Information memorandum
CityPark
M I X E D U S E de v e l o pme n t si t e
South Terrace, Adelaide, South Australia
CONTENTS
INTRODUCTION
LOCATION AND PRECINCT OVERVIEW..... 4
On behalf of the registered proprietors, JLL is pleased to present CityPark at 216-235 South Terrace, Adelaide, South Australia arguably Adelaide’s best mixed use development opportunity.
WHY INVEST IN CityPark, ADELAIDE, SOUTH AUSTRALIA................. 6 SITE DETAILS................................................ 8 ZONING AND LAND USE............................. 9 MIXED USE DEVELOPMENT - CONCEPT PLAN........................................ 10 About 216-235 South Terrace and CityPark........................................... 12 MARKET COMMENTARY........................... 14 DEMAND..................................................... 15 THE OFFERING............................................ 20 THE PROCESS............................................. 21 DISCLAIMER................................................ 22 FORM R7...................................................... 23
This exciting development opportunity sits within the ‘square mile’ of The City of Adelaide, just 400 metres east of King William Street and just over one kilometre from the Adelaide GPO. CityPark on South Terrace provides an unrivalled opportunity to unlock a high quality mixed use development with strong market appeal and within a vibrant prestige area of the City. The opportunity exists for either end users or development partners to take advantage of the current high demand for inner city living, short term visitor accommodation or a host of commercial development outcomes on the site within an iconic and strategic location in the City of Adelaide. CityPark provides end users and development partners with up to 8,300sqm approximately of prime level land with parklands frontage for a variety of development outcomes. Recent changes to the City of Adelaide Development Plan have identified sites located within the City Frame Zone, and encompassing an area greater than 1,500sqm, as Catalyst Sites. These sites should be comprised of medium to high scale residential development that is carefully integrated with non-residential development. Development envisaged within the zone includes aged persons’ accommodation, dwellings, hotel, office, primary school, residential flat building, retirement village and tourist accommodation all providing significant scope for a master planned mixed use development.
CityPark Expressions of interest are being sought for end users and/or qualified development partners with a track record of developing innovative mixed use precincts with a strong focus on built form, high quality tenancy mix and commercial outcomes. This is an exceptional opportunity for end users, qualified development groups, investors, joint venturers and capital partners to be part of the delivery of a world class mixed use development within an exciting CBD location in Adelaide. Expressions of Interest are being sought from parties who share the owner’s vision for the development of CityPark. Expressions of Interest close 4pm Friday 19 September 2014. To further discuss the opportunity please contact: Roger Klem Head of Sales & Investments 0423 919 373 roger.klem@ap.jll.com Jamie Guerra Managing Director 0418 849 780 jamie.guerra@ap.jll.com
JLL (SA) Pty Ltd Level 22 25 Grenfell Street Adelaide SA 5000 RLA1842
Possibly Adelaide’s largest privately held landholding in the CBD i
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CityPark
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Concept Plan
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CityPark
LOCATION Adelaide Oval
Medical Precinct
University Precinct
King William Street
Pulteney Street
Pulteney Grammar School
South Terrace
South Parklands Boundary Indicative
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CityPark
LOCATION AND PRECINCT OVERVIEW
CityPark is situated between King William Street and Pulteney Street on South Terrace, the major boundary that separates the City of Adelaide from the prime inner residential suburbs of Unley, Wayville, Parkside and Eastwood. CityPark is a readily identified site accessed from the South Eastern Freeway via Glen Osmond Road and forming the southern gateway into the Central Business District of Adelaide. This is a spectacular site, overlooking the south parklands that delineates the City of Adelaide from the fringe office precinct of Greenhill Road. Within the parklands are children’s playgrounds, the playing fields for various sports including football and cricket, running tracks, hockey, soccer, basketball and tennis. Often referred to as the lungs of the city, the parklands provide a sense of serenity from the hustle and pace of the CBD. Key attractions in the parklands nearby reinforce this concept with the Himeji Japanese Gardens to the east and Veale Gardens to the west. 4
Adjacent to the property is one of Adelaide’s leading private schools, Pulteney Grammar School a co‑educational school which accommodates students in classes from an early learning centre through to Year 12. A short walking distance include other educational facilities; Annesley College to the south and Gilles Street School to the north. The major university campuses of Adelaide University and University South Australia are located on North Terrace easily accessed via Pulteney Street.
to the west of Victoria Square. The extension to the Adelaide–Glenelg tram now provides a free service to passengers travelling from South Terrace through the City along North Terrace to the top end of Port Road near the new Bowden Village and Adelaide Entertainment Centre. The tramline extension provides significant advantages for those sites located in close proximity and the relatively short distance from CityPark will be a potential boon to astute developers and occupiers.
