Information Memorandum. Dunedin Central 75 St Andrew Street. Proudly presented by Mike Elford of Edinburgh Realty Ltd.

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1 Information Memorandum Dunedin Central 75 St Andrew Street Proudly presented by Mike Elford of Edinburgh Realty Ltd Edinburgh Realty Limited Licensed under the Real Estate Agents Act 2008

2 Contents Introduction / Contact 2 Executive summary 3 Investment highlights 4 The property 5 Financial summary 6 Site / Legal description 7 DISCLAIMER: This Information Memorandum has been prepared solely for information purposes in order to assist interested parties in making an initial evaluation of the property and does not constitute advice nor purport to contain all of the information that a prospective purchaser may require. In all cases interested parties must conduct their own investigation and analysis of the property and the data set out in this Information Memorandum to satisfy themselves in all respects and not rely on the information in this Information Memorandum to make their purchasing decision. This Information Memorandum has been prepared in good faith and with due care by Edinburgh Realty Ltd, but neither Edinburgh Realty Ltd nor the Vendor accept responsibility hereunder for the accuracy of any part of the information contained in this Information Memorandum. Therefore the recipient/s of this Information Memorandum to the extent that they rely on the information contained herein do so entirely at their own risk. The Vendor and Edinburgh Realty Ltd (and its Property Consultants) expressly disclaim all liability for representations, express or implied, contained in, or for omissions from, this Information Memorandum or any other written or oral communication given to any prospective purchaser in the course of their evaluation and/or offer. This information Memorandum does not constitute an offer for sale or purchase or otherwise. 1

3 Introduction Edinburgh Realty Ltd as exclusive agents are pleased to present the property at 75 St Andrew Street, Dunedin for sale as a prime commercial opportunity. The property is offered for sale by Public Tender closing 4pm Wednesday 1st May 2013, at our office George Street, Dunedin. This Information Memorandum provides preliminary information to assist interested parties with their assessment of the property. Further information can be accessed via our website at using the Web id COMME484. For further information please contact the nominated Property Consultant. Edinburgh Realty Ltd a 578 George Street, Dunedin, PO Box 5772, Dunedin 9016 o f Contact Mike Elford m ddi e mike@edinburghrealty.co.nz 2

4 Executive summary This high-profile property is situated in a high foot-traffic area of the Dunedin CBD. Located less than 100m from George Street (Dunedin s main street), the property houses a well respected, highly successful tenant on a long term lease. A high-quality refurbishment in 2010 included extensive earthquake strengthening (IEP report available). This is a fantastic opportunity to acquire an exceptional, single level commercial property located in the Dunedin CBD as a passive, long term investment. Address Vendor Tenure 75 St Andrew Street, Dunedin Pine Hill Rental Properties Limited Stratum in Freehold Legal description Unit B DP on Lot 1 DP Certificate of title Site area (approx.) 208m² Tenants Net passing income Zoned Darryl John McNamara - Aart on St Andrew $45,000 pa + GST Commercial activity 3

5 Investment highlights Strong income, quality tenant Current income of $45,000 pa + GST, being generated from a high-quality, well respected tenant (Aart on St Andrew Hairdresser). Location and profile The property is sitaued in a prime location, less than 100m from George Street. The property has excellent passing foot traffic as well as large volumes of traffic. Ample paid public on-street parking is available, plus a parking building just around the corner on Great King Street. Tenure Stratum in Freehold Building The property comprises an iconic, single level building (built ), recently refurbished and earthquake strengthened. Rare opportunity Seldom do opportunities such as this come available for purchase in the tightly held Dunedin commercial property market, this investment really does tick all the boxes. 4

6 The property The property is a one storey building, with a long term, successful Hairdresser tenant. There is a total floor area of approximately 208m² (more or less). The property has high foot and car traffic on a daily basis. The building is constructed with brick walls, and a steel roof supported by timber rafters, recently refurbished (2010) and extensively earthquake strengthened. This is a fantastic and rarely available inner city commercial investment opportunity in a highly desirable location. 5

7 Financial summary Tenant Darryl John McNamara - Aart on St Andrew Rental (per annum plus GST) $45,000 pa + GST Commencement (of current term) 01/10/2010 Current term Six years Next renewal 01/10/2016 Rights of renewal Two terms of three years each Rent reviews Two yearly Final expiry 30 September 2022 Outgoings Tenant pays all as per Lease Agreement TOTAL INCOME $45,000 pa + GST Please see appendices for all sub-tenancy and variation documentation. 6

8 Site / Legal description The property is held under one certificate of title with a total land area of 208m² (more or less). Legal decriptions and CT references are shown below: Legal description Unit B DP on Lot 1 DP Certificate of title Area (approx.) 208m² (more or less) 7