Information Memorandum For the sale of
MAGENTA SHORES MARCH 2011
INFORMATION MEMORANDUM
1
Contents Introduction
4
Executive Summary
6
Investment Highlights
7
Location
8
Project Overview
9
Summary of Product Completed Stock Villas Golf Terraces Golf Homes
COLLIERS INTERNATIONAL
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Beach Homes Future Land Golf Course Hotel – Quay West Resort Magenta Shores Short Term Letting Income Land Tax Rates Titles Community and Subsidiary Associations Ownership structure Current Sales and Marketing
13 13 14 15 15 17 17 17 17 18 18 18
Approvals Local Government Area Zoning Stage 1 Masterplan Approval Section 94’s and Development Servicing Plans
19 19 19 19 19
Comparable Sales
20
Sales Programme
22
Expressions of Interest Sales Structure Data Room
Appendix A
24
Plan of Available Residences
Appendix B
26
Masterplan (S96) Layout
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INFORMATION MEMORANDUM
Introduction Colliers International is delighted to have been appointed by the Mirvac Group (“Mirvac”) to market for sale by way of an International Expressions of Interest (“EOI”) campaign, a selected portfolio of completed houses, townhouses and residential development lots in the stunning Magenta Shores Resort. This five star resort estate nestled between the ocean and the lake, on the Central Coast of NSW provides outstanding amenities for both its residents and guests. Only 90 minutes north of Sydney, Magenta Shores is now an iconic destination for Sydneysiders wanting a premium resort style weekender or residence. The resort includes the five star Quay West Resort & Spa Magenta Shores. Operated by Mirvac Hotels & Resorts, it has a superb 20 metre heated indoor lap pool, tennis courts, a gymnasium, steam room, day spa, bars, lounges and Barretts, the resort’s signature restaurant. 4
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The 18 hole golf course was voted by Golf Australia, the official course rankings organisation, as the best New Resort Course in Australia when it opened and the best Resort Course in NSW. Magenta Shores is situated on the Central Coast between Tuggerah Lake and the ocean beach and is only 2km north of The Entrance. The Central Coast, is just one hour’s drive north of Sydney and is a world of beautiful coastlines, golden beaches, alluring lakes and pristine national parks. These treasured natural assets stretch across the six regions of the Central Coast, each with their own unique qualities, energy and style. The Central Coast has it all from quiet fishing villages to lively coastal towns. Residents and visitors can enjoy boating, fishing, swimming or cycling the 12km cycleway along the side of the lake.
Mirvac is offering in one line a portfolio of 97 completed residences within the Magenta Shores complex including Villas, Terraces, Golf Homes and Beach Homes, together with 225 land lots, ready for servicing and sale (the�Offer�). This resort was one of the most successful of its type in Australia when launched in 2006 and the opportunity is now available to acquire the balance of the development in one line and continue the development, and sell down, of this unique resort complex.
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Executive Summary Property
Holding Income and Outgoings
Magenta Shores is an outstanding golf course and beach frontage resort, with 97 completed residential developments and 225 residential development lots.
There is holding income from Villas that are leased in the complex together with golf homes and terraces that have been leased on residential leases for the short to medium term. The total income from these lettings equated to approximately $599,000 in 2010 and the properties are sold subject to the leases. The outgoings for the properties within the offer, including but not limited to land tax, landscaping and utilities are estimated at $1,840,460 pa. The land tax component included in the outgoings, which was payable for the 2011 tax year was $791,460.
Titles The titles for each of the properties comprising the offer will be made available. Examples of the titles are included in the data room.
Registered Proprietor Mirvac Spare Pty Limited and SPV Magenta Pty Limited (“Owners”). These companies own the land as tenants in common in equal shares.
