property described herein. Neither I, nor any member of this firm are an associate of and do not have a material interest in the borrower or any person or entity related to the borrower and neither I, nor any member of this firm have been instructed by the borrower, or any person or entity related to the borrower to value the property. The previous use and history of the zoning changes on or around this site and any other relevant information as revealed by my enquiries, together with my own local knowledge does not place this property in any significant risk of being a contaminated site under the Environment Protection act. I am not aware of any Environment Protection audits being undertaken in relation to the site or in the area generally. Prudent Lender This Valuation is given subject to the following Prudent Lending Clause, unless; the person or entity making such loan is an authorised deposit taking institution within the meaning of the Banking Act 1959 (including but not limited to any bank, building society or credit union). The Valuation is prepared on the assumption that the Lender as referred to in the valuation report (and no other) may rely on the valuation for mortgage finance purposes and the Lender has complied with its own lending guidelines as well as prudent finance industry lending practices, and has considered all prudent aspects of credit risk for any potential borrower including the borrower s ability to service and repay any mortgage loan. Further, the valuation is prepared on the assumption that the Lender is providing mortgage financing at a conservative and prudent loan to value ratio (LVR). The valuer accepts no liability whatsoever if prudent lending practices fail to be strictly observed and/or if the lender relies solely on this valuation, and no other criteria, to advance loan funds. Opteon Property Group VALUE MADE VISIBLE Page 5

6 1.7 Assumptions and Recommendations Key Assumptions The instructions and information supplied contain a full disclosure of all information that is relevant. Critical Documents to Sight None recommended Recommended Documents to Sight Expected Selling Period None recommended 6 months - This is typical for locality and or market segment conditions Opteon Property Group VALUE MADE VISIBLE Page 6

7 1.8 Valuation Details Land Value $800,000 Improvement Value As Is $500,000 Market Value As Is $1,300,000 (One Million, Three Hundred Thousand dollars) Market Rent (Unfurnished) $475 pw Interest Valued Fee simple vacant possession Date of Inspection 19 January 2016 Date of Valuation 19 January 2016 Date Issued 27 January 2016 Currency of Valuation Pecuniary Interest 90 days from the date of valuation, or such earlier date if you become aware of any factors that have any effect on the valuation. We confirm that the valuer does not have any pecuniary interest that would conflict with the proper valuation of the property. Signatories Toby Greaves Senior Valuer B.Bus (Land Econ) AAPI Certified Practising Valuer API No: NSW RV No: VAL2921 Inspecting Valuer Matthew D. Durie AAPI Director B.Com (Land Ec) Certified Practising Valuer VAL Authorising Signature Opteon Property Group VALUE MADE VISIBLE Page 7

8 Important This Executive Summary must be read in conjunction with the remainder of this report. The Executive Summary is only a synopsis designed to provide a brief overview and must not be acted upon in isolation to the contents of the valuation report. Third Party Disclaimer This report has been prepared for the private and confidential use of our client, La Trobe Financial Services Group & La Trobe Financial Asset Management Limited for the specified purpose. It should not be reproduced in whole or part without the express written authority of Opteon (Newcastle & Central Coast NSW) Pty Ltd or relied upon by any other party for any purpose and the valuer shall not have any liability to any party who does so. Our warning is registered here, that any party, other than those specifically named in this paragraph should obtain their own valuation before acting in any way in respect of the subject property. Counter Signatory The counter signatory confirms that the report is genuine and is endorsed by Opteon (Newcastle & Central Coast NSW) Pty Ltd. The counter signatory may not have formally inspected the property or comparable sales. The opinion of value has been arrived at by the principal signatory. Digital Copies of Reports Where a report has been provided in digital copy and has not been received directly via our firm, the report contents, especially the valuations and critical assumptions, should be verified by contacting the issuing office to ensure the contents are bona fide. In particular if the reader of this report has suspicions that the report appears to be tampered or altered then we recommend the reader contact the issuing office. Reliance on Whole Report This valuation should be read in its entirety, inclusive of any summary and annexures. The valuer and valuation firm does not accept any responsibility where part of this report has been relied upon without reference to the full context of the valuation report. Opteon Property Group VALUE MADE VISIBLE Page 8

9 2.0 Location Lovedale is a rural locality approximately 5 kilometres north of Cessnock. Lovedale is on the fringe of the Pokolbin wine district. Cessnock is a regional town situated approximately 50km west of Newcastle and 180km north west of Sydney. Cessnock is the commercial hub which services the broader area known as 'Hunter Valley Wine Country' and it provides a reasonable level of amenity inclusive of schools, shopping centres and community facilities. Properties in the immediate vicinity include rural holdings, tourist development, vineyards and wineries. Location Map Sourced from Google Maps - Specific Location Map Sourced from RP Data - Opteon Property Group VALUE MADE VISIBLE Page 9

