INFORMATION MEMORANDUM Lot 1, Bruce Highway Former Drive In Woree, Cairns Queensland August 2011 T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 1
Contents 1.0 Introduction...3 2.0 Property details...4 2.1 General property details...4 2.2 Location...4 2.3 Attachments...6 2.4 Land overview...7 3.0 Sale Process...9 3.1 Marketing Agents...9 3.2 Inspections...9 3.3 Offers to Purchase...9 3.4 The Receivers and Managers rights...10 3.5 Information Memorandum...10 4.0 Disclaimer...11 Appendix 1 Title Search Appendix 2 Registered Plan Appendix 3 Cairns plan Inner Suburbs district Appendix 4 Cairns regional Council Population forecast Appendix 5 ABS: Household Composition by number of persons - Woree Appendix 6 Offers to Purchase Document T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 2
1.0 Introduction This Information Memorandum relates to the property located on the Bruce Highway, known as the Former Drive In at ( the Property ). Knight Frank Cairns and Knight Frank Brisbane are exclusively appointed under instructions from Waterside Residential Pty Ltd (Receivers and Managers Appointed) to offer this site via Offers to Purchase campaign. This Information Memorandum must be read in full and is provided to interested parties subject to the conditions set out in Section 5. Offers to Purchase are to be submitted to Knight Frank no later than 5.00pm on Wednesday 7 September 2011. To arrange an inspection please contact Knight Frank. Knight Frank Cairns Greg Wood John Lynch P 07 4046 5300 P 07 4046 5300 M 0418 772 555 M 0418 771 340 F 07 4031 1845 F 07 4031 1835 Knight Frank Brisbane Jason Degn Chris O Driscoll P 07 3246 8825 P 07 3246 8822 M 0439 034 044 M 0418 724 225 F 07 3229 5436 F 07 3229 5436 E jason.degn@au.knightfrank.com E chris.odriscoll@au.knightfrank.com T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 3
2.0 Property details 2.1 General property details Details of the Property are described below. Street Address Former Drive In Lot 1, Bruce Highway Woree, Cairns Queensland Description Lot 1 on RP 730854 County Parish Local Authority Nares Cairns Cairns Regional Council Registered plan 730854 Zoning Residential 3 under the Inner Suburbs District Plan Land Area 6.27 hectares approximately 2.2 Location The Property is a large allotment of approximately 6.27 hectares situated on the Western alignment of the Bruce Highway (with a service road which has immediate frontage) located in Woree. The site is the former Birch Carroll and Coyle Drive-In Theatre, which has not been in operation for a number of years. Woree is an established residential suburb, approximately 5 kilometres south west of Cairns City Centre. West of the Bruce Highway, the area is improved with a mixture of residential dwellings, strata title units and commercial areas along Mulgrave Road. A State primary and high school, swimming pool, Catholic College and the Cannon Park Race course are within the suburb. T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 4
A A = Subject Site T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 5
2.3 Attachments The following attachments are contained in the Appendices indicated below: Appendix Description 1 Title Search 2 Registered Plan 3 Cairns Plan Inner suburbs District 4 Cairns Regional Council Population forecast 5 ABS: Household composition by number Woree 6 Offers to Purchase form No warranty is given as to the accuracy of the search results. Interested parties should satisfy themselves as to the truth or accuracy of all information given by their own inspections, searches, enquiries, advices, or as is otherwise necessary. Please refer to the disclaimer at Section 5. *Site position indicative only T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 6
2.4 Land overview The allotment is known locally as the Cairns Drive In. The site is a high profile development site providing an area of approximately 6.27 hectares. The frontage to the Bruce Highway is approximately 201 square metres and regular in shape. Immediately to the south of the Property is a 24 hour McDonald s restaurant and Charlotte Close. Charlotte Close is a small commercial precinct providing retail and service providers, office accommodation and IGA. To the north are mixed use developments including accommodation and display yards. This part of the Bruce Highway forms the southern entrance to Cairns CBD along Mulgrave Road along Ray Jones Drive (southern access road). Mulgrave Road (Bruce Highway) leads through to various retail components and mixed use commercial developments, including Stockland Earlville, as a regional shopping Centre, DFO, major car franchisers and bulk goods operators. The southern access road is a bypass to the Cairns CBD and services the industrial areas of Bungalow and Portsmith. The Cairns Plan states that under the Residential 3 Planning area Code that site population density must be compatible with the desired development outcomes of this Planning Area. The Acceptable Measure, according to the code states that Site population density does not exceed 400 persons per hectare. Therefore, under the plan, the subject site could yield approximately 2,508 persons based on 400 persons per hectare and the area of the site, approximately 6.27 hectares. The Cairns Regional Council states that the current average Household Size in Cairns (persons) in 2011 is 2.49 (see annexure for forecast table). T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 7