Amenity within the precinct is strong with some of Adelaide’s most popular cafés and restaurants located nearby including the popular high street of Hutt Street to the East, King William Street to the west and further afield Unley Road, Glen Osmond Road and King William Street, known for its fashion and café lifestyle. Fresh fruit and vegetable markets include the Market Shed open on Sundays, a regular weekend market at Gilles Street School and of course the Adelaide Central Market immediately
Multiple options exist to access CityPark whether from the Adelaide International Airport or Keswick Rail Terminal to the west via Richmond Road and South Terrace, or numerous corridors through the city including Pulteney Street, Hutt Street and King William Street. Major residential developments, typically driven by the State Government’s Transit Orientated Development policy have occurred outside the City.
Successful examples historically included the redevelopment of the former brickworks in Halifax Street, Amscol Factory in Carrington Street and new developments such as Ergo Apartments, a joint venture between Hindmarsh Group and the Adelaide City Council in Sturt Street/Wright Street. Asia Pacific Group’s success of The Watson apartments at Walkerville appears to be on track to continue with substantial pre-sales of Vue Apartments in King William Street, this time a joint venture with Starfish. City living is clearly coming of age and Adelaide is rapidly embracing the benefits of shorter commute times, home offices, student accommodation but the success is ultimately a factor of the amenity that a developer can provide by unlocking locations with quality views and accessibility. Price point is of course a key but successful developments such as The Watson have typically been able to provide additional drivers such as views and amenity.
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WHY INVEST IN CityPark, ADELAIDE, SOUTH AUSTRALIA
❚❚ One of the largest proposed ‘greenfield’ urban renewal projects in the Adelaide Central Business District and possibly the largest privately owned site in the City of Adelaide. ❚❚ Strategically located at the southern gateway entrance into the City of Adelaide situated between King William Street and Pulteney Street on South Terrace and easily accessed from the South Eastern Freeway via Glen Osmond Road. ❚❚ Easily accessible from major transport corridors through the Adelaide metropolitan area and a relatively short distance from Adelaide’s International Airport, Keswick Rail Terminal and South Road, Adelaide’s key north south roadway.
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❚❚ The opportunity to develop stages in line with demand with lower upfront holding costs and flexible commercial terms. ❚❚ Substantial existing holding income from tenants currently operating two key hotel chains from the property. ❚❚ Ability to leverage current successful Adelaide residential high rise projects including Ergo Apartments in Grote Street, The Watson Apartments at Walkerville, Vue Apartments on King William Street and high rise retirement developments at nearby Myrtle Bank, Leabrook and Fullarton.
❚❚ Opportunity to capitalise on South Australia’s next phase of economic growth driven by $9.3 billion of infrastructure projects either planned or underway including the recent opening of the South Australian Health and Medical Research Institute (SAHMRI) and the current construction of the new Royal Adelaide Hospital along North Terrace, Adelaide. These two buildings will be further complemented by two multi-storey research and training facilities for the University of Adelaide and University of South Australia placing South Australia with some of the most advanced medical research facilities in the world.
CityPark
❚❚ Benefit from substantial infrastructure projects including: –– $842m South Road Superway –– $525m redevelopment of Adelaide Oval –– Torrens Road to River Torrens South Road upgrade –– Transformation of Victoria Square, Adelaide –– $80m redevelopment of Rundle Mall, Adelaide –– Delivery of efficient electric rail network –– Rejuvenated laneway policy linking North Terrace with the Adelaide Central Market –– Expansion of the Adelaide Casino –– Expansion of the Adelaide Convention Centre
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SITE DETAILS
ZONING AND LAND USE
CityPark
The whole of the property is contained in the following six Certificates of Title: ❚❚ CT 5297/406 ❚❚ CT 5297/593 ❚❚ CT 5297/494 ❚❚ CT 5540/164 ❚❚ CT 5549/311 ❚❚ CT 5551/28
DELHI STREET 30.68m
17.09m
13.72m
17.53m
28.19m
19.81m
DOWNER PLACE
ALLOTMENT 249
30.68m
ALLOTMENT 248
30.81m
ALLOTMENT 5
17.15m
SOUTH TERRACE
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65.26m
65.30m
65.38m
21.34m
65.51m
65.19m
ALLOTMENT 285
ALLOTMENT 3
28.19m
Boundary Indicative
ALLOTMENT 4
19.81m
CityPark is under the development control of the City of Adelaide and the site is Catalyst Site in the City Frame Zone.