10 3.0 Tenure Title Reference Lot 853 Deposited Plan Tenure Type Registered Proprietor Freehold PIRLTON PTY LTD 3.1 Easements, Encumbrances & Other Interests Noted on Title Encumbrances Encumbrances with a Negative Impact SECOND SCHEDULE (2 NOTIFICATIONS) LAND EXCLUDES MINERALS AND IS SUBJECT TO RESERVATIONS AND CONDITIONS IN FAVOUR OF THE CROWN - SEE CROWN GRANT(S) 2. LAND EXCLUDES THE ROAD(S) SHOWN IN THE TITLE DIAGRAM None noted 4.0 Planning Local Government Area Cessnock Planning Scheme Cessnock LEP 2011 Current Zoning Overlays Existing Use Zoning Effect RU4 (Primary Production Small Lots) Unknown, no formal searches undertaken Vineyard and winery Various mixed use developments (including residential) permitted subject to council approval Opteon Property Group VALUE MADE VISIBLE Page 10

11 5.0 Site Site Area Topography Access Identification Approximately ha Slightly irregular shaped corner allotment, with frontages to Londons Road and Lovedale Road, that is undulating throughout with a moderate cross fall. The land has frontage to Black Creek and also features a large, earth wall dam. The property provides limited mountain/valley views The subject is located on the southern side of the road, having good sealed road access with open drains. Plan of Subdivision 5.1 Services Services The property is serviced with domestic water supply from onsite water collection, telephone, electricity, septic tank sewerage treatment and bottled gas. There is a Hunter Wine Country PID allocation of 10 units attached to the land. 6.0 Improvements 6.1 Dwelling Main Building Type Attachment Street Appeal Accommodation Conventional single storey dwelling Detached Good 4 bedrooms, 2 bathrooms, entry/foyer, hallway, kitchen/meals, lounge, study, sunroom, laundry, verandahs, outdoor covered entertaining area and screened patio. No. of Cars 2 Car Accommodation Detached garage Construction: Floors Main External Walls Window Frames Roof Main Interior Linings Timber Weatherboard Aluminium and timber Corrugated galvanised iron Plasterboard Opteon Property Group VALUE MADE VISIBLE Page 11

12 Construction Year Circa 1980 Additions 1996 Prime Cost Items Cook top, wall oven, rangehood, dishwasher, 2 x showers, 2 x vanities, 2 x toilet suites, 2 x fan/light/heaters, laundry tub, hot water service and ducted reverse cycle air conditioning Features & Fixtures Interior Layout Fully renovated interior, carpet, floating timber flooring, ensuite and built in robes to master bedroom, Functional Building Areas: Living Outdoor Car Other 232 sqm 93 sqm 85 sqm 85 sqm Condition: Internal Condition External Condition Good Good Ancillary Improvements Significant Secondary In-ground swimming pool with screened enclosure, rain water tanks, dam, machinery shed and storage shed. Approximately 4 hectares of mature grapevines up to 30 years old and including Chardonnay, Chambourcin and Petit Verdot varieties. Basic lawns and gardens, concrete driveway, gravel driveway, concrete paving, brick paving. 6.2 Cellar Door and Winery Main Building Type Attachment Street Appeal Accommodation Conventional single storey cellar door and winery Detached Good Cellar door with outdoor area, offices, male and female toilets, winery/storage area and covered loading area. Opteon Property Group VALUE MADE VISIBLE Page 12

13 Car Accommodation Open onsite unsealed car parking Construction: Floors Main External Walls Window Frames Roof Main Interior Linings Concrete Brick (rendered); insulated sandwich panel Aluminium Metal decking Brick (rendered), nil Construction Year Circa 1996 Additions Prime Cost Items Features & Fixtures Interior Layout None Single bowl sink, 2 x toilet suites, 2 x hand basins, hot water service and split system air conditioners. Good quality fit out Functional Building Areas: Living Outdoor Other Not applicable 60 sqm 60 sqm Condition: Internal Condition External Condition Good Good Ancillary Improvements Significant Secondary None None 6.3 Repairs Essential Repairs None apparent Opteon Property Group VALUE MADE VISIBLE Page 13

14 7.0 Photography Dam Vineyard Cellar Door/Winery Winery building Rear Winery building Opteon Property Group VALUE MADE VISIBLE Page 14