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3.0 Sale Process 3.1 Marketing Agents Interested parties should contact Knight Frank for any further information regarding the Property, or to obtain a copy of the Contract of Sale. Knight Frank Cairns Greg Wood John Lynch P 07 4046 5300 P 07 4046 5300 M 0418 772 555 M 0418 771 340 F 07 4031 1845 F 07 4031 1835 Knight Frank Brisbane Jason Degn Chris O Driscoll P 07 3246 8825 P 07 3246 8822 M 0439 034 044 M 0418 724 225 F 07 3229 5436 F 07 3229 5436 E jason.degn@au.knightfrank.com E chris.odriscoll@au.knightfrank.com 3.2 Inspections Inspections of the Property are by appointment only and are to be conducted under the supervision of Knight Frank. Interested parties should contact Knight Frank to arrange an inspection. 3.3 Offers to Purchase The Receivers and Managers offer the Property for sale by Offers to Purchase on an as is/where is basis. Details regarding the submission of Offers are as follows: Closing Date Wednesday 7 September 2011 Time Location 5pm Knight Frank Level 11, 10 Eagle Street Brisbane QLD 4000 Form Please see an available form in Appendix 4 Interested parties are required to undertake their own independent investigations and due diligence in assessing the Property. In addition, interested parties should make independent enquiries regarding the enforceability of any sale contracts, relevant licences and approvals required with respect to the Property. Please refer to the disclaimer at Section 5. T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 9
3.4 The Receivers and Managers rights The Receivers and Managers reserve the right to, at any time, without prior notice and without providing reasons: Alter the timetable or any procedure, Withdraw any or all of the Property from sale, Restrict access to confidential information to any person, or Enter into discussions with a particular interested party. 3.5 Information Memorandum The Receivers and Managers may, in their absolute discretion, but without being under any obligation to do so, update or supplement this Information Memorandum. Any further information will be provided subject to the terms and conditions set out in this Information Memorandum. T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 10
4.0 Disclaimer The information in this Information Memorandum and any other written or verbal information given in respect of the property referred to in this Information Memorandum (the Information) is provided to you (the Recipient) on the following conditions: 1. The property described in clause 2.1 of this Information Memorandum (Property) is sold on an "as is/where is" condition (that is, in its present condition and subject to all legal and physical defects). 2. No assurance, representation, warranty or guarantee (express or implied) is given by the vendor, Knight Frank, Commonwealth Bank of Australia, KordaMentha, the Receivers and Managers or any of their respective officers, partners, employees, advisors or consultants (collectively referred to as the Parties) or any other person or entity that the Information, whether or not in writing, is complete, accurate or balanced, or has or will be audited or independently verified, or that reasonable care has been or will be taken in compiling, preparing and furnishing the Information. 3. The Information does not constitute, and should not be considered as, a recommendation in relation to the purchase of the Property or any other matter, or as a solicitation or offer to sell the Property or a contract of sale for the sale of the Property. 4. The Information shall not constitute an assurance, representation, warranty or guarantee that there has been no change in the Property or in the matters referred to in the Information since the date at which the Information is expressed to be stated. 5. None of the Parties assume any obligation to the Recipient to provide additional Information or updated Information or to correct any inaccuracies in the Information which may become apparent. 6. The Information should not be relied upon in any way by the Recipient or its related entities, their respective officers, employees, agents, advisors, shareholders and associates (collectively the Recipient Parties). The Recipient Parties should satisfy themselves as to the accuracy and completeness of the Information through inspections, surveys, enquiries, and searches by their own independent consultants. 