Recent Sales & Transactions Report

Sales Update

Ray White Special Projects (Queensland)August 2015

Recent Sales & Transactions Report

Ray White Special Projects (Qld) Sales Update August 2015

We are pleased to provide a summary of our recent settled sales and transactions in addition to a snap shot of what we are experiencing around various parts of the residential development s ite market.

Demand for residential development sites in South East Queensland in general remains strong with most locations and asset types generating large volumes of enquiry and offers.

Appetite for high density, high volume product aimed into the investor markets is starting to be viewed with some caution from financiers and local developers as they become concerned with potential issues around over supply and softening rental demand. We are continuing to see overseas interest in trophy sites in Brisbane and the Gold Coast.

Smaller unit sites (< 80 units) in CBD fringe locations with existing approvals remain highly sought after with most interest being received from local developer/builder/marketing groups and interstate developers seeking opportunities away from the frenzied markets of Sydney and Melbourne.

Through 2015 we have seen a number of interesting trends emerge which are having an impact on the residential development site market.

– Growing appetite for smaller sites out to the 15 km bracket of Brisbane as groups look to diversify their stock base and take advantage of the strengthening established housing and owner occupier markets

– Strong demand from groups seeking to deliver boutique projects aimed at the upper end of the market ($1.5M plus completed stock).

– Emergence of the Aged Care sector with strong levels of interest now being demonstrated which has seen these groups commonly competing with the medium density apartment market for “in-fill” sites and in many cases winning

– Strong return from the Child Care sector

Appetite for land subdivision (detached housing) sites continues to firm particularly those with approvals. This demand is driven by the strong take up of the completed product in most locations and the scarcity of supply for approved sites.

In the majority of locations we do not see any issues with oversupply in the land market due to the often protracted time frames and complications in obtaining necessary approvals.

The emergence of environmental constraints in developers considerations are providing the most prominent concern and are viewed as the most significant development risk to overcome. This along with the traditional obstacles such as fragmentation of ownership, site constraints and lack of essential infrastructure are likely to hold back the land market in general in terms of supply for the foreseeable future.

We expect the market will be watching with great interest to see how the next version the South East Queensland Regional Plan potentially deals with greenfield land supply issues.

Appetite for development opportunities in regional locations remains subdued with levels of enquiry low and interest primarily coming from the active local developers in each area or opportunistic g roups seeking to make a counter-cyclical acquisition. The small number of Receiver and Mortgagee sales in the market at present generally seem to be confined to the regions.

Do not hesitate to contact any of the undersigned below should you wish to discuss the market in general or any of the transactions included in this update.

Tony WilliamsExecutive Director

Ray White Special Projects (Qld) M 0411 822 544 E tony.williams@raywhite.com

Mark CreeveyExecutive Director

Ray White Special Projects (Qld) M 0408 992 222 E mark.creevey@raywhite.com 1

Settled Sales

Address Contract Date Sale Price Settlement Date Site Area*

320 Cleveland-Redland Bay Road, Thornlands

November 2014 $5,525,000 (Exclusive GST)

March 2015 3.533ha

– Located in a strong development precinct adjoining future Waterline Estate on the northern boundary and townhouse development on southern boundary

– Original Development Application lodged for residential subdivision, layout reflecting 44 lots. New layout and application reflecting 50 lots ranging in size from 429m2 to 814m2 and averaging 541m2

– Sale contract included requirement of buyer to undertake development approval and accompanying significant civil works on adjoining site also owner by seller

– Sold on behalf of a Private Seller – Purchased by Villaworld

22 & 24 Travill St, Newmarket

September 2014 $1,400,000 (Exclusive GST)

March 2015 1,791m²

– Designation: Low Medium Density Residential – Two existing dwellings with two street access – Sold subject to Development Approval – Approval comprised 12 units plus the two houses – Located 5km* north of the Brisbane CBD and 200m* to Reading Newmarket Shopping Centre – Sold on behalf of a Private Seller

61-79 King St, Thornlands

August 2014 $10,800,000

(Exclusive GST)

March 2015 8.77ha

– Development Permit for Retirement incorporating 81 ILU’s and 62 ILA’s plus Community Facilities – Highly sought after Bayside location, surrounded by established residential development – Clear, flat level land close to existing infrastructure – Buyer likely to develop as a residential subdivision – Sold on behalf of RSL Care – Purchased by Ausbuild – Post settlement obtained DA for 83 residential lots ranging in size from 450m2 to 785m2

463 Anzac Avenue, Rothwell

December 2014 $2,700,000

(GST Exclusive)