The following types of development are envisaged in the City Frame Zone:
Desired character indicates that the City Frame zone will primarily contain medium to high scale residential development supported by a mix of shops, personal services, restaurants, cafés and community and hospitality uses. It is intended that the highest built form will be located along South Terrace facing the Parklands.
❚❚ Consulting rooms
Catalyst sites provide opportunities for integrated developments on large sites to assist in the transformation of a locality. Such developments will facilitate growth in the residential population of the City, while also activating the public realm and creating a vibrant main street feel. A range of land uses will be provided that add to the range of local employment opportunities and the availability of services and shopping facilities within the main street. Development on catalyst sites will exemplify design than is generally greater in height or density that its surroundings.
❚❚ Tourist accommodation
❚❚ Aged persons’ accommodation ❚❚ Dwellings ❚❚ Hotel ❚❚ Offices ❚❚ Schools ❚❚ Retirement villages
Development should reinforce the area as predominantly residential, with non residential land uses comprising no more than 40% of any new building. This is an incredible opportunity which will provide scope for large users to be a key part of a broader, integrated, master planned development scheme. Engaging with the owner at such an early stage will provide considerable scope for interested parties to potentially be part of the master plan for the site.
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CityPark
MIXED USE DEVELOPMENT - CONCEPT PLAN
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Type of Development
22,230
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Low Rise Residential Hotel Car Park University/Office
1,850 11,180 1,920 11,520
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Total
4,390
Minimum Car Park Space Requirements 200
Number of Stories
High Rise Residential
Commercial
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Gross Floor Area (sqm)
6 2 9 1-2
30 25 N/A
40
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Architects WalterBrooke were commissioned by the registered proprietor to undertake initial massing plans for the site and liaise with the local planning authority as to the likely appetite for a mixed use redevelopment of the site. A number of options were considered which indicate strong encouragement for a mixed use of the site including but not limited to high and low rise residential, hotel and short term visitor accommodation, commercial, office, university, medical and ancillary car parking. The southern aspect of the site overlooking the South Parklands
will provide considerable scope for high rise development, able to avoid the issues of overshadowing existing buildings because of the orientation of the site. The principals of WalterBrooke would be particularly amenable to discussing design and other options for the site, and feedback that they have already undertaken with the local planning authority. Interested parties must note that these are concept plans only, and any development of the site including changes to the existing land uses will be subject to normal statutory consents and approvals.
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About 216-235 South Terrace and CityPark
The property located at 216-235 South Terrace, Adelaide is currently developed as two older style developments and operated separately as Country Comfort Hotel and The Chifley South Terrace. An adjoining site, not part of this offering and located to the west is also developed as short term visitor accommodation and operated under the Grand Chifley brand. The Country Comfort Hotel occupies a site of approximately 4,020sqm and configured as a
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60 room, low rise, motel style building with a large central car park and operated by the Silverneedle Hospitality Group. The three and a half star motel was constructed in the late 1960s and upgraded in 2000. The Chifley on South Terrace is a four star high rise motel complex constructed in the late 1960s, last renovated in 2010 and configured over 95 hotel rooms. The hotel is also operated as part of the Silverneedle Hospitality Group. The hotel occupies a
site of approximately 4,250sqm enjoying expansive views across the south parklands to the Adelaide Hills and north towards the Adelaide CBD. The combined site of approximately 8,300sqm features a combined frontage to South Terrace of over 125 metres. Rear access to the site is afforded from Delhi Street and an unnamed lane/right of way separates the western boundary from the site of the Grand Chifley.
CityPark
CityPark provides scope for a large mixed use development, likely to be centred around a primarily residential land use, enquiries have already been fielded from medical uses, universities and high end short term accommodation providers. It is in this scope that the registered proprietor is seeking formal interest from parties interested in becoming a part of the longer term redevelopment of all or portion of CityPark.