7. The Information does not purport to contain all of the details which the Recipient would require to make a decision to make an offer to purchase the Property. Recipients should seek independent legal and financial advice. 8. Not all fixtures and fittings on the Property may be available for sale and the vendor and the Receivers and Managers reserve the right to remove any item on the Property from sale at any time. 9. None of the Parties make any representations or warranties with respect to fixtures, fittings, plant and equipment on the Property 10. None of the Parties make any representations or warranties with respect to the continuation or enforceability of any sale contract, licence, lease, supply, service, consultancy, certification, standard or other agreement referred to in this Information Memorandum following completion of the contract of sale for the sale of the Property. 11. None of the Parties make any representations or warranties with respect to the legality of the current use of the Property or the ability of any purchaser to redevelop the Property. 12. The Information does not and will not form part of any contract of sale for the sale of the Property or any part of the Property. If any Recipient Party makes an offer to purchase the Property or any T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 11
part of the Property or signs a contract of sale for the sale of the Property or any part of the Property, that Recipient Party represents that it is not relying on the Information supplied by any of the Parties (unless otherwise agreed in a written contract with the vendor). The only information, representations and warranties upon which the Recipient Parties will be entitled to rely will be as expressly set out in such a contract of sale. 13. Recipients will be responsible for meeting their own costs of participating in the sale process for the Property. The Parties shall not be liable to compensate any Recipient Parties for any costs or expenses incurred in reviewing, investigating or analysing any Information, whether that Information is contained in this Information Memorandum or otherwise. 14. None of the Parties are liable to compensate or reimburse the Recipient Parties for any liabilities, costs or expenses incurred in connection with the sale of the Property. 15. Those persons associated with the Receivers and Managers who have responsibility for the sale have provided all Information provided to the Recipients in good faith. Their knowledge may not be as extensive as that of the vendor on whose behalf the Receivers and Managers provide that Information. Furthermore, the Receivers and Managers are the agent of the vendor and shall not, except to the extent required by law, incur any personal liability to any of the Recipient Parties or the purchaser on any basis (including in respect of the Property, the sale of the Property, a contract of sale, this Information Memorandum or any dealings with any Recipient Parties whatsoever). 16. Except as may be expressly provided in any agreement in writing between the Parties and the Recipient, the Recipient acknowledges and agrees (for itself and the other Recipient Parties) that to the maximum extent permitted by law, all terms, conditions, warranties and statements, whether express, implied, written, oral, collateral, statutory or otherwise, relating to the Information Memorandum and the sale of the Property are excluded, and each of the Parties disclaim all liability for any loss and damage (whether foreseeable or not) suffered by any person acting on any of the Information whether the loss or damage arises in connection with any negligence, default or lack of care on the part of the Parties, any misrepresentation or any other cause by reason of or in connection with the provision of the Information or by the purported reliance thereon by any of the Recipient Parties. 17. No person is authorised to give information other than the Information in this Information Memorandum or in another brochure or document authorised by the Receivers and Managers. Any statement or representation by an officer, agent, supplier, customer, relative, advisor or employee of the vendor will not be binding on the vendor or on the Receivers and Managers. 18. The Information is confidential. The Information must not be reproduced, transmitted or otherwise made available or communicated to any person other than the Recipient Parties without the prior written approval of the Receivers and Managers. The Recipients acknowledge and agree that upon deciding that they do not wish to proceed with the purchase of the Property or any part of the Property, or at the request of the Parties, they will immediately return the Information together with any reproduction thereof. 