valuation of land situated at lot kahler close,...
TRANSCRIPT
Liability limited by a scheme approved under Professional Standards Legislation.
Director | Julie Owbridge MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
T | 07 4972 6944 F | 07 4972 8080 E | [email protected] W| www.mvsvaluers.com.au P | PO Box 5464, Gladstone Q 4680
VALUATION OF LAND
SITUATED AT
LOT 902 KAHLER CLOSE,
NEW AUCKLAND, QLD 4680.
PREPARED FOR: Gladstone Regional Council, PO Box 29, Gladstone, Qld 4680. Attention: Celisa Faulkner. DATE OF VALUATION: 8th April, 2015. OUR REFERENCE: G150186. PURCHASE ORDER: 150662.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
2 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
TABLE OF CONTENTS INTRODUCTION Page 3 Instructions 3 Prepared For 3 Purpose of Valuation 3 Instructions Specifics 3 Date of Inspection 3 Date of Valuation 3 PREAMBLE 4 ‐ 5 PROPERTY DESCRIPTION 6 ‐ 8 Property Address 6 Real Property Description 6 Title Reference 6 Registered Proprietors 6 Land Area 6 Local Authority 6 Zoning 6 Zoning Comments 6 Easements/Encumbrances 7 Services and Amenities 7 Roads and Access 7 Situation and Locality 7 Land 7 Improvements 8 VALUATION PROCESSES 9 ‐ 19 General Comments 9 Valuation Considerations 10 Valuation Rationale 12 Valuation Calculations 13 Recommendations 13 Market Data 14 Background Evidence 18 OTHER MATTERS 21 QUALIFICATIONS & LIMITATIONS 22 Title Boundaries 22 Contamination Clause 22 Limitation 22 VALUATION 23 ANNEXURES Photographs Location Map Cadastral Map Survey Plans Proposed Land Parcel Plan Council Map Showing Current Site Services Development Approval Approved Plans (Staged Development and Stage 4 Plan) Revised Approval and Plan (Stage 4) – Request for Generally in Accordance Development Cost Estimates Email Correspondence (Infrastructure Charges)
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
3 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
INTRODUCTION
INSTRUCTIONS: Written instructions received from Celisa Faulkner, Gladstone Regional Council, to carry out an assessment of value of the property described within this report for sales purposes (intended purchase). PREPARED FOR: Gladstone Regional Council, PO Box 29, Gladstone QLD 4680 Attention: Celisa Faulkner. PURPOSE OF VALUATION: To assess the current, “Fair Market Value” of the property as described within this report. This report is specifically undertaken to assist in the negotiations to purchase land from the developer of Forest Springs Estate. We understand this land is to be held by Council for future road widening of Kahler Close to enable the connection with nearby Parksville Drive which currently terminates adjacent to the north‐west rear corner of the subject parent parcel. DATE OF INSPECTION: 8th April, 2015. DATE OF VALUATION: 29th May, 2015.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
4 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
PREAMBLE
MARKET VALUE: Market Value as defined by The International Assets Valuation Standards Committee (T.I.A.V.S.C.) is: “the estimated amount for which an asset should exchange on the date of valuation
− between a willing buyer and a willing seller − in an arms length transaction − after proper marketing − wherein the parties had each acted knowledgeably, prudently and without compulsion.”
This valuation assesses the value of the property for the specific developed use, i.e. residential subdivision. This is accepted as “the most advantageous purpose for which the land is to be adopted”. APPLICATION OF VALUATION PRINCIPLES: Although this assessment is not a compensation assessment and is to be conducted as a free market transaction, we believe it is relevant to include the valuation principles that would normally apply in the circumstances of a compensation assessment. Thus, in accordance with the previous definition, our valuation assesses the value of the lands taken in accordance with our perception of "the most advantageous purposes" or what is commonly referred to as "the highest and best use". Assessment for compensation purposes requires the concept of “Market Value” to be extended to include other considerations pertinent to the nature of the dispossessed owners' interest and the lands affected. A number of additional factors that may require some judgemental assessment i.e. disturbance, etc. which have not been included within this assessment. FAIR COMPENSATION: Compensation should properly be determined by reference to market value, however, in certain circumstances, can involve an appreciation of such matters as special value to the owner and disturbance. In the instance of this assessment, such matters need to be addressed and as such, a brief outline of our interpretation of the meaning is discussed. SPECIAL VALUE TO THE OWNER: A term commonly referred to in cases of compulsory acquisition or resumption. It represents an amount over and above market value, of the property to the owner. The fair market value plus the special value will equate the total value to the dispossessed owner. This is not considered a factor to current assessment. DISTURBANCE: Relative to compensation, the Courts have held that compensation should not be restricted to only market value, but can include other amounts including allowances for costs arising directly from the loss of land. Disturbance is personal to each owner, however, commonly indicates amounts for legal fees and valuation fees considered a necessary cost in insuring fair value is obtained.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
5 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Preamble ……………cont’d. GUIDING PRINCIPLES: Court precedent dictates that in assessing compensation, doubts should be resolved in favour of the dispossessed owner. Latimer v North Coast NA & I Society (1938) LVR NSW 67 AT 73 "In the generous rather than a niggardly spirit". Robinson & Co Ltd v Collector of Inland Revenue (1980) 1WRL 1614 AT 1621
"Such obscurity as there is ought to be resolved in favour of the person whose property is taken away".
Doherty v Commissioner of Highway "A Court is entitled to lean in favour of the dispossessed proprietor".
Courts do recognise that valuation is not an exact science and Valuers, in the decision making process, can lean in an alternative direction, higher or lower. The following Court case does indicate a Court's acceptance that towards the lower or the higher is a justifiable approach. Commissioner of Succession Duties v Executor Trustee & Agency Co of SA Ltd (1947) 74 CLR 358
"In the case of compensation, doubts are resolved in favour of the more liberal estimate, in a revenue case, of a more conservative estimate".