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CityPark
MARKET COMMENTARY
DEMAND
Office
❚❚ JLL is forecasting 2014 to be year of stabilisation, with growth returning to the Adelaide office market from 2015 onwards.
Supply ❚❚ JLL forecasts office supply to slow significantly over the next few years after a period of relatively strong supply in 2012 and 2013. ❚❚ 2014 will not see any new supply of significance, but a pickup in refurbishment activity will result in four buildings that have been removed from stock returned to the market. ❚❚ 169 Pirie Street, 101 Pirie Street, 161 Flinders Street and 2 King William Street are all expected to complete this year, bringing just over 20,000sqm back to market.
❚❚ Average annual net absorption for the next three years from 2015 to 2017 is forecast at 25,000sqm per annum. ❚❚ Deloitte Access Economics index for Base Office Demand has been strongly correlated with net absorption and the Access Economics forecast for the next few years supports JLL’s expectations for net absorption. Adelaide Office Net Absorption and Base Office Demand (Historical and Forecast) 100,000
❚❚ However, all four of these buildings are expected to remain as secondary office space and as such will not be competing with any proposed new development. Furthermore, 169 Pirie Street, arguably the best of the four buildings, is expected to be well leased when returned to the market 2014.
70,000 60,000
80,000
3000 2500
60,000
2000 40,000
1500 1000
20,000
50,000
Square Metres
3500
Square Metres
Adelaide Office Net Supply (Historical and Forecast)
4000
40,000
500 0
0
-500
30,000
-20,000
20,000
2004
2006
2008
2010
2012
2014
2016
2018
-1000
10,000
❚❚ Whilst the falling ratio of office space per employee has been a national, and indeed an international trend, Adelaide appears to be maintaining a higher office ratio.
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❚❚ This is supported by the Deloitte Access Economics Base Office Demand series and the JLL total occupier office stock series, which demonstrates an average office ratio of 16sqm for the last 10 years.
-10,000 -20,000
2004
2006
2008
2010
2012
2014
2016
2018
❚❚ Between 2015 and 2018, JLL is forecasting a negative net aggregate supply of 14,000 sqm for the four year period. ❚❚ This forecast is based on known development proposals as well as historical supply and withdrawal trends. ❚❚ Whilst refurbishment activity appears to be accelerating, there are no significant buildings currently out of the JLL stock list, therefore, any further refurbishment activity will essentially recycle existing stock rather than contribute to additional supply.
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CityPark
DEMAND Adelaide Office Space Ratio (2000 – 2013) (Total Occupied Stock divided by total Base office Demand) 18.0 17.5
Square Metres
17.0 16.5
Annual Change Base Office Demand
Space Requirement (at ratio of 16sqm per employee)
2015
867
13,875
2016
1,404
22,468
2017
1,367
21,872
2018
1,270
20,324
Total
4,909
78.583
16.0
❚❚ Demand in the Adelaide market is expected to come from three key areas, Public Administration, Education and Health.
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❚❚ Whilst the Public sector is expected to contract next year, Deloitte Access Economics are forecasting growth for the following three years.
15.0
❚❚ Education and Training constitutes a larger portion of the Adelaide office market than Australia’s other office markets, and Deloitte Access Economics are forecasting strong growth in the sector over the next four years.
14.5 14.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
❚❚ This data supports an office space ratio for the Adelaide market of approximately 16sqm per employee, however it also demonstrates that the ratio is falling. With the greater space efficiencies of modern office buildings and more flexible office practices such as “hot desking”, this trend is to be expected. ❚❚ Using the office space ratio of 16sqm per employee, and applying that ratio to the Deloitte Access Economics forecast for Base Office Demand, Adelaide can expect total net absorption of 78,500sqm for the four years from 2015 onwards. This supports JLL’s forecast of 70,000sqm for the same period.