15 Winery building Winery building Winery building Cellar Door Opteon Property Group VALUE MADE VISIBLE Page 15

16 Cellar Door Cellar Door Cellar Door Dwelling - Garage and Storage Shed Front - Dwelling Rear of Dwelling Opteon Property Group VALUE MADE VISIBLE Page 16

17 Swimming Pool Rear of Dwelling Rear Machinery Shed Vineyard Dwelling Kitchen Opteon Property Group VALUE MADE VISIBLE Page 17

18 Bathroom Laundry Ensuite Road Frontage 8.0 Environmental Issues Environmental Issues None apparent. 9.0 Recent Property Transactions 9.1 Previous Transactions Prior Sale of Subject Property $1,682,651 Prior Sale Date 18 February 2015 Prior Sale Comments Off market transaction Opteon Property Group VALUE MADE VISIBLE Page 18

19 10.0 General Comments An allocation from the Hunter Wine Country Private Irrigation District (PID) scheme is permanently attached to a specific parcel of land and cannot be sold or dealt with separately. The Annual Allocation is not a water license. The PID holds a Water Access License (WAL), each PID member has a pre-determined allocation of part of that WAL. Any amounts due to the PID are registerable as a charge over the land and are recoverable from the current owner or owners regardless of when the debt was incurred. The allocation of water under this scheme is permanently attached to a specific parcel of land and cannot be sold or dealt with separately. The Annual Allocation is not a water license. The PID holds a Water Access License (WAL); each PID member has a pre determined allocation of part of that WAL. In accordance with our instructions, the assessed market value is on the basis of a residential use and excludes the vines. The cellar door/winery building has been accounted for but on a heavily depreciated basis to reflect the added value of these improvements on a residential basis only i.e. as a storage shed/entertaining area. Similarly, market rental ascribed to the dwelling only as we are instructed to provide our valuation on a residential basis excluding any business use. Due to the specific attributes of the subject, we note the lack of recent sales evidence similar to the subject. As such, we have extended our search to include the adjoining or nearby localities and made adjustments as necessary. Similarly, we have extended our search to include sales from throughout the previous twelve months, making allowances as necessary, including for any change in market conditions. Analysis of the sales evidence reveals a broad range of values depending on the property type, its location and the mix of improvements thereon. The attributes of the subject are considered to align it closely with the 1294 Wine Country Drive Rothbury, a larger, superior dwelling on a larger site and in a similar location. The sales evidence indicates an underlying land value for the subject of $800,000. To this the improvements are considered to add in the vicinity of $500,000 giving a total value of $1,300,000. Opteon Property Group VALUE MADE VISIBLE Page 19

20 11.0 Market Commentary 11.1 Level of Market Activity Marketability Market Activity Average Thinly traded 11.2 Market Commentary Research into the latest sales activity in the past two years reveals limited activity in excess of one million dollars. In this price range, purchasers would expect to acquire a small hobby farm lot of approximately 10 ha developed with a good quality homestead, some limited tourist accommodation and good ancillary improvements. In the Hunter Valley vineyard district, demand for the properties is more often driven from the lifestyle benefits associated with rural living. Occupation is frequently on a non-permanent basis, i.e. holidays and weekends. There is also broad investment in tourism ventures. Its proximity to Sydney, diverse range of tourist activities and the lifestyle features have been key elements in limiting the decline in underlying value levels of the Lower Hunter when compared to other grape growing districts. Investment in new tourism and vineyard development appears to be slow. Few significant developments have commenced in the last few years and new proposals are limited in number and scale. Refurbishment and low scale additions to already developed properties is more prevalent, being less risky to property owners with established businesses and to their financiers alike Market Evidence 12.1 Sales Evidence (Settled) In forming our opinion of value we have had regard to various sales transactions, a selection of which are detailed below. Address Sale Date Sale Price Lot 2 Mistletoe Lane, Pokolbin, New South Wales 20-Apr-15 $950,000 Brief Description Analysed Rate Comparison to Subject Comprises a vacant land on a site area of 8.1 ha. The property comprises vacant land. Gently sloping/undulating, cleared to shade trees and featuring a dam. Features good mountain and valley views. Null Smaller, superior vacant land in a preferred location. On balance considered superior to the land component of the subject. Opteon Property Group VALUE MADE VISIBLE Page 20