Description • 37 Villas • 15 Terrace Houses • 35 Golf Homes • 10 Beach Homes • 225 unserviced residential lots
Zoning Magenta Shores is zoned 7(a) Conservation Zone Golf Course permitted and 5(a) Special Uses – Integrated Tourist Facility. The homes and land that are the subject of this EOI are within the 5(a) Special Uses Zoning.
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Method of Sale An International EOI closing Thursday 14th April at 4:00pm at the offices of Colliers International. Mirvac is open to any type of structure that may be presented by an interested party, however a cash offer on the property purchase would be looked on as the most favourable outcome. A data room has been made available for interested parties to review information on the project subject to completion of a confidentiality agreement.
Investment Highlights 1. Only 90 minutes north of the Sydney CBD on the Central Coast 2. Magnificent resort with 18 hole Golf Course, voted the best new golf resort course in NSW 3. Beach frontage bounded by the Pacific Ocean and Tuggerah Lake 4. 97 completed houses and townhouses all built to a high Mirvac standard 5. Approved Masterplan for the balance of the site for up to 279 dwellings 6. 5 Star Quay West resort on site managed by Mirvac Hotels & Resorts 7. Only 20 minutes from Terrigal and 5 minutes from The Entrance 8. Established resort facilities 9. Opportunity to reconfigure the Masterplan to create larger land lots (approximately 225 lots) or to further diversify housing product 10. The project has already sold 146 homes and villas for $148m at an average price exceeding $1m 11. Eight furnished display homes and a fully equipped sales office enabling immediate cost effective marketing and sales activity
INFORMATION MEMORANDUM
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Newcastle
N
IFIC H
AC
Y-N E W NE
FREEWAY TLE S CA
F3
P
SY D
Central Coast
WY
Magenta Shores Terrigal
F3
M2 MO TOR WA Y
Sydney
Tasman Sea
Location Magenta Shores, on the Central Coast, is located only 90 minutes north of the Sydney CBD, 15kms north of Terrigal and approximately 40km south of Newcastle. It lies between the waters of the Pacific Ocean to the east and Tuggerah Lakes to the west. This superb location places the resort within easy access for weekend visitors from Sydney and is still an accepted and convenient commuting distance to Sydney for city workers during the week. Apart from the easy access, the location benefits from the wonderful amenity and natural opportunities provided by the Central Coast. With golden beaches from Woy Woy to Newcastle and beyond, there are numerous safe swimming and surfing locations within a 20 minute drive from Magenta Shores. Added to this is the extensive Tuggerah Lake behind the resort and several national parks within close proximity. The closest urban area is just 2km away at The Entrance, providing all the services, shops and amenities required by permanent residences and visitors alike. The larger metropolitan areas of Gosford and Terrigal, with their extensive shopping centres such as Erina Fair, are only 20 minutes away.
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Project Overview Magenta Shores is the premier residential golf course estate on the Central Coast. The project is made up of three elements: 1. Magenta Shores Golf and Country Club (“MSGCC”) 72 par, 18 hole golf course 2. Quay West Resort Magenta Shores (“QWRMS”) 3. Residential development of homes and land The offer comprises the residential development component consisting of 97 completed homes and 225 unserviced land lots.
The project was purchased freehold by Mirvac from the Darkinjung Aboriginal Land Council in stages commencing in 2004. The Stage 1 Masterplan was approved in February 2004. A copy of the Masterplan Approval and Environmental Impact Statements are located in the data room. The original Masterplan contemplated: • 93 Hotel Suites • 120 Villas • 411 Permanent Dwellings A S96 was obtained for the masterplan and the current Masterplan and contemplates 522 dwellings consisting of: • 163 Villas • 359 Permanent Dwellings
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Summary of product
Completed stock
This EOI is for the completed homes and the unserviced land lots.