❚❚ Health Care is also forecast to drive growth in employment. The Royal Adelaide Hospital and SAMHRI developments and a focus on medical research in the state, as well as an aging population will support growth over coming years. Future Office Demand by Industry Sector 2015 Employees
Space
2016 Employees
Space
2017 Employees
Space
2018 Employees
Space
Total Employees
Space
Public Administration
-151 -2,414
688 11,007
653 10,444
558
8,928
1,748 27,964
Education and Training
283
4,532
238
3,801
216
3,456
220
3,514
956 15,303
Health Care and Social Assistance
572
9,149
519
8,307
455
7,280
454
7,258
2,000 3,1993
Base Office Demand
867 13,874
1,270 20,324
4,909 78,538
1,404 22,468
1,367 21,872
Market Balance ❚❚ 2014 is expected to be a year of stabilisation for the Adelaide market, both in terms of supply and demand. ❚❚ From 2015 onwards space demand is expected to return to growth, with 70,000sqm of new absorption forecast for between 2015 and 2018. ❚❚ Over the same four year period, current supply forecasts project total office space to contract by 14,000sqm.
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CityPark
DEMAND
HOTELS/ACCOMMODATION A total of 14.7 million visitor nights were spent in Adelaide in the year ended Sep 2010. Domestic visitor nights accounted for 48.9% and international visitor nights 51.1%. At that time the Australian Bureau of Statistics reported 42 hotel establishments with 4,211 rooms and JLL identified sufficient demand to predict potential in the growth in occupancy and room rates in the short term. Four new facilities have been constructed in the intervening period The Ibis in Grenfell Street (311 rooms), the Mayfair currently under construction in King William Street (170 rooms) and two Quest serviced apartment complexes, one in Franklin Street (117 rooms) and another nearing completion in King William Street (107 rooms). Major drivers for the increase in demand for Hotel rooms within the City of Adelaide are predicted to include:
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❚❚ Upgraded Adelaide Oval and introduction of AFL football to the newly completed City based Stadium ❚❚ Extension to the Adelaide Convention Centre currently under construction ❚❚ New Royal Adelaide Hospital currently under construction and due for completion in early 2016 ❚❚ Recently opened South Australia Health and Medical Research Institute ❚❚ University of Adelaide integrated Clinical School incorporating Medicine, Nursing and Dental ❚❚ Major events including Womadelaide, Tour Down Under, Festival of Arts, Clipsal 500 V8 Supercars ❚❚ Growing international recognition of key winemaking regions including Adelaide Hills, McLaren Vale and Clare Valley
Residential City Living The international trend towards high rise living within close proximity to city centres is garnering strong momentum in Adelaide, primarily driven by quality developments, experienced developers and proximity to key infrastructure including the Free City Tram, Adelaide Central Market, Chinatown and Universities. The most recent success stories have included; ❚❚ Ergo Hindmarsh Group’s joint venture with the Adelaide City Council. Ergo is a low rise complex of 178 high quality apartments situated around landscaped spaces with a multi-purpose building at the heart, available for use by the local community. It is located in the ‘foodie’ south western quarter of Adelaide – a short walk from the Central Markets – with secure bike storage, underground car parking, a share car, secure access features. Ergo boasts an average 7-star NATHERS energy rating.
❚❚ Vue on King William A joint venture between Asian Pacific Group (APG) and Starfish located on King William Street. Vue on King William is a proposed 207 apartment complex over 26 storeys which will become the tallest residential tower in the City of Adelaide. Pre sales (as advised) indicate 89% have sold off the plan and construction is due to commence in August 2014. APG recently completed the major redevelopment of the former Transport building at Walkerville and run the Art Series Hotels in Melbourne. Their investment into Adelaide has been both refreshing and commanding and deserves the success it has unfolded.
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THE OFFERING
THE PROCESS The opportunity to become a development partner, joint venture partner, tenant, purchaser or some other arrangement in relation to this site is available to suitably qualified parties via an Expressions of Interest campaign.
CityPark – Expression of Interest c/o Roger Klem JLL Level 22, 25 Grenfell Street ADELAIDE SA 5000
Interested parties are encouraged to submit a detailed proposal outlining the terms of their interest in the site. In the event that parties are interested in only portion of the site their proposal should detail which part of the site, their intended use of the site and what parameters they may wish to have considered for integration into the balance of the site.