The above therefore, does justify that variations can exist that are somewhat exaggerated between "market value" and "compensation value". On the one hand, in the instance of "market value" uncertainties are resolved in the conservative, yet on the other hand, in the case of "compensation value", Courts dictate that doubts be resolved in favour of the dispossessed owners. This is clarified however, insofar as these doubts, while decided in favour of the dispossessed owner, should be resolved in a sensible and logical manner. McCathie v Federal Commissioner of Taxation (1944) 69 CLR 1 In commenting on "market value", it was stated:
"though valuable and persuasive, is by no means final and conclusive, and should not be used so as to press the value of the property by exaggerating temporary disadvantages to which it is subject at the date of valuation and failing to give property weight to its more important advantages".
In the context of "market value", the current situation would weigh heavily on the mind of a prudent, hypothetical purchaser. INJURIOUS AFFECTION: Where part of an owner’s land is taken by compulsory process and part is retained by the owner, loss may be caused to the part retained by reason of the proposed use to which the acquiring authority intends to put the lands taken. I understand that the land to be taken is to be utilised by the Gladstone Regional Council for the purposes of road widening of Kahler Close to enable the connection with nearby Parksville Drive. Upon Kahler Close road widening and connections of Parksville Drive, the following negative impact may include:
• Increased noise as this connection allows additional traffic from Parksville Estate and the suburban areas of New Auckland to the nearby Shopping Centre.
• Traffic on Kahler Close will be closer to the potential dwellings to be constructed on the proposed Lots along Kahler Close as well as the extension of Parksville Drive. Thus an additional cost of noise reduction fences is required for the development which is not part of the development costs provided by the developer.
SEVERANCE: This term that refers to the severing of disuniting of lands, due to the process of resumption. The resumption does not appear to cause any severance.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
6 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
PROPERTY DESCRIPTION
PROPERTY ADDRESS: Lot 902 Kahler Close, New Auckland, Qld 4680.
REAL PROPERTY DESCRIPTION: Parent parcel: Freehold land, situated in the County of Clinton, Parish of Auckland, described as Lot 902 on Registered Plan SP246177. TITLE REFERENCE: N/A. We have not conducted a current Title Search and our assessment, by necessity, assumes there are no other encumbering endorsements, notations, etc on the Title which may adversely affect the value of the property. Any variation from above assumption should be referred to this Practice for comment. REGISTERED PROPRIETORS: Walker Gladstone Pty Ltd. LAND AREA: Parent parcel ‐ 2.27 hectares. Assessed land ‐ 665m2 (potential purchase site) The assessed land is shown on the annexed proposed plan as three parcels of 184m2, 238m2 and 243m2 each. LOCAL AUTHORITY: Gladstone Regional Council. ZONING: Residential ‐ Gladstone City Council Town Plan, gazetted 22/12/2006 (now under the jurisdiction of the Gladstone Regional Council). ZONING COMMENTS: The subject land was approved for development on the 11th October, 2013, copy of the approval is annexed to this report. This approval was specifically a Material Change of Use (Change of Zone from Urban Expansion to Residential) And a Development Permit – Reconfiguring a Lot ((5 into 516) Staged over 5 Key Sites which included the subject parent parcel of Lot 902 on SP246177. Specific to the subject Stage 4, this approval was for 26 lots ranging in size from 450m2 to 625m2, see annexed plan noted as Revised Layout dated 31/7/2013. Additionally is annexed is correspondence advice by council dated 27/3/2015 which is an acceptance of a modified plan for Stage 4 which has been accepted by Council as being “Generally in Accordance” with the Modified Decision as noted above i.e. dated 11/10/2013. A copy of the letter and plan is annexed to this report.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
7 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Property Details……………cont’d. EASEMENTS/ENCUMBRANCES: Easement C is a drainage easement being located within the subject parent parcel and having an area of 8,198m2 and located along the eastern side boundary. The existing easement has a central width of 35 metres and frontage to Kahler Close of 33.55 metres. The north‐south length is approximately 250 metres (measurements are as per Survey Plan 260326). We note that this easement is proposed to be varied during the completion of development works of the subject land. i.e. the easement is to be reduced to an area of 3,960m2 as per council provided plan showing land to be purchased. Other plans show a slightly larger area however easement area is yet to be confirmed. SERVICES AND AMENITIES: Reticulated town water, sewerage, electricity (overhead), gas and telephone. All other normal Council services including garbage collection are available in this area. ROADS AND ACCESS: Kahler Close is a fully sealed and divided two (2) lane bitumen road with concrete kerbs, channels and grassed footpaths. Access is easy and direct with traffic volumes low. Parksville Drive is unformed adjacent to the subject and currently terminates adjacent to the NW rear corner of the site. As previously indicated Parksville Drive is proposed to be extended and connected to Kahler Close. Additionally Kahler Close is proposed to be widened upon successful purchase of the subject land by Council. SITUATION AND LOCALITY: New Auckland is an established residential suburb of Gladstone. Surrounding development is newly developed housing within previous stages of Forest Springs Estate. All necessary facilities and amenities are within close vicinity including the Kirkwood Shopping Village located opposite subject. This area houses a number of local and national tenants including United Medical Centre, Priceline Pharmacy, Woolworths Shopping Centre, Caltex Woolworths Service Station, BWS Bottle Shop, McDonalds, Dollars and Sense, Divine Avenue Clothing, Craig’s Bakery, Newsagent, Domino’s Pizza, Indian Balti Restaurant and BJ’s Café. LAND: The subject property is an irregular shaped, internal allotment with a frontage 146.804 metres with a depth varying from 80 to 250 metres. The east‐west width of the site is approximately 150 metres on average. The land itself is below street level with a slight fall to rear northern boundary and a steep embankment is located along the drainage easement which is located within the site, parallel to the eastern side boundary. The land is predominantly cleared over the central site area with an area of land within the rear of the easement being low lying and containing mature trees. The frontage adjacent to Kahler Close is slightly raised in the location of the proposed land purchase. For further detail in relation to the site layout, shape, etc, refer to the annexed copy of Survey Plan.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
8 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Property Details……………cont’d. IMPROVEMENTS: No structural improvements in place. The subject land is not considered to be raw subdivision land only as there are a substantial number of infrastructure works in ground that have been carried out as part of other stages and include the following:
• Kahler Close kerbing, roundabout, cul‐de‐sac end and concrete footpath • Telephone and underground electricity provision along Kahler Close. • Street lighting along Kahler Close. • Water pipeline existing along Kahler Close including around cul‐de‐sac end. • Retention Basin, drainage works to easement inclusive of rubble, pool style fences at top of embankment. • Underground drainage beneath Kahler Close, connecting to retention basin. • Earthworks in place to existing site. • Existing sub‐ground sewer mains along unformed Parksville Drive boundary and across northern section of site
which connects estate to Parksville Drive arm. These improvements are such that the cost to complete the development is lessened substantially and our assessment reflects this factor.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
9 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes…………….cont’d.