April 2015 6.85ha

– Zoned ‘Frame Business’ and designated ‘Specialist Centre Precinct’ under Draft MBRC Planning Scheme – Submission lodged with Council seeking to expand uses to include multiple residential dwellings, aged

care accommodation or retirement village units – Sold on behalf of Receivers and Managers

83 Alice Street, Donnybrook

March 2015 $450,000 (GST Exclusive)

April 2015 1.28ha

– Land Area - 1.28 Ha* – Development Approval and Operational Works Approval – Lot sizes range from 400sqm to 813sqm average 601sqm – Close proximity to upgraded Bruce Highway Pumicestone Road Interchange – Sold on behalf of a Private Seller

48 Government Road, Richlands

March 2015 $4,150,000 (GST Exclusive)

June 2015 2.4065ha

– Land Area: 2.4065 hectares* – Located 18km* south west of the Brisbane CBD – Designated LMR3 Low-Medium Density Residential - Up to 3 storeys (City Plan 2014 - Brisbane City

Council) – Potential for Townhouse/Unit development or Residential Subdivision subject to Council approval – Sold on behalf of Brisbane City Council – Purchased by Philip Usher Constructions

*Approximately2

Settled Sales

Address Contract Date Sale Price Settlement Date Site Area*

707 Hamilton Road & 137 Maundrell Tce, Chermside West

January 2015 $1,400,000 (Exclusive GST)

June 2015 6,055m²

– Residential dwelling available for permanent occupation, rental as investment or providing holding income pending redevelopment + vacant, corner position development site

– Within 10km* of the Brisbane CBD – Close proximity to Westfield Chermside, the Prince Charles and Holy Spirit Private Hospitals, schools and

public transport. – Sold on behalf of Brisbane City Council – Two contracts

– 707 Hamilton Road $355,000 – 137 Maundrell Tce $1,045,000

– A third non-related property was purchased on Hamilton Road (see below) to provide a solution to potential site access issues

705 Hamilton Road, Chermside West QLD

February 2015 $450,000 (GST Exclusive)

Due December 2015

607m²*

– Residential 607m²* allotment – Within 10km* of the Brisbane CBD – Close proximity to Westfield Chermside, the Prince Charles and Holy Spirit Private Hospitals, schools and

public transport. – Sold on behalf of a Private Seller – Same purchase of adjoining 137 Maundrell Tce & 707 Hamilton Road, Chermside West

216-218 Moray Street, New Farm

March 2015 $6,000,000 (Exclusive GST)

June 2015 2,226m²

– Total land area of 2,226m²* – Approval for 12 x 3 level luxury townhouses – Unique opportunity to capitalise on the demand for boutique townhouse living only 2.5km* to the

Brisbane CBD – Highly desirable location in close proximity to a diverse range of restaurant and café precincts, boutique

shopping, transport, entertainment and arts complexes. – Sold on behalf of a Private Seller

Maryview Drive, Yengarie

March 2015 $1,100,000

(Exclusive GST)

June 2015 -

– Located 12km* west of the Maryborough CBD – 37 rural residential allotments#

– Lots ranging in size from 4,051m²* to 3.988ha* (Avg 8,140m²*) – Majority of lots with either lake or Mary River frontage – Sold on behalf of Receivers and Managers

91 Rode Rd and 2-10 Bayview Tce, and 11 Sugarloaf St, Wavell Heights

May 2015 $3,700,000^ August 2015 6,030m²*

– Prime re-development opportunity in inner Northern Brisbane Growth Corridor – 4 houses & former Penola Nursing Home – Elevated site with three (3) street frontage and views of Brisbane CBD and Moreton Bay – Sold on behalf of a Private Seller – Purchased by childcare operator who plans to sell houses fronting Bayview Tce and redevelop nursing

home to childcare – ^91 Rode Rd - $1,000,000 (Including GST margin scheme) – ^2 - 10 Bayview & 11 Sugarloaf - $2,700,000 (Input Tax Supply)

*Approximately3

Address Contract Date Sale Price Settlement Date Site Area*

Dufficys Lane, Tintenbar NSW

December 2014 Confidential August 2015 164ha

– Four parcels comprise: Lot 18 - 40.65ha*, Lot 19 - 40.54ha*, Lot 20 - 40.14ha*, Lot 21 - 43.36ha* – Situated in the Cumbalum Ridge future urban release area - Precinct B – Lots 18, 19 & 20 include land within ‘7(a) Environmental Protection (Wetlands)’ zone – Sold on behalf of Receivers and Managers

91 Kittyhawk Drive, Chermside QLD

September 2014 $5,454,545

(GST Exclusive)