CityPark – Expression of Interest c/o Jamie Guerra JLL Level 22, 25 Grenfell Street ADELAIDE SA 5000
There is no specific Expression of Interest form however it is expected that interested parties will provide details of the interested party including the name of the company, contact person and email and mobile telephone details. A number of key CBD development sites have been developed or are currently being developed as part of the last cycle but have generally occurred as either residential or commercial not a successful mix of the two. City Central’s office precinct has generated three high rise office towers, the most recent being Tower 8 occupied by the Australian Taxation Office and Australia Post. Residential development has generally been discouraged from co-locating with these users to date. Bowden Village at the city end of Port Road is proving its success as a residential development with a multitude of developers pre-selling product and now in the construction phase. The Watson at Walkerville was a stand alone residential conversion albeit located adjacent to a new Woolworths based shopping centre. At Myrtle Bank, Fullarton and Leabrook the first vertical retirement villages have certainly proven their success. Mixed use sites in the City have scope to provide an integrated mix of these types of land uses on single master planned site, with the opportunity for medical, universities, schools, students, retirees, offices and families to co-exist.
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We are confident that CityPark will be the first large integrated master planned site for a mixed use development in Adelaide’s CBD. The parklands frontage, key access and proximity to the city via the free tram service will be key drivers in attracting developers keen to be part of a world class outcome for Adelaide.
CityPark
To be considered for selection, interested parties must lodge their proposal with JLL by 4pm Friday 19 September 2014 addressed as follows:
Proposals can be delivered to the above address or emailed to roger.klem@ap.jll.com or jamie.guerra@ap.jll.com Dependent on the detail of the proposals, the registered proprietor aims to complete its initial assessment of the proposals within three weeks of the close of Expressions of Interest and shortlisted parties will be invited to meet with the registered proprietor to discuss and present their proposals prior to submitting their final proposals.
Architect Walter Brooke has prepared initial mixed use massing plans for the site and provides an indicative guide for the size and nature of development outcomes. All land use, and any changes of land uses, will of course be subject to normal statutory consents. Walter Brooke has liaised with the City of Adelaide planning staff prior to the preparation of its massing plans. They should be used as a guide only and purchasers/developers and other interested parties must rely on their own investigations. The structure of any leasing agreement, development agreement, joint venture agreement, sale of all or portion of the site or any other arrangement as a result of this expression of interest campaign will be subject to a commercial negotiation between the parties.
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DISCLAIMER
FORM R7
CityPark
Warning Notice Financial and Investment Advice Land and Business (Sale and Conveyancing) Act 1994 section 24B Land and Business (Sale and Conveyancing) Regulations 2010 regulation 21
A land agent or sales representative who provides financial or investment advice to join in connection with the sale or purchase of land or a business is obliged to tell you the following – You should assess the suitability of any purchase of the land or business in light of your own needs and circumstances by seeking independent financial and legal advice. NOTE: For the purposes of section 24B of the Act, an agent or sales representative who provides financial or investment advice to a person in connection with the sale or purchase of land or a business must This report has been prepared by Jones Lang LaSalle (SA) Pty Ltd for the information of potential purchasers to assist them in deciding whether they are sufficiently interested in the property offered to proceed with further investigation in relation to the property. The information contained in this report does not constitute any offer or contract of sale; it is provided as a guide only; and has been prepared in good faith and with due care. Potential purchasers must take note that the figures and calculations contained in this report are based upon figures provided to us by outside sources and have not been verified by us in any way. We have no belief one-way or the other in relation to the accuracy of such information. Any projections contained in this report represent estimates only and may be based on assumptions that may be incomplete, incorrect or erroneous. Potential purchasers must satisfy themselves in relation to all aspects of the report including
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development potential and cost; market take up; rent levels; outgoings; and all other matters a prudent purchaser would consider relevant. The Vendor, Jones Lang LaSalle (SA) Pty Ltd, or their employees, agents or representatives will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that a potential purchaser relies upon that is contained in this report or any other marketing material.
• in the case of oral advice – immediately before giving the advice, give the person warning of the matters set out in this Form orally, prefaced by the words “I am legally required to give you this warning”; or • in the case of written advice – at the same time as giving the advice or as soon as reasonably practicable after giving the advice, give the person this Form, printed or typewritten in not smaller than 12-point type.
January 2014
The property will be traded or sold “as is” and “with all faults”, without any representation or warranty as to its condition; fitness for any particular purpose; or compliance with any relevant law. The Vendor reserves the right, at its sole discretion, to postpone or cancel the proposed trade or sale of the property and to modify or add any terms and conditions to any proposed contract, vendor’s statement or other material associated with the proposed sale, which may be made available to a potential purchaser.
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JLL Level 22, 25 Grenfell Street ADELAIDE SA 5000 RLA1842 www.realcommercial.com.au/501232548