VALUATION PROCESSES
GENERAL COMMENTS: Local Market: The current market for vacant land is slow with relatively few sales. Conditions are difficult in all price ranges for vacant land. The only estate which is continuing to have sales transactions occurring is Forest Springs Estate however at slow volumes As part of the research for this assessment we have viewed the local market listings of vacant land which are the current competition of the subject estate. The information viewed shows a distinct reduction in list prices shows the difficult market conditions for vacant land and the infrequency of sales. Local buyers are still the most active however transactions are infrequent. Most sales are to first home buyers as the new house/land packages have the applicable $15,000 government grant. The market has been reducing since early 2012 with reductions of up to 25% reported locally. There are some indications from local agents that the market may have "bottomed" out in the established housing sector however activity in the vacant land sector continues to be slow and is seeing continued list price reductions without sales success. Land prices are likely to continue to show reductions as demand continues to remain low. The limited sales activity for vacant residential land is generally locals however with substantial property on offer there is a large range of choice under $230,000.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
10 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes…………….cont’d. VALUATION CONSIDERATIONS: Stage 4 Design: The subject is part of Stage 4 which is currently approved for 21 lots under the redesign as per Plan 89B dated 11//5/2015, annexed to this report. We note the original yield of the estate was 26 lots, approved on 11/10/2013. The lots vary from 450m2 to 928m2. From discussions with the town planner for the Walker Corporation, this plan was re‐design to take into consideration the strip of land currently under negotiation for purchase by the Council for widening of Kahler Close. We understand the reason for this proposed widening is to allow the extension of Parksville Drive to enter the current cul‐de‐sac end of Kahler Close adjacent to the western front corner of the subject land (parent parcel). The original approved design of Stage 4 as per the plan approved on the 27/.3/2015 was for 20 lots however in this design was additional road/cul‐de‐sacs which reduced the yield substantially. The current design appears to be a better utilisation of the site to maximise yield whilst producing mostly standard lot sizes over 600m2 which currently have more appeal in the market as local buyers are the most active and have less acceptance of sub 600m2 lots. The current strip of land (in three separate sections by the proposed internal road and walkway network) has a combined area of approximately 665m2 which is the land equivalent to a single lot. Although not in the design it is out opinion that this additional lot would be achievable on a subtle redesign if not currently under negotiations for sale to the Council. Thus in all our calculations, we have applied a rate over 22 lots inclusive of the subject land under negotiations. Gross Realisation: We have been provided with a verbal indication by the developers’ representative that based on the current plan for Stage 4 (modified) the sites are to be offered to the market in the listed price range of $175,000 to $255,000. The developer has indicated by a rate per square metre, their appreciation of value of the completed land i.e. fully developed is on average $350/m2. We have accepted this as there is sufficient sales evidence from recent stages of the subject estate. Of note we understand that there is currently 5 firm expressions of interest on the proposed sites i.e. Lots 5‐9 which are the prime lots at the rear of Stage 4. This reflects a potential realisation of 23% of the Stage 4. The proposed lower price is for the central smaller sites of 450m2 which reflect a rate of $389/m2 whilst the highest list price is for proposed Lot 6 which is considered to be the prime site in the rear north‐east corner of the site which has an area of 810m2. This reflects a rate of approximately $315/m2. Thus the average of the list prices $315/m2 to $389/m2 is $352/m2. Within our sales evidence from Forest Springs Estate and other estates (both developer sales and non‐developer transactions) there is some consistency shown, particularly in Forest Springs Estate which has been the only estate in the last 18 months to continue to sell vacant land, even at the slow rates of sale being experienced. Other estates i.e. Little Creek, Vantage has only achieved a small number of sales however locals are mostly the buyers. Other estates including Oasis and Woodlands Estate are continuing to pursue sales to external interstate buyers, often at levels not sustainable in the local market. Thus these sales have not been included for the purposes of this assessment. We accept that there is sufficient evidence to support the developers’ land value of $350/m2 for the “developed land”. However the subject land although having substantial works in place, approvals etc. is not at this “developed site” level as there is a “cost to complete” component remaining.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
11 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes…………….cont’d. Development Costs ‐ Stage 4: As part of our investigations we have had discussions with personnel from the Walker Corporation in relation to the proposed stage 4 development inclusive of design issues, costs to complete the development, see annexed. Additional have been discussions over the “inground works” which unfortunately were carried out by the previous developer (Eureka) and the historical costs are therefore not available. We have tried to assess the added value of the inground works over the raw land value however it is considered too difficult to accurately assess even with costs made available for other recent stages now complete. The land contour is relatively level and thus in comparison with other estates which have a sloping contour the subject estate has the benefit of reduced costs as a result. The estimated construction costs to complete the 21 proposed lots is $1,599,291.07 which is as per an in‐house Estimate provided by the Walker Corporation noted as Forest Springs Stage 4 Estimate (Including Channel) in the annexures of this report. These costings have been viewed a technical officer of the Council and are acceptable for use in this assessment. We understand that they may be considered slightly high. Upon perusing the costs there may be additional works which are being undertaken as a result of the redesign necessary for the sale of the strip of land which is the subject of this report. We have confirmed with the developer who indicates that there are no additional costs applied in this estimate however the estimate is likely to be high, which was also confirmed from Council officers. Thus on a rate per lot (21 lots) this cost shows $76,156.71 per lot. As previously indicated in Stage 4 Design commentary in this report we have accepted in our calculations a rate per lot over 22 lots in the development. As intrinsically should the negotiations of the subject land be successful the land area of 665m2 reflects a single lot equivalent. Thus the cost reflects $72,695 per lot. As previously indicated this cost is likely high thus for the purposes of this assessment we have accepted a rate of $72,000 per lot for the remaining construction works. Other costs not included would encompass professional fees, engineering and survey, titles etc.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
12 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes…………….cont’d. VALUATION RATIONALE: The primary method of valuation for the subject is by direct comparison on a rate/ha of similar zoned residential development sites (approved). The subject property is viewed as a development site and, as such, the normal method of valuation is to apply a market determined rate/ha to land area i.e. direct comparison on a rate/ha of similar zoned residential development sites (approved). Rates are determined on a basis of comparison with other similar englobo sites within the locality, giving consideration to contour, size, improvements, location, approval status, lot yield etc. (see market data). There is a lack of sales evidence in this sector which has experienced quiet conditions over the past 18‐24 months. That there is a substantial value of works in ground (over a raw land value) makes comparisons difficult. The cost of works in place is also unavailable from the developer as works were undertaken some years ago under a prior ownership of the estate. It is the determination of the value of these works plus the raw land value that becomes difficult to quantify. The subject property is viewed as a development site, being a subdivision with approvals in place and ground works, some services and stormwater drainage (retention basin) in place. Thus the hypothetical development methodology would normally be the most appropriate to determine the “as is land” value on a secondary basis of valuation. To allow this valuation to be provided to facilitate a positive result we have looked to obtain cost information that when provided by the developer is acceptable to Council. Thus reducing the areas of the valuation allowances that are subject to challenge by the developer. We have undertaken a sensitivity analysis of the proposed development on the basis of a varied average value to the lot yield to determine if acceptance of a developed site rate of $350/m2 has sufficient market evidence thus further reducing the potential areas of dispute. Given that this is not a compulsorily acquisition of land, but a transfer via private treaty, there is the issue where the developer does not have to sell the land to Council to enable the widening of Kahler Close and therefore the future connections to Parksville Drive to Kahler Close. The developer is prepared to negotiate the sale however at an acceptable commercial rate. It is the duty of the valuer in circumstances of a compensation to provide an assessment on the basis of a “more liberal estimate” where all “doubts should be resolved in favour of the dispossessed owner”. Should our assessment be conservative there is the risk that the developer will not sell the required land, which they are not obliged to and move forward with the development as approved. We are mindful of this but have also not in our opinion provided an “overly generous” assessment which has no basis of support or “justifiable approach”. This terminology is specific to court cases quoted in this report under Guiding Principals in the Preamble Section of this report. Therefore, under a normal Hypothetical Development Calculation there would be selling expenses (commissions of sale and legal expenses), GST (assessed under the Margin Scheme), Margin for Developer, Development Costs (inclusive of works in ground and works to complete), headworks charges, professional fees, interest and contingencies as well as other charges including stamp duty on parent parcel purchase, legals valuation fees, lot of interest etc.). The costs to complete the development have been provided by the developer and may prove high. Thus we have applied a rate of $72,000 per lot. From the cost estimates and proposed plan received we have undertaken an analysis. Our gross realisation is based on sales evidence which confirms an acceptance of $350/m2 for the subject land of 665m2. Additional costs to developer have been incurred as a result of the land requirement of council. These includes delays in the development, added costs likely due to the development redesign and need to have noise reduction/lapped fencing similar to that existing within the estate for land abutting Dixon Drive at the rear. Based on the costs of fences received from the developer, the overall extra cost is $50,000 or $2,380 per lot. Delays in the development we have allowed $5,000 per week (advised by representative of developer) over a period of 10 weeks i.e. $50,000. Although selling expenses are a normal cost to the developer in the instance of the sale of the subject land to council this is not an applicable fee thus we have not included the normal charges (sales commissions etc.). Additionally no contribution for the GST applicable to this site has been included which would be a normal allowance in a full hypothetical development calculation. Developers Margin has not been allowed as this is a cost specific to the land of the development however the subject land in our opinion should be excluded.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