August 2015 2,640m²

– Directly adjoins and overlooks parkland and located 10km* from CBD - adjacent to Westfield – Development Permit for 127 apartments and 384m²* commercial – Buyer altering the D.A with alternative unit layout and yield – Sold on behalf of a Private Seller

11 Rachow Road, Thornlands QLD

October 2014 $5,200,000

(GST Exclusive)

October 2015 6.03ha

– Approval for 8 lot park residential subdivision – Likely to be developed for medium density – Sold on behalf of a Private Seller

40,42 and 44 Ellis St, Greenslopes QLD

June 2015 $2,550,000 (GST Exclusive)

June 2016 1,821m²*

– Development opportunity in highly sought after Inner Southern Brisbane location – 5km* south of the Brisbane CBD – Low-Medium Density Residential (2 or 3 Storey Mix) Zone – Sold on behalf of a Private Seller

Woodlands Rise, Gatton

July 2015 Confidential August 2015 197.96ha

– Balance of existing estate - previous stages sold out – Located 3km* south east of Gatton and 95km* west of Brisbane CBD – ROL approval for 73 park residential lots with OPW for first 22 lots allowing immediate commencement – Potential Masterplanned Estate with indicative yield of 1,239 residential lots and 3.4ha* Town Centre – Sold on behalf of a Private Seller

Corner Kruger Parade & Eagle St, Redbank

August 2015 Confidential May 2016 18.74ha

– Preliminary Approval incorporating a Plan of Development to provide ; – 14 Hectares* of Residential Low Density – up to 15 dwellings per hectare – 1.625 Hectares* of Residential Medium Density – no more than 50 dwelling units per hectare

– Situated 30km* west of the Brisbane CBD and 10 minutes* to Springfield Lakes Orion Shopping Centre

288-302 Bowen Terrace, New Farm

August 2015 Confidential September 2015 1,350m2

– Current MCU and ROL Development Permit for 7 single unit dwellings on freehold lots – Unique opportunity to capitalise on the demand for boutique living only 1.5km* to the Brisbane CBD – Highly desirable location in close proximity to a diverse range of restaurant and café precincts, boutique

shopping, transport, entertainment and arts complexes. – Walking distance to Howard Smith Wharves redevelopment – Two street frontage providing direct vehicular access for each dwelling from the street

Transacted Sales (Unconditional)

*Approximately 4

Transacted Sales (Conditional)

Address Contract Date Sale Price Settlement Date Site Area*

218 Grampian Drive, Deebing Heights QLD

May 2015 Confidential Subject to DD 114ha

– 10km* from Ipswich CBD, 3.5km* to Yamanto Village and 5km* to future Ripley Town Centre – Development Permit (ROL) 1 into 3 management lots – Short term development opportunity – Management Lot 2 (58ha) has DA submitted for 586 dwellings comprising 502 traditional lots and 84

medium density dwellings, community and open space. – Remaining management lots provide opportunity for future residential and / or commercial expansion – Sold on behalf of a Private Seller

104 River Hills Rd, Eagleby QLD

15 August 2014 Confidential Subject to DA 2.0ha

– The site forms part of an overall land holding, includes Twin Rivers Church & Associated Facilities (4ha). – Located in high growth area within walking distance to Shopping Centre, Tavern, Schools and Transport – 35km* to Brisbane CBD and 40km* from the Gold Coast and only 1km* from Pacific Motorway – Sold on behalf of a Church Group

232 Settlement Road, The Gap

May 2015 Confidential Subject to DA 4.035ha

– Former quarry adjoining residential subdivision – In close proximity to schools, transport and local shopping facilities – Currently designated CP-EI - Extractive Industry Area EI – Purchased subject to achieving DA for intergrated health / retirement concept

*Approximately5

Ray White

Special Projects (Queensland)

www.raywhitecommercial.com

Mark CreeveyRay White Special Projects (Qld)

M 0408 992 222 E mark.creevey@raywhite.com

Tony WilliamsRay White Special Projects (Qld)

M 0411 822 544 E tony.williams@raywhite.com

Matthew FritzscheRay White Special Projects (Qld)

M 0410 435 891 E matthew.f@raywhite.com

Disclaimer:

This is preliminary information is incomplete and not to be relied upon. We make no representation or warranty as to the accuracy, reliability or completeness of the information relating to the properties. Some information has been obtained from third parties and has not been independently verified. Accordingly, no warranty, representation or undertaking, whether express or implied, is made and no responsibility is accepted by us as to the accuracy of any part of this, or any further information supplied by or on behalf our behalf, whether orally or in writing.

Andrew BurkeRay White Special Projects (Qld)

M 0417 606128 E andrew.burke@raywhite.com