19. The Recipient acknowledges and agrees that it will not be contracting with the Receivers and Managers personally, but with the vendor only. The Receivers and Managers shall not be liable to the Recipient Parties on any basis whatsoever for any act, matter or thing arising out of or in connection with the Information. 20. To the extent that any of the above paragraphs may be construed as being a contravention of any law of the State or the Commonwealth, such paragraphs should be read down, severed or both as the case may require and the remaining paragraphs shall continue to have full force and effect. 21. This disclaimer is additional to any contract of sale and survives execution of any contract of sale. T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 12
22. In preparing this Information Memorandum the Parties make no representation or warranty concerning the likelihood or extent of any impact, directly or indirectly attributable to any GST payable in relation to sale of the Property and this Information Memorandum must be read with this limitation in mind. The Parties are not liable for any loss, damage, claim, demand and expense of any kind whatsoever and however arising in connection with GST. The Recipient or any party associated with them that is interested in entering into a contract of sale in respect of the Property should make their own enquiries as to matters relating to the impact of GST and the costs, if any, associated with the GST. T +61 (0) 7 3246 8888 F +61 (0) 7 3229 5436 13
Appendix 1 Title Search T +61(0) 7 3246 8888 F +61 (0) 7 3229 5436
RP Data - Queensland ATS http://upload.realtor.com.au/cgi-bin/vgmsg/ats/chktitle.p?status=3&qryid=43053155&q... Page 1 of 1 9/06/2011 CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11688124 Search Date: 09/06/2011 11:45 Title Reference: 21039184 Date Created: 18/02/1977 Previous Title: 20588247 20893116 REGISTERED OWNER Dealing No: 709645714 01/06/2006 WATERSIDE RESIDENTIAL PTY LTD A.C.N. 092 231 000 ESTATE AND LAND Estate in Fee Simple LOT 1 REGISTERED PLAN 730854 County of NARES Local Government: CAIRNS Parish of CAIRNS EASEMENTS, ENCUMBRANCES AND INTERESTS 1. Rights and interests reserved to the Crown by Deed of Grant No. 10592179 (POR 15) 2. MORTGAGE No 710255482 15/01/2007 at 13:44 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124 ADMINISTRATIVE ADVICES - NIL UNREGISTERED DEALINGS - NIL CERTIFICATE OF TITLE ISSUED - No Caution - Charges do not necessarily appear in order of priority ** End of Current Title Search ** COPYRIGHT THE STATE OF QUEENSLAND (ENVIRONMENT AND RESOURCE MANAGEMENT) [2011] Requested By: D APPLICATIONS RP DATA Page 1/1
Appendix 2 Registered Plan T +61(0) 7 3246 8888 F +61 (0) 7 3229 5436
Appendix 3 Cairns plan Inner Suburbs district T +61(0) 7 3246 8888 F +61 (0) 7 3229 5436
Appendix 4 Cairns regional Council Population forecast T +61(0) 7 3246 8888 F +61 (0) 7 3229 5436
Appendix 5 ABS: Household Composition by number of persons - Woree T +61(0) 7 3246 8888 F +61 (0) 7 3229 5436
Appendix 6 Offers to Purchase Document T +61(0) 7 3246 8888 F +61 (0) 7 3229 5436
ATTACHMENT A OFFER TO PURCHASE FORM This is an indicative offer to purchase form only and is not an offer by either the vendor or the proponent which is capable of acceptance by the other. There will be no legally binding agreement in relation to this sale and purchase of the property unless and until the parties have executed a contract of sale. For the property situated at: Lot 1, Bruce Highway Former Drive In, Woree, Cairns, Queensland SUBMIT TO: Contact: Knight Frank Australia Pty Ltd Level 11, 10 Eagle Street Brisbane Qld 4000 Ph: 07 3246 8888 Fax: 07 3229 5436 Email: jason.degn@au.knightfrank.com 1. Proponent s Details Full Name/Company Name: A.C.N. or A.R.B.N. (if applicable): Address: Telephone No.: Facsimile No.: 2. Proponent s Solicitors Details Name: Address: Telephone No.: Facsimile No.: 3. Price Offered by Proponent (Exclusive of GST) $ 4. Attached is evidence to support the Proponent s ability to complete a contract at the price offered. 5. Tick box if Proponent requires additional special conditions and complete Attachment B. T +61(0) 7 3246 8888 F +61 (0) 7 3229 5436
6. If Proponent is a company, the Contract must be supported by Director s guarantees. Name 1: Address 1: Name 2: Address 2: 7. Deposit amount offered by the Proponent (Vendor's requirement is for 10% of Purchase Price) $ 8. Time required for completion (Vendor's preference is 30 days from Contract Date) Days from the Contract Date. Executed by the Proponent This day of 2011 Executed on behalf of the Proponent by, an authorised representative of the Proponent (print name). Signature Authorised representative of the Proponent T +61(0) 7 3246 8888 F +61 (0) 7 3229 5436
ATTACHMENT B OFFER TO PURCHASE SPECIAL CONDITIONS: T +61(0) 7 3246 8888 F +61 (0) 7 3229 5436