13 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes ……………cont’d. VALUATION CALCULATIONS: We have accepted in our gross realisation a rate of $350/m2 for the developed land. Sensitivity Analysis Proposed land to be purchased: 665m2 @ $350/m2 = $232,750 Adopt $230,000 $230,000 Less: Development Costs Construction Costs (estimate allowance) $72,000 $75,000 Head works/Infrastructure Fees $23,653 $ 95,653 $23,653 $ 98,653 $134,347 $131,347 Add Current holding charges/Loss at $5,000 per week = (10 weeks) $ 50,000 (8 weeks ) $ 40,000 Added costs of fences, redesign $ 18,000 $ 18,000 TOTAL $202,347 $189,347 Adopt $200,000 $190,000 Value Rate over 665m2 parcel $300/m2 $285/m2 Valuation range: $190,000 to $200,000. RECOMMENDATION: We would expect you initial offer to purchase be in the vicinity of $190,000 however there is sufficient evidence to accept that the construction costs provided are high and that the holding charges applied to the assessment (at 8 weeks) may not be a sufficient allowance by the end of the current negotiation. Also we have only applied a fencing allowance for the lands backing onto Parksville Drive as we expect the Kahler Close frontage to be fenced due to existing traffic to the nearby Shopping Centre. Thus the full cost of fencing to both frontages may be an additional cost allowance in this assessment which would increase the sale price. Offers up to $200,000 for the parcel have valuation support based on the costings and information made available for this valuation assessment. Any offers over $200,000 or $300/m2 would be subject to Councils discretion or should other issues arise during the negotiations or further costs i.e. all noise reduction fences to Kahler Close be included in this value.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
14 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes…………….cont’d. MARKET DATA: Subject Estate – Sales History: Forest Springs Estate – Developer Sales (Walker Corporation) Address Sale Price Sale Date Area
m2 Sale price as rate/m2
Buyer location
13 Parkway Crescent $220,000 6/2/2015 640 344 Local 35 Parkway Crescent $230,000 27/3/2014 672 342 Anglicare CQ 12 Forest Springs Drive $239,000 27/5/2014 714 335 Noosa Heads 18 Forest Springs Drive $225,000 24/10/2014 752 299 Local 26 Forest Springs Drive $220,000 28/5/2014 726 312 Local 4 Amber Street $230,000 13/6/2014 704 326 Local 1 Winpara Drive $227,000 17/9/2014 724 313 Local 3 Winpara Drive $230,000 4/6/2014 726 316 Local 7 Winpara Drive $225,000 3/12/2014 708 318 Local 10 Winpara Drive $225,000 16/10/2014 837 267 Local 13 Winpara Drive $220,000 21/10/2014 713 308 Toowoomba
area 14 Winpara Drive $225,000 24/10/2014 672 335 Local 20 Winpara Drive $225,000 17/10/2014 703 320 Local 28 Winpara Drive $225,000 4/9/2014 784 287 NSW 5 Kingfisher Street $225,000 15/10/2014 662 340 Walker Corp to
Local 5 Kingfisher Street Developer Sale (Eureka)
$239,000
$267,000
27/4/2014
15/2/2012
662 361 Noosa vendor to Walker Corp
The above sale at Kingfisher Street was part of a transaction whereby a proposed display home was constructed on land at 12 Forest Springs Drive, rather than this site which was in the older established part of the estate. The sale price for 5 Kingfisher and 12 Forest Springs corresponded at $239,000 in the months of April and May, 2014. The latter sale of 5 Kingfisher Street in October at $225,000 by the developer at this price was to just clear the site from their books as it was in an older stage and not the focus of their current sales drive. Forest Springs Estate – Developer Sales (Eureka 1 Project 11 whilst under administration with Kordametha) Address Sale Price Sale Date Area
m2 Sale price as rate/m2
Buyer location
25 Parkway Crescent $225,000 10/1/2014 715 315 Local 24 Forest Springs Drive $239,000 13/3/2014 724 330 Local 8 Winpara Drive $235,000 2/5/2014 897 267 Local 9 Winpara Drive $240,000 10/1/2014 706 340 NSW
Forest Springs Estate – Non Developer Sales Address Sale Price Sale Date Area
m2 Sale price as rate/m2
Buyer location
3 Thornbill Street, New Auckland Developer Sale
$220,000
$295,000
30/7/2014
20/1/2012
715 307 MIP sale to Local
7 Parkway Crescent, Kirkwood Developer Sale
$215,000
$267,500
29/1/2015
24/12/2012
704 305 Local
52 Creekview Drive, New Auckland Developer Sale
$216,000
$282,000
14/4/2015
28/5/2012
707 305 Local
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
15 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes…………….cont’d. Other Gladstone Estates – Developer Sales Address Estate
Sale Price Sale Date Area
m2 Sale price as rate/m2
Buyer location
30 Peter Corones Drive, Kirkwood
Little Creek $210,000 18/3/2014 890 236 Local builder
17 Kandel Court, Kirkwood
Little Creek $210,000 21/2/2014 884 237 Local
9 Phelps Circuit, Kirkwood
Little Creek $165,000 10/3/2015 480 344 Local
11 Phelps Circuit, Kirkwood
Little Creek $165,000 22/1/2015 486 340 Local
10 Goodnight Place, New Auckland
Vantage Estate
$230,000 3/2/2014 627 366 Local
24 Dorinda Close, Clinton
Seaview Heights
$145,000
30/3/2015
343 $155,000
Local
28 Dorinda Close, Clinton
Seaview Heights
$235,000 3/2/2014 958 245 Local
16 Leslie Street, Clinton
Seaview Heights
$225,000 10/12/2014
778 327 Local
28 Fitzroy Avenue, Clinton
Sanctuary Hill $235,000 4/9/2014 1,354 173 Local
30 Fitzroy Avenue, Clinton
Sanctuary Hill $240,000 1/8/2014 1,482 162 Local
31 Fitzroy Avenue, Clinton
Sanctuary Hill $230,000 24/3/2014 741 302 Anglicare CQ
High Sale 4 Kennedy Close Glen Eden
Glen Eden Chase
$160,000 6/5/2014 761 210 Local
14 Kennedy Close Glen Eden
Glen Eden Chase
$160,000 28/4/2014 660 242 Local
Other Estate – Non ‐ Developer Sales Address Sale Price Sale Date Area
m2 Listed Since
Price Reduction
Original List Price
Current sale ‐ Buyerlocation
33 Sharyn Drive, New Auckland
$195,000 11/1/2014 850 Aug 2013 1 to $210,000
$239,000 Local
76 Sharyn Drive, New Auckland
$250,000 6/11/2014 1,357 April 2014 2 to $259,000
Expressions of Interest
then $265,000
Local 2 agents over period
26 Clarendon Street, Clinton
$208,000 1/8/2014 1,164 Nov 2012 3 to $219,000
$269,000 Local 2 agents over period
43 Woodland Court, Kirkwood (Little Creek Estate)
$190,000 18/2/2015 800 July 2014 2 to $199,000
$229,000 Local
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
16 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes…………….cont’d. Englobo Land/Development Sites ‐ Urban: We have included recent evidence of larger development sites and older evidence where there are a number of forced sale transactions (mortgagee in possession). These sales are included however do not form primary evidence to this assessment.
Address Date Price Area Ha
Hectare Rate
(ex GST)
Approved Number of
Lots Rate/Lot Comparison
Comment
1 Mercury Street, Sun Valley (Lot 1 on CTN1730)
28/11/2014 280,000 (nil GST)
2.14ha $130,841 Nil N/A Forced sale, included to show difficulty marketing/ lack of evidence in sector.
Sold mortgagee in possession to a local owner occupier. Marginal development site as approximately 95% of the site is flood affected and the local authority has harsh conditions relative to fill for development. The site is also bisected by a sewer line. Agent advised that there were four (4) offers, all locals. Located adjacent to a major rail line (coal and goods traffic) and a level crossing (noise disturbance. Closely located to the Sun Valley Plaza Shopping Centre, childcare and Kin Kora Primary School. Originally listed for sale as expressions of interest with another agent in May 2013. A total of 3 agents had the property listed over this period with prices varying from $1,200,000 in late 2013 to offers over $600,000 in early 2014. The current agent marketing commenced with an auction on the 19/10/2014 with the list price at $345,000 prior to sale: Kirkwood Road, Kirkwood (Lot 1 ‐ 3 on SP228533)
8/11/2013 $3,080,000(incl GST)
or
$2,800,000(ex GST)
93.85ha $29,835 550 Lots 184 units (master planned Pre
Approval)
$5,090 Net
Forced sale, included to show difficulty marketing/ lack of evidence in sector.
Sold mortgagee in possession to an external developer. Existing negotiated decision for 4 stages of 185 lots. Located between Little Creek and Emmadale Park estates, south of Kirkwood Road: Kirkwood Road, Kirkwood (Lot 3 on SP188635) Forest Springs Estate
20/03/2012 $4,400,000(incl GST)
16.17ha $247,000 111 Lots $36,036 Net
Older sale in superior segment of last market peak. Market has eased substantially since sale.
Purchaser has a development approval for 111 lots for stage 1 of Forest Springs Estate. The land is located adjacent to the Existing Telina Estate and is now developed and sold with house construction underway with a number of completed and occupied residences. Kirkwood Road, Kirkwood (Lot 243 on SP174113) Forest Springs Estate
20/07/2012 $5,500,000(incl GST)
35.72ha $140,000 N/A N/A Older sale in superior segment of last market peak. Market has eased substantially since sale.
Same purchaser as above sale. The land is for the future stage of Forest Springs Estate, however is on the opposite side of Kirkwood Road. A change of zone from Urban Expansion to Residential ‐ Development Permit for Residential Subdivision in Urban Expansion & Rural Zones, Staged Reconfiguring A Lot (5 into 516) and Multiple Unit (233 Units) Residential Over 5 Key Sites (Forrest Springs) has preliminary approval as at 11/10/2013. Recently an application change in Density (Urban Expansion to Commercial Zone) & Showroom and Development Permit ‐ Reconfiguring a Lot (1 into 4) was submitted in 10/06/2014, decision is pending.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
17 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes…………….cont’d.
Address Date Price Area Ha
Hectare Rate
(ex GST)
Approved Number of
Lots Rate/Lot Comparison
Comment
40 Weeroona Rd Burua
27/04/2013 $650,000 43.537ha $14,900 N/A N/A Low sale, privately negotiated. Moderate to steep contour. Inferior land.
Lowset dwelling on partially cleared 43.54ha allotment. Layout provides 2 bedrooms, sleepout, standard living areas, bathroom and toilet. Ancillary improvements include: Fences, dam, shed. Located adjacent to Moura rail line being subject to regular diesel coal trains. Property has been sold to local active developer in this area. Excludes commission. Low Sale: Since purchase developer has made application to Council for a change of density to rural residential & reconfiguring a Lot (1 into 17), submitted on 28/08/2013 with the decision pending. 6 Jefferis Road, Beecher
29/4/2013 $1,215,000 42.59ha $28,500 N/A N/A Sale, privately negotiated. Easy undulating contour however substantially flood affected (Calliope River & Clyde Creek). Overall inferior.
Four (4) titles within one holding containing a total area of 42.59ha. Located adjacent to the Dawson Highway and Moura Rail line therefore experiences noise disturbance. Land fronts Clyde Creek being close to the mouth of Calliope River (creek aspect only). Improved with an older timber derelict dwelling, 4 dams and nursery business which was trading poorly. Considered a redevelopment site. Individual site areas vary from 1012m2, 8.42ha, 16.19ha and 17.88ha. Private sale, buyer was leasing an area for machinery/truck parking. Proposed Byellee wetlands located north of subject (council development). Flood affected property with all four (4) titles having a flood free area. Boundary Road, Kirkwood (Lot 100 SP247247)
11/7/2013 $660,000 (incl GST)
11.84ha $50,675 N/A N/A Inferior land, affected by easements, steep contour, difficult site. Overall inferior.
Forced sale circumstances, land adjoins Oasis estate. 50% encumbered by electricity easement.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
18 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes………… cont’d. BACKGROUND EVIDENCE: Forest Springs Estate – Under Contract Sales Address Sale Price Sale Date Area
m2 Listed Price
Sale Type Buyer
12 Parkway Cres, Kirkwood
$210,000
21/4/2015
661 $229,000
Developer sale to Local
Lot 113 Parkway Crescent, Kirkwood
$229,000
‐ 614 ‐ Walker Corp
Lot 116 Parkway Crescent, Kirkwood
$229,000
‐ 661 ‐ Walker Corp
4 Creekview Drive, New Auckland
$195,000
Feb 2015 810 $285,000 Local builder Local agent
Other Estates – Under Contract Sales Address Estate
Sale Price Sale Date Area
m2 Listed Price
Sale Type Buyer
Lot 113 Parkway Crescent, Kirkwood
Vantage Estate
$229,000
‐ 614 ‐ Walker Corp
Lot 116 Parkway Crescent, Kirkwood
Seaview Heights
$229,000
‐ 661 ‐ Walker Corp
4 Creekview Drive, New Auckland
Seaview Heights
$195,000
Feb 2015 810 $285,000 Local builder Local agent
Forest Springs Estate – Listings Address List Price Listed
Since Price
Reduction Area m2
Owner
Lot 112 Parkway Crescent, Kirkwood
$229,000
‐ ‐ 605 Walker Corp
Lot 113 Parkway Crescent, Kirkwood
$229,000
‐ ‐ 614 Walker Corp
Lot 116 Parkway Crescent, Kirkwood
$229,000
‐ ‐ 661 Walker Corp
We understand that there are another 4 lots for sale by the Walker Corporation (developer) in Forest Springs Estate which we are advised are listed between $233,000 to $237,000 however the individual lots have not been identified by developer’s sales office.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
19 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes………… cont’d. Other Estates – Listings Address Estate
List Price Listed
Since Price
Reduction Area m2
Lot 392 Brindabella Prd, New Auckland
Vantage Estate
$195,000
‐ ‐ 704
Lot 422 Castle Tower Tce, New Auckland
Vantage Estate
$175,000
‐ ‐ 480
Lot 111 Dorinda Close, Clinton
Seaview Heights
$140,000
‐ ‐ 303
Lot 112 Dorinda Close, Clinton
Seaview Heights
$140,000
‐ ‐ 301
Lot 113 Dorinda Close, Clinton
Seaview Heights
$199,000
‐ ‐ 714
Lot 115 Dorinda Close, Clinton
Seaview Heights
$155,000
‐ ‐ 343
Lot 117 Dorinda Close, Clinton
Seaview Heights
$195,000
‐ ‐ 650
Lot 127 Leslie Street, Clinton
Seaview Heights
$215,000
‐ ‐ 600
Lot 126 Wuruma Court, Clinton
Seaview Heights
$135,000
‐ ‐ 605
Lot 365 Cressbrook Street, Clinton
Seaview Heights
$229,000
‐ ‐ 1,068
Lot 357 Valhalla Street, Clinton
Hill Close $175,000 ‐ ‐ 545
36(Lot 373) Valhalla Street, Clinton
Hill Close $165,000 ‐ ‐ 480
Lot 406 Scampi Drive, Clinton
Hill Close $151,500 240
4 (Lot 26) Bufflehead Road, Kirkwood
Oasis $149,000 Local
agent or $160,000 developer
Original release in 2013
1+ 369
9 Outtrim Circuit, O’Connell
Stockwood Offers ‐ ‐ 684
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
20 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Valuation Processes…………….cont’d. There are few residential development sites available on the market in the local area including Gladstone, Beecher, Boyne Island and Tannum Sands, the most relevant of which are noted below. There are a substantial number of sites available in Calliope however they have not been included. Address List Price Land
Area Approved lots
Rate/ha Rate/lot Comments
79 Williams Road, Beecher
$2,200,000 44.12ha 21 lots $105,000
$50,000 Lot sizes are generally 1 ha with one of 14.9ha. Originally listed at $2,500,000 in Feb, 2010 and reduced to current price in Mar 2011. Sloping contour, forest ridge.
Lot 2, 879 Kirkwood Road, Kirkwood
$2,550,000 Approx. 12 ha
Nil $212,500
$150,000
Proposed for 17 rural residential lots. Balance land to be retained by vendor including residence.
Cnr Centenary Drive & Malpas Street, Boyne Island
$1,550,000 + GST
12.18ha Nil $221,674
N/A Centrally located adjacent to retail hub of Boyne Island. Qld Govt land. Previously listed originally at $2,700,000 + GST.
Lot 296 Dalrymple Drive, Toolooa Gladstone
$1,500,000 + GST
10.92 ha Nil $137,362
N/A Moderately sloping site adjacent to established residential area. Backs onto rail line. Education reserve for Qld Govt.
Lot 990 Little Creek Boulevard, Kirkwood
Expressions of Interest
1.9 ha 31 townhouses
N/A N/A Bulk earthworks complete and service connections installed. Level site in Little Creek Estate.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
21 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
OTHER MATTERS ‐ CAUTIONS
OCCUPANCY: Vacant land. REALISATION COSTS: Normal anticipated. No allowance within the assessment. GST COMPONENT: This assessment is GST exclusive. POSSIBILITY OF CONTAMINATION: Not to the Valuer’s knowledge. POTENTIAL PEST AFFECTION: Not to the Valuer’s knowledge. HERITAGE LISTED: Not to the Valuer’s knowledge. MAIN ROADS DEPARTMENT SEARCH: We consider a search is not warranted. CONFLICT OF INTEREST: Neither the writer nor the practice, MVS National Gladstone,
has a financial or beneficial interest in the property, the subject of this report.
MARKET MOVEMENTS/FLUCTUATIONS: 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 three (3) months from the date of the valuation, or such earlier date if you become aware of any factors that have any effect on the valuation.
PRIVACY: It is agreed between the instructor and the Valuer that all
valuations are provided in confidence and for the Instructor’s purposes only.
LIMITED LIABILITY: “Liability limited by a scheme approved under Professional
Standards Legislation”.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
22 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
QUALIFICATIONS & LIMITATIONS
TITLE BOUNDARIES: We advise that we have not carried out a detailed site survey and we have, of necessity, assumed for the purposes of this valuation that all structural improvements have been erected within the Title boundaries. We are not qualified surveyors however no obvious discrepancies are apparent. We note the building is one or close to boundaries. CONTAMINATION CLAUSE: This valuation is undertaken on the assumption the land is stable and free of all toxic hazardous wastes and building material hazards that could prevent the ongoing current use of the property. The Contaminated Land Act (the Act) was introduced in 1991 to establish a system to identify and manage contaminated lands and to prevent further contamination. Under the Contaminated Land Act polluters, owners/occupiers and Local Authorities are required to notify the Contaminated Land Unit of the Department of Environment and Heritage of Land that is or is likely to be contaminated. This information is then‐ entered upon the Contaminated Sites Register. In this case, no search of the Register has .been undertaken and no comment is provided by the valuation Practice "MVS National Valuers" as to whether the property is or is not contaminated. An assessment of contamination can be undertaken by specialist environmental consultants and you may wish to make independent investigations about contamination. This valuation is provided on the basis that the site is not contaminated and no remediation is required. If you become aware that the property is or is likely to be contaminated then a revaluation should be undertaken. LIMITATION: We state this report has been undertaken for internal reporting purposes only, and is for the use only of the party for whom it is addressed and for no other purpose, and no responsibility is accepted to any Third Party for the whole or part of its contents. This valuation has been undertaken for the express utilisation of our instructing party in accordance with advised purpose of valuation, and for no other party and as such we would advise that should any party other than the nominated party view, rely or act on any details contained herein, no responsibility will be accepted for this valuation, unless such parties have obtained prior commitments and formal written acknowledgments from this practice. Neither the whole, nor any part of this report or any reference thereto, may be included in any document, circular or statement without our written approval of the form and context in which it will appear.
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
23 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
VALUATION
The subject property has been inspected and all known facts and relevant features have been carefully taken into account.
THE MARKET VALUE OF THE PROPERTY, AS DESCRIBED WITHIN THIS REPORT, FOR SALES PURPOSES (INTENDED PURCHASE), AS AT THE DATE OF VALUATION, ON THE ASSUMPTIONS AND BASIS AS OUTLINED HEREIN IS CONSIDERED TO BE.....
RESUMED LAND VALUE LOW END OF VALUE RANGE (665m2 @ $285/m2) $190,000 HIGH END OF VALUE RANGE (665m2 @ $300/m2) $200,000
(This assessment is GST exclusive) I hereby certify that I have inspected the above property on 8th April 2015 and subject to the terms and the API Supporting Memorandum to this valuation report I assess the Market Value of the property as above and recommend it for an appropriate mortgage advance. The valuation is for the use only of the party to which it is addressed for sales purposes (intended purchase) and is not to be used for any other purpose. No responsibility is accepted or undertaken to any third parties in relation to this valuation and report. The Valuers inspection and report does not constitute a structural survey and is not intended as such. This valuation pro‐forma is made in accordance with the Australian Property Institute Supporting Memorandum and must be interpreted with that Memorandum. MVS NATIONAL ‐ GLADSTONE
VALUER: JULIE OWBRIDGE (Director/Principal) A.A.P.I., Certified Practising Valuer. Registered ‐ Qld, No. 1782. DATED: 8th April, 2015 .
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
24 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
TABLE OF ANNEXURES
PHOTOS
LOCATION MAP
CADASTRAL MAP
SURVEY PLANS (SP 246177 & SP 260326)
PROPOSED LAND PARCEL PLAN
COUNCIL MAP SHOWING CURRENT SITE SERVICES
DEVELOPMENT APPROVAL
APPROVED PLANS (Staged Development and Stage 4 Plan)
REVISED APPROVAL AND PLAN (Stage 4)
DEVELOPMENT COST ESTIMATES
EMAIL CORRESPONDENCE (Infrastructure Charges)
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
25 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
PHOTO’S – Survey peg View south east along frontage (Kahler Close)
South‐west corner View north‐west along frontage
View south‐east along frontage View north‐west from easement
Central site area View along Parksville Drive frontage
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
26 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Photos…………….cont’d. Central site area Rear northern corner
Central site area from rear boundary View along rear boundary
Rear uncleared land area Easement peg
Sediment basin in easement near frontage Telstra manhole on frontage
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
27 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
Photos…………….cont’d. Shopping centre access Roundabout on Dixon Drive
Subdivision under construction opposite Creekview Drive housing development nearby
Dixon Drive McDonalds nearby
Shopping Centre opposite
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
28 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
LOCATION MAP:
Lot 902 Kahler Close, New Auckland, Q 4680. (Gladstone Regional Council). (G150186)
29 | P a g e MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
CADASTRAL MAP:
Liability limited by a scheme approved under Professional Standards Legislation. Director | Julie Owbridge MVS National Gladstone Pty Ltd – ABN 32 162 715 139 Part of the MVS National Group | Valuations and Property Consulting
T | 07 4972 6944 F | 07 4972 8080 E | [email protected] W| www.mvsvaluers.com.au P | PO Box 5464, Gladstone Q 4680
29th May, 2015.
Gladstone Regional Council, PO Box 29, Gladstone, Qld 4680. Attention: Celisa Faulkner.
TAX INVOICE INVOICE: G150186 Valuation of: SECURITY ADDRESS: Lot 902 Kahler Close, New Auckland. CLIENT: Gladstone Regional Council. INSTRUCTED BY: Celisa Faulkner. PURCHASE ORDER: 150662. Review Fee (exclusive of GST)………………………………………………………………………………………………. $1,500.00 Plus: GST (for supply)……………………………………………………………………………………………………………….. $ 150.00 ‐‐‐‐‐‐‐‐‐‐‐‐‐
‐ TOTAL (inclusive of GST) $1,650.00 ======== JOB NO: G150186 – Subdivision MVS NATIONAL – GLADSTONE
JULIE OWBRIDGE
STRICTLY 30 DAY ACCOUNT (FROM DATE OF INVOICE) LATE FEES OF $33.00/MONTH OR PART THEREOF APPLY
DIRECT DEPOSIT TO: BSB 084‐662 (NAB – GLADSTONE) A/C NO: 94507 6530 (PLEASE INCLUDE INVOICE NO. AS REFERENCE)