A complete price list of the completed stock is provided in the data room. A summary of the completed stock is as follows:
The total product and breakdown of different product on the site contemplated by the current Masterplan is: Product
No of Lots Completed but Unsold
No of Future Lots
Total No of Lots
Villas
81
37
-
118
Terraces
5
15
-
20
Golf Homes
51
35
-
86
Beach Homes
9
10
-
19
Future Permanent Dwellings
-
-
279
279
146
97
279
522
TOTAL
10
Sold
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Product
No of Lots Not Sold
Price Range
Total Value
Average Sales Value
Villas
37
$595,000 to $950,000
$27,596,000
$745,800
Terraces
15
$825,000 to $1,090,000
$14,535,000
$969,000
Golf Homes
35
$930,000 to $1,650,000
$42,600,000
$1,217,000
Beach Homes
10
$1,795,000 to $22,526,000 $2,430,000
$2,252,600
TOTAL
97
$595,000 to $2,430,000
$1,106,000
$107,257,000
Villas There are three types of Villas that have been constructed at Magenta Shores they are: • 2 Bedroom, single key Villas • 3 Bedroom, single key Villas and • 3 Bedroom triple key Villas All Villas are furnished. Refer to the data room for the sales plans of the Villa stock and inventory list for the furniture. A “key” denotes a self contained bedroom which is available to be utilised by itself for accommodation purposes. A Villa may therefore contain more than one “key” or accommodation room. The villas are contained within a strata scheme and the purchasers of this product have the option to lease the premises back to Mirvac Hotels & Resorts to be used as resort accommodation in QWRMS or to hold the property as a Villa for personal use. Currently of the 81 sales, 68 (84%) have opted to lease back to QWRMS. Of the 37 completed but unsold stock 12 have been leased by the Owners to Mirvac Hotels & Resorts to be utilised in QWRMS and a summary of the returns paid to the Villa owners over the last 12-18 months is provided in the data room. Additionally one Villa has been leased by the Owners to an individual on a medium term lease. The remainder of the Villas are sold with vacant possession. All prices listed in relation to completed stock represent the current list price. To date there have been 146 sales at Magenta since the commencement of sales in 2006. A complete schedule of sales is provided in the data room. A summary of the sales to date is as follows: Product
No of Lots Sold
Price Range
Total Value
The completed unsold Villas can be purchased with vacant possession or the purchaser may choose to enter into leases with QWRMS on the same terms and conditions as the other owners that have leased their properties to QWRMS (details of which are provided in the data room). The breakdown of completed Villa stock that is available for sale is as follows:
Average Sales Value
Product
No of Lots
Price Range
Total Value
Average Sales Value
Villas
81
$595,000 to $950,000
$62,182,600
$767,700
2 Bed Villas
11
$595,000 to $655,000
$6,930,000
$630,000
Terraces
5
$695,000 to $890,000
$3,740,000
$748,000
3 Bed Villas
17
$695,000 to $890,000
$13,121,000
$772,000
Golf Homes
51
$808,000 to $1,735,000
$59,838,220
$1,173,300
3 Key Villas
9
$745,000 to $950,000
$7,545,000
$838,000
Beach Homes
9
$1,795,000 to $22,229,696 $3,422,695
$2,470,000
TOTAL
$595,000 to $950,000
$27,596,000
$745,800
$595,000 to $3,422,695
$1,014,000
TOTAL
146
$147,990,516
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INFORMATION MEMORANDUM
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Golf Terraces
Future Land
The Golf Terraces are contained within a precinct which also contains one of the Villa stratas. These are all four Bedroom single garage product. Of the 15 completed but unsold stock approximately four Terraces have been leased by the Owners to individuals and these leased properties would be sold subject to these leases. (Refer to the data room for a list of leased properties) The breakdown of completed Terrace stock that is available for sale is as follows: Product
No of Lots
Price Range
Total Value
Terraces
15
$825,000 to $1,090,000
TOTAL
15
$825,000 to $1,090,000
Lot 10 – 607.4 m² Lot 20 – 3.85 ha (previously part of Lot 5) Lot 23 – 7.27 ha (previously part Lot 7)
$14,535,000
$969,000
TOTAL APPROX LAND SIZE: 21.97 ha
$14,535,000
$969,000
The future lot sizes range from 375 – 800 m² The future land is labelled as Stage R03 to Stage R07. A breakdown of the approximate number of lots within each stage is as follows:
The Golf Homes are contained within four neighbourhoods. There are two sizes of homes being three Bedroom double garage and four Bedroom double garage product. There are a number of different models for each of the different sizes. Of the 35 completed but unsold stock approximately 10 golf homes have been leased by the Owners to individuals and these leased properties would be sold subject to these leases. (Refer to the data room for a list of leased properties). The breakdown of completed Golf Home stock that is available for sale is as follows:
3 Bed Golf Homes
Lot 6 – 10.25 ha
Average Sales Value
Golf Homes
Product
The original Masterplan contemplated a build out of all the lots. This proposal is for the sale of all vacant land. There would be approximately 225 land lots that would be yielded from the vacant land. Refer to the attached plan of the indicative sizes of the future lots. The lots for sale are as follows:
No of Lots
Price Range
Total Value
Average Sales Value
22
$930,000 to $1,265,000
$24,885,000
$1,131,000
4 Bed Golf Homes
13
$1,160,000 to $1,650,000
$17,715,000
$1,362,500
TOTAL
35
$930,000 to $1,650,000
$42,600,000
$1,217,000
Stage
Approximate No of Lots
Stage 3
26
Stage 4
51
Stage 5
42
Stage 6
37
Stage 7
69
TOTAL
225
The vacant land has had a significant amount of bulk earthworks already completed and major infrastructure leadins to the site have been installed. Any potential purchaser would need to satisfy themselves that the capacity of the infrastructure is sufficient for their proposal.
Beach Homes The Beach Homes are contained within two neighbourhoods. All Beach Homes are four bedroom double garage. There are a number of different models of Beach Homes with the main difference being the location of the living areas – the living areas are either on the lower levels, as for traditional homes, or on the first level to take advantage of the beach views. Of the 10 completed but unsold stock one has been leased by the Owners to individuals and this leased property would be sold subject to the lease. (Refer to the data room for a list of leased properties). The breakdown of completed Beach Home stock that is available for sale is as follows: Product
No of Lots
Price Range
Total Value
Average Sales Value
Beach Homes
10
$1,795,000 to $22,526,000 $2,430,000
$2,252,600
TOTAL
10
$1,795,000 to $22,526,000 $2,430,000
$2,252,600
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Golf Course The Golf Course is of an international standard. The course is 18 holes with a par of 72 in a traditional links style designed by Ross Watson a world renowned golf course designer. It is currently rated in the top 30 golf courses in Australia and the best resort course in NSW. The Golf Course is identified as Lots 2, 3 and 4 of Community Plan DP 270492. (Refer to the data room for further detail on the titling and for a plan of the land, owned by the Golf Club, that makes up the golf course.) The Golf Course is owned by the members of Magenta Shores Golf and Country Club. The Club owns the lots that contain the course and also the lots within the Principal Resort Building that contain the Member’s Lounge, the Pro shop, the indoor pool, the gym, the tennis courts and the cart store. The Club is a non profit organisation and is governed by the Constitution and the bylaws of the club. The Golf Course and Club are not for sale and do not form part of the offer. Mirvac is the founding member of the Golf Club and this
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position allows Mirvac Projects certain privileges in regards to membership and use of the course and the club. The Constitution also allows certain privileges to the Owners’ purchasers, such as no waiting list to join The Club. The joining fee currently for membership is as follows: • Individual - $4,950 joining fee and $2,900 annual subs; and, • Family - $8,150 joining fee and $4,700 annual subs (Member and Nominee) The Golf Club is currently managed by Mirvac Hotels & Resorts through a golf course management agreement. There are approximately 482 members in the Golf Club and the Constitution allows for a maximum of 1,200 members. On this basis memberships should be available for the future end purchasers of properties at Magenta Shores. The Club may be willing to hold memberships for future end purchasers through a commercial arrangement. Mirvac Treasury has a Loan Facility Agreement with the Golf Club for two facilities (A and B). Facility A is an interest free loan of approximately $4.75m – this Facility is fully drawn. Facility B is an interest bearing facility with a limit of $4m. Facility B as of January 2011 is drawn to $560,000 approximately.
Resort - Quay West Resort & Spa Magenta Shores The Resort is made up of two components: • The accommodation – Villas; and • The central facilities comprising the Resort’s public areas, management areas, the day spa (branded MiiSpa) and the food and beverage outlets. Together these areas are referred to as the Management Lot The accommodation Villas are outlined above. Most of the Villas are owned by individual investors or owners. The remaining 37 villas are owned by the Owners and form part of the offer and the properties which are for sale in this EOI. The Villas are contained within Strata Plans. The Management Lot is owned by Mirvac Hotels & Resorts (a fully owned subsidiary of Mirvac Limited). The resort components which are owned and managed by Mirvac Hotels & Resorts are not for sale and do not form part of the Offer.
If an interested party was to offer a reasonable price inclusive of the Management Lot then this would be considered, however, a sale of the residential development without the purchase of the Management Lot would be looked on more favourably. It is the intention of Mirvac Hotels to continue to manage QWRMS. The Management Lots are contained within the Strata Plan for the Principal Resort Building.
Short Term Holiday Letting Mirvac Hotels also offers a holiday letting services for Magenta Shores property owners that do not form part of QWRMS (the hotel accommodation being the strata plans). The letting business is managed on site and guests who use this service receive all the information and keys etc from the Resort’s main Guest Reception. The short term holiday letting products are not offered the full array of resort services such as daily housekeeping and servicing, in house movies and room service and are not promoted through the Mirvac Hotels & Resorts reservation systems.
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Income The income from the units comes from a mix of residential tenancy lettings and income from having stock in the hotel pool. These are set out in the table below. On an annualized basis the residential lettings would equate to approximately $455,500 whilst the hotel pool generated approximately $143,100 in the past 12 months. This income will vary greatly depending upon how active an owner wishes to be in respect to leasing the completed residences. The vendor advises that there has been strong demand for leasing in the complex, however they have elected to maintain the vacant units for the sales process. Product
Monthly Rent
Lease Start Date
Lease End Date
Status
Stage 2 Villas 2011 Huntingdale Drive
$1,950.00
1/10/2010
30/04/2011
Under lease
Stage 2 Homes 4 Edgewood Place
$2,730.00
5 Edgewood Place
$2,600.00
47 Pebble Beach Ave
$2,383.33
17/08/2010
16/08/2011
Under lease
12/06/2009 11/12/2010
Continuing agreement
18/08/2009 18/08/2010
Continuing agreement Vacant as at end Feb 11
11 Edgewood Ave
Villas in Hotel Pool
Villa Stage
Income
Termination
1201/02/03 Birkdale
Villas Stage 1
Pooled Income
Periodic Lease - 1 month notice required
$13,537
1601 Magenta Drive
Villas Stage 2
Pooled Income
Periodic Lease - 1 month notice required
$11,899
1602 Magenta Drive
Villas Stage 2
Pooled Income
Periodic Lease - 1 month notice required
$11,479
1603 Magenta Drive
Villas Stage 2
Pooled Income
Periodic Lease - 1 month notice required
$9,939
1702/03/04 Whithaven Ave
Villas Stage 2
Pooled Income
Periodic Lease - 1 month notice required
$14,414
1705/06/07 Whithaven Ave
Villas Stage 2
Pooled Income
Periodic Lease - 1 month notice required
$14,626
1805 Whithaven Ave
Villas Stage 2
Pooled Income
Periodic Lease - 1 month