21 345 Talga Road, Rothbury, New South Wales 20-Jul-15 $980,000 Brief Description Analysed Rate Comparison to Subject The property comprises a good quality, circa 1990 built, detached part two storey conventional dwelling, of timber and brick (rendered) construction, with a colorbond roof. Accommodation comprises 4 bedrooms, 2 bathrooms, entry/foyer, hallway, kitchen/meals, lounge, dining, family room, laundry, verandah, patio and off street parking for 3 vehicles. Features the property provides, panoramic and mountain/valley views, fireplace and underfloor ducted heating and cooling. Ancillary items include inground swimming pool, colorbond shed, large olive grove, small table grape vineyard. and 4ML PID allocation. Site area ha. Null Inferior location and land. Larger but overall inferior dwelling. Inferior ancillary improvements. On balance, considered inferior to the subject property. 745 Lovedale Road, Rothbury, New South Wales 17-Jul-15 $1,150,000 Brief Description Analysed Rate Comparison to Subject The property comprises a good quality, 1995 built, detached single storey conventional dwelling, of brick veneer construction, with a colorbond roof. Accommodation comprises 5 bedrooms, 4 bathrooms, entry/foyer, hallway, kitchen/meals/living, lounge, laundry, verandahs, enclosed patio, detached garage and carport under main roof line for 2 vehicles. Features carpet, floor tiling, stone benchtops, ensuite to 3 bedrooms, built in robes and open plan living areas. Ancillary items include in-ground swimming pool. Site area 2 ha. Null Smaller land in a similar location. Larger, superior dwelling. Inferior ancillary improvements. On balance considered inferior to subject. 571 Old North Road, Rothbury, New South Wales 03-Jul-15 $1,440,000 Brief Description Comparison to Subject The property comprises a high quality, circa 2010 built, detached single storey project style dwelling, of rendered finish construction, with a colorbond roof. Accommodation comprises 4 bedrooms, 2 bathrooms, lounge/dining, kitchen/meals/living, rumpus room, study, entry/foyer, sitting room, outdoor covered entertaining area and garage under main roof line for 2 vehicles. Features reverse cycle air conditioning, ensuite and his and her walk in robe to master bedroom plus retreat, walk in robe to second bedroom, built in robes to minor bedrooms, walk-in pantry, carpet, polished timber flooring, stone benchtops, glass splashbacks and polyurethane kitchen cupboards. Ancillary items include second dwelling of 122 sqm- 2 storey timber loft style consisting of 4 bedrooms, 2 bathrooms, open plan living/dining, kitchen and decking, in-ground swimming pool, safety pool fencing, 5 dams, irrigation, table grape vines, olive trees and shed - 240sqm. Site area ha. Very good mountain views. Larger land in an inferior location. Superior dwelling and ancillary improvements including a second dwelling. On balance considered superior to subject. Opteon Property Group VALUE MADE VISIBLE Page 21

22 1294 Wine Country Drive, Rothbury, New South Wales 24-Apr-15 $1,490,000 Brief Description Comparison to Subject The property comprises a good quality, circa 1997 built, detached single storey conventional dwelling, of rendered finish construction, with a colorbond roof. Accommodation comprises 3 bedrooms, 2 bathrooms, entry, lounge, dining, kitchen, meals, study, laundry, separate WC, verandahs, patio and car spaces for 2 vehicles. Ancillary items include rural fencing, gravelled driveway, paved paths, tennis court, storage shed, machinery shed, olive grove and vineyard. Car area 53 sqm, outdoor area 117 sqm and other area 235 sqm. Site area ha. Larger land and dwelling in a similar location. Superior ancillary improvements. On balance considered superior to subject. Emmas Cottage, 438 Wilderness Road, Rothbury, New South Wales 01-Oct-14 $1,650,000 Brief Description Comparison to Subject Emma's Cottage The property comprises a good quality, cellar door, vineyard and accommodation. Accommodation comprises Managers residence: 4 bedrooms plus study, 3 bathrooms, 7 years old. 4 separate cottages, cellar door and gallery, 40 seat restaurant. Purchase price includes $400,000 in machinery, equipment and stock. Mostly cleared and usable with 2.8 ha of multi variety irrigated vines establish in 1985, 10 meg irrigation license and multiple dams. Site area ha. A similar property type though with tourist accommodation and a restaurant in a similar location. Sale includes consideration for commercial improvements, plant, machinery and stock. 724 Lovedale Road, Keinbah, New South Wales 21-Sep-15 $1,650,000 Brief Description Comparison to Subject The property comprises a good quality, circa 2014 built, detached two storey conventional house, of rendered finish and weatherboard (imitation) construction, with a concrete tile roof. Accommodation comprises 4 bedrooms, 4 bathrooms, entry/foyer, kitchen/meals/living, laundry, decking, balcony and off street parking for 4 vehicles. Ancillary items include second dwelling with 3 bedrooms, 1 bathroom, lounge, dining, kitchen, toilet, laundry, patio, family room good gardens around residence. Rural fencing in good condition, dam, open fronted machinery shed and 2 x enclosed sheds. Concrete and gravel driveway and paths. Detached studio/bedsit of rendered fibre cement and colorbond construction. Living area 325 sqm, car area 220 sqm, outdoor area 91 sqm and other area 900 sqm. Site area ha. Larger land and dwelling in an inferior location. Superior accommodation and ancillary improvements including a second dwelling. On balance, considered superior to the subject property. Opteon Property Group VALUE MADE VISIBLE Page 22

23 16 Pokolbin Mountains Road, Pokolbin, New South Wales 12-Aug-14 $1,680,000 Brief Description Comparison to Subject Comprises a detached, timber slab vineyard / cellar door on a site area of 16ha. The property includes a 4 bedroom, 2 bathroom circa 1975 brick veneer and colorbond dwelling. Cellar door and cafe, wine store and machinery shed. Approximately 11 hectares of mature Semillon vines (leased at an annual rental of approximately $18,000 per annum to Tyrells). Sold vacant possession. Sale price excludes any stock or plant and machinery. Analysed as land $1,000,000, Improvements add $680,000. A similar property type in a superior location. On balance considered superior to subject. Sale includes consideration for vines and commercial improvements Valuation Methodology Primary Methodology Secondary Methodology Direct Comparison Summation Summation Valuation LAND ha $800, ha DEPRECIATED IMPROVEMENTS AREA SQM VALUE $ BUILDINGS Main Dwelling 230 $303,600 Outdoor 60 $16,800 Swimming Pool 1 $24,000 Machinery Shed 135 $18,900 Winery and Cellar Door 530 $99,375 Miscellaneous Improvements $25,000 TOTAL REPLACE $487,675 $487,675 (EXCLUDING ALLOWANCES FOR COST ESCALATIO $1,287,675 Adopt Market Value $1,300,000 Opteon Property Group VALUE MADE VISIBLE Page 23

24 14.0 Valuation 14.1 Market Value - As Is Land Value $800,000 Improvements $500,000 Market Value $1,300,000 (One Million, Three Hundred Thousand dollars) 14.2 Rental Value Market Rent $475 pw 14.3 Insurance Value Insurance Value $1,425,000 Interest Valued Fee simple vacant possession Date of Inspection 19 January 2016 Date of Valuation 19 January 2016 Date Issued 27 January 2016 Signatories Toby Greaves Senior Valuer B.Bus (Land Econ) AAPI Certified Practising Valuer API No: NSW RV No: VAL2921 Inspecting Valuer Matthew D. Durie AAPI Director B.Com (Land Ec) Certified Practising Valuer VAL Authorising Signature Counter Signatory The counter signatory confirms that the report is genuine and is endorsed by Opteon (Newcastle & Central Coast NSW) Pty Ltd. The counter signatory may not have formally inspected the property or comparable sales. The opinion of value has been arrived at by the principal signatory. Important This valuation is subject to the definitions, qualifications and disclaimers and other comments contained within this report. Opteon Property Group VALUE MADE VISIBLE Page 24

25 15.0 Assumptions, Conditions and Limitations Condition/Structural Disclaimer This report is not a condition or structural survey and no advice is given in any way relating to condition or structural matters. Any opinion given as to the condition of the structure or improvements on the property is not given in the capacity as an expert. A condition or structural report on the building and/or its plant and equipment has not been sighted, and nor have we inspected unexposed or inaccessible portions of the premises. Therefore we cannot comment on the structural integrity, any defects, rot or infestation (or damage from pest infestation) of the improvements, any use of asbestos or other materials now considered hazardous or areas of non-compliance with the Building Code of Australia, other than matters which are obvious and which are noted within this report. This valuation assumes the building is structurally sound; that building services are adequate and appropriately maintained; the building complies with applicable Council, building, fire, health and/or safety regulations, laws, rules, licences, permits, rulings and/or bylaws; and is free of asbestos or other defects, unless specified otherwise. Should an expert s report establish that there are any defects of this kind then we reserve the right to review this valuation. Digital Copies of Reports Where a report has been provided in digital copy and has not been received directly via our firm, the report contents, especially the valuations and critical assumptions, should be verified by contacting the issuing office to ensure the contents are bona fide. In particular if the reader of this report has suspicions that the report appears to be tampered or altered then we recommend the reader contact the issuing office. Environmental Disclaimer This report is not an environmental audit and no advice is given in any way relating to environmental matters. Any comment given as to environmental factors in relation to the property are not given in the capacity as an expert. This assessment of value (unless specified otherwise) is made on the basis that the property is free of contamination or environmental issues affecting the property not made known to the valuer. In the event the property is found to contain contamination the matter should be referred to this office for comment. Given contamination issues can have a significant impact on the Market Value of the property, we reserve the right to review and if necessary vary our valuation if any contamination or other environmental hazard is found to exist. Full Disclosure Disclaimer Whilst we have attempted to confirm the veracity of information supplied, the scope of work did not extend to verification of all information supplied or due diligence. Our valuation and report has been prepared on the assumption the instructions and information supplied has been provided in good faith, is not in any way misleading or deceptive, contains a full disclosure of all information that is relevant, and that there are no undisclosed agreements in place that affect the property. The valuer and valuation firm does not accept any responsibility or liability whatsoever in the event the valuer has been provided with insufficient, false or misleading information. Future Value Any comments are made in relation to future values are based on general knowledge and information currently available. These comments should not be construed as a prediction of future value levels or a warranty of future performance as the property market is susceptible to potential rapid and unexpected change caused by multiple factors. Ultimately current expectations as to trends in property values may not prove to be accurate. Due to possible changes in the property market, economic conditions, occupancy status and property specific factors, we recommend the value of the property be reassessed at regular intervals Geotechnical Assumption We have not sighted a geotechnical engineers survey of the property. We are not experts in the field of civil or geotechnical engineering and we are therefore unable to comment as to the geotechnical integrity of the ground and soil conditions. It is specifically assumed that there are no adverse geotechnical conditions that compromise the utility of the property for the current or highest and best use. In the event there is found to be adverse ground conditions we recommend the matter be referred to this Company for comment. Opteon Property Group VALUE MADE VISIBLE Page 25

26 GST Valuations of residential property are undertaken on the basis that GST is not applicable. This valuation is prepared on the assumption that the subject property does not constitute a new residential premises as defined under ATO Ruling GSTR 2003/3. Further it is assumed that the subject property will transact as a residential property between parties not registered (and not required to be registered) for GST. The market valuation herein reflects a market transaction to which GST may not be applicable. The client should satisfy themselves of the GST position of the parties involved. Heritage Disclaimer Our valuation has been assessed having regard to the nature of any buildings on the property and any known heritage listings. However we have not obtained formal confirmation of heritage listings beyond what is available in the public domain and identified in this report. Our valuation assumes, unless otherwise specified, that any heritage issues (including Aboriginal) do not impact on the continued and/or highest and best use of the property. If there is doubt in relation to such issues we recommend written application be made to the relevant authorities. Inconsistencies in Assumptions If there is found to be any variance, inconsistency or contradiction in any of the above assumptions then there may be a variation in the valuation assessed. Information Availability (Market Evidence) In preparing this valuation we have undertaken those investigations reasonably expected of a professional valuer having regard to normal industry practice so as to obtain the most relevant, available, comparable market evidence. Whilst we believe the market evidence information and any other information provided to be accurate, not all details can and have been formally verified. Due to privacy laws, confidentiality agreements and other circumstances beyond our control, the valuer may not have had access to: personal details of parties involved in transactions (including the relationship of the parties); information on recent transactions that are yet to become public knowledge; and copies of leases or contracts to confirm rents or prices and to ascertain whether or not rents or prices are inclusive or exclusive of GST. Insurance Value (Exclusions in Estimate) The insurance reinstatement value all personal items and contents; loss of income or profits; any allowance for loss in land value as a consequence of the existing improvements not being permitted to be rebuilt due to changes in planning controls, development standards or the extinguishment of existing use rights; any increase in proportionate costs as a consequence of a partial loss; costs for removal of asbestos; and increased costs as a consequence of widespread catastrophic events. Insurance Value Recommendations Some or all of the itemised cost factors could be automatically excluded in the insurance policy; therefore it is important to establish the extent of such inclusions with the insurer. We recommend you investigate the terms and conditions of your insurance policy to determine the extent of inclusions and exclusions or discuss this issue with your insurance broker or insurer. This Insurance Value should only be regarded as an estimate and should a more accurate assessment be required we recommend a quantity surveyor be engaged. Land and Building Area Disclaimer In the event actual surveyed areas of the property are different to the areas adopted in this valuation the survey should be referred to the valuer for comment on any valuation implications. We reserve the right to amend our valuation in the event that a formal survey of areas differs from those detailed in this report. Market Change Disclaimer 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. Without limiting the generality of the above comment, we do not assume any responsibility or accept any liability where this valuation is relied upon after the expiration of 90 days from the date of the valuation, or such earlier date if you become aware of any factors that have any effect on the valuation. We recommend the valuation be reviewed at regular intervals. Opteon Property Group VALUE MADE VISIBLE Page 26

27 Market Rental Value The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. Market Value Market value is "the estimated amount for which an asset or liability 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". Native Title Assumption We are not experts in native title or the property rights derived there from and have not been supplied with appropriate expert advice or reports. Therefore, this valuation is made assuming there are no actual or potential native title interests affecting the value or marketability of the property. Planning Disclaimer Town planning and zoning information was informally obtained from the relevant local and State Government authorities and is assumed to be correct. This information does not constitute a formal zoning certificate. Should the addressee require formal confirmation of planning issues then we recommend written application be made to the relevant authorities to obtain appropriate current zoning certificates. Professional Standards Our valuation has been assessed in accordance with applicable International Valuation Applications and Technical Information Papers of the International Valuation Standards Committee and the Australian Property Institute Practice Standards and Guidance Notes. Publication of Report The publication of the valuation or report in whole or any part, or any reference thereto, or the names and professional affiliations of the valuers is prohibited without the prior written approval of the valuer as to the form and context in which it is to appear. Reliance on Whole Report This valuation should be read in its entirety, inclusive of any summary and annexures. The valuer and valuation firm does not accept any responsibility where part of this report has been relied upon without reference to the full context of the valuation report. Scope of Work Undertaken The scope of work undertaken by the valuer in completing the valuation has included: Collation of information from relevant parties regarding the subject property; Undertaking our own research regarding the subject property; An inspection of the property and measurement of buildings where required; Undertaking market research in terms of values and/or costs of similar properties; Preparation of valuation calculations; and Preparation of this report. Site Survey Disclaimer This report is not a site survey and no advice is given in any way relating to survey matters. Any comments given in relation to the property are not given in the capacity as an expert, however, are based on our inspection of the property and review of the Certificate of Title plans. Should the addressee require absolute certainty in relation to site area, dimensions or possible encroachments we recommend that a surveyor be engaged to provide appropriate advice and a survey of the property if considered necessary. In the event there are any fundamental inconsistencies between any site survey undertaken and site detail adopted in this valuation, the survey should be referred to the valuer for comment on any valuation implications (including amendment of our valuation if considered necessary). Opteon Property Group VALUE MADE VISIBLE Page 27

28 Third Party Disclaimer This report has been prepared for the private and confidential use of our client, La Trobe Financial Services Group & La Trobe Financial Asset Management Limited for the specified purpose. It should not be reproduced in whole or part; or any reference thereto; or to the valuation figures contained herein; or to the names and professional affiliation of the Valuer(s) without the express written authority of Opteon (Newcastle & Central Coast NSW) Pty Ltd or relied upon by any other party for any purpose and the valuer shall not have any liability to any party who does so. Our warning is registered here, that any party, other than those specifically named in this paragraph should obtain their own valuation before acting in any way in respect of the subject property. Title Assumption Our valuation assumes the property would be offered for sale subject to encumbrances noted on the Title but otherwise unencumbered by mortgages, caveats, or priority notices etc which would prevent transfer of the property. Unregistered Instruments If there are any encumbrances, encroachments, restrictions, leases or covenants which are not noted in this report, they may affect the assessment of value. If any such matters are known or discovered, we should be advised and asked as to whether they affect our assessment of value. Appendices 1. Instructions 2. Certificate of Title 3. Deposited Plan Opteon Property Group VALUE MADE VISIBLE Page 28

29 APPENDIX 1 INSTRUCTIONS Opteon Property Group VALUE MADE VISIBLE

30 Mortgage Valuation Request La Trobe Financial Services Pty Limited ACN La Trobe Financial Asset Management Limited ACN AFSL Valuer: Opteon (Newcastle NSW) Pty Ltd Date: 13/01/16 Telephone No: Facsimile No: No. of Pages: Please provide a Valuation Report on the following property in accordance with La Trobe Financial's Standing Valuation Instructions. Applicant/s: Andrew Tran Account No: Security: 4 Londons Road LOVEDALE 2325 Access Details: Applicant/s R/E Agent Solicitor Telephone: (Work) La Trobe Contact: Mark Hood (03) Facsimile (03) Applicant/s estimated value: $ Purchase Price(if applicable): $ Report Addressee/s: (1) La Trobe Financial Services Group (2) La Trobe Financial Asset Management Limited Property Type/s: Commercial premises Valuers Agreed Fee: $ (includes GST) Progress Payment Fee: $ (if applicable) Required Addressing Clause: "This Valuation has been instructed by the party shown at the top of this report. It may be relied upon by any of the following parties if so nominated by the instructing party: We acknowledge I have been instructed by La Trobe Financial to undertake a market valuation for mortgage purposes and have conducted same in accordance with La Trobe Financials valuer standing instructions. This valuation is addressed to and for the use only of the following parties, La Trobe Financial, La Trobe Financial Services Pty Limited, La Trobe Financial Asset Management Limited, Permanent Mortgages Pty Limited, Permanent Mortgages (No. 2) Pty Limited, and Perpetual Corporate Trust Limited. No responsibility is accepted to any other third party who may use or rely on the whole or any part of the contents of this valuation. We declare that we currently carry the required Professional Indemnity Insurance of $2 million and certify it is fully paid up, including installments required on a policy that has been funded through an independent insurance premium funder. Neither I, nor any member of this firm, have any interest in the property described herein. Neither I, nor any member of this firm are an associate of and do not have a material interest in the borrower or any person or entity related to the borrower and neither I, nor any member of this firm have been instructed by the borrower, or any person or entity related to the borrower to value the property. The previous use and history of the zoning changes on or around this site and any other relevant information as revealed by my enquiries, together with my own local knowledge does not place this property in any significant risk of being a 'contaminated site' under the Environment Protection act. I am not aware of any Environment Protection audits being undertaken in relation to the site or in the area generally." Would you kindly ensure that your fee is noted on the Valuation and that you include the Required Addressing Clause. A faxed copy of your report should be directed to La Trobe Financial Services on (03) and marked "Attention: Mark Hood", with the original document forwarded in the mail to our Head Office at GPO Box 2289, Melbourne VIC Alternatively the Valuation Report will be accepted in electronic format and can be ed to mhood@latrobefinancial.com.au. Head Office: Level 25, 333 Collins Street, Melbourne VIC 3000 GPO Box 2289, Melbourne VIC 3001 National Custody Centre: Level 1, 11 Seymour Street, Traralgon VIC 3844 PO Box 403, Traralgon VIC 3844 Sydney Office: Level 18, Chifley Tower, 2 Chifley Square, Sydney NSW 2000 Enquiries: t: f: e: info@latrobefinancial.com.au w: latrobefinancial.com.../2 31/07/15

31 La Trobe Financial Services Pty Limited -2- Account No: A valuer, in performing their duties and obligations under Standing Instructions and specific instructions, shall be acting as an independent contractor only and not as a delegate or agent of La Trobe Financial or La Trobe Financial's financiers unless expressly provided otherwise in writing by La Trobe Financial. Thank you for your assistance in this matter. Asset Origination Department

32 APPENDIX 2 CERTIFICATE OF TITLE Opteon Property Group VALUE MADE VISIBLE

33 InfoTrack An Approved LPI NSW Information Broker Title Search LAND AND PROPERTY INFORMATION NEW SOUTH WALES - TITLE SEARCH FOLIO: 853/ SEARCH DATE TIME EDITION NO DATE /1/2016 2:49 PM 3 13/4/2015 LAND ---- LOT 853 IN DEPOSITED PLAN AT LOVEDALE LOCAL GOVERNMENT AREA CESSNOCK PARISH OF ALLANDALE COUNTY OF NORTHUMBERLAND TITLE DIAGRAM DP FIRST SCHEDULE PIRLTON PTY LTD (T AJ398356) SECOND SCHEDULE (2 NOTIFICATIONS) LAND EXCLUDES MINERALS AND IS SUBJECT TO RESERVATIONS AND CONDITIONS IN FAVOUR OF THE CROWN - SEE CROWN GRANT(S) 2 LAND EXCLUDES THE ROAD(S) SHOWN IN THE TITLE DIAGRAM NOTATIONS UNREGISTERED DEALINGS: NIL *** END OF SEARCH *** PRINTED ON 18/1/2016 * Any entries preceded by an asterisk do not appear on the current edition of the Certificate of Title. Warning: the information appearing under notations has not been formally recorded in the Register. InfoTrack an approved NSW Information Broker hereby certifies that the information contained in this document has been provided electronically by the Registrar General in accordance with Section 96B(2) of the Real Property Act 1900.

34 APPENDIX 3 DEPOSITED PLAN Opteon Property Group VALUE MADE VISIBLE

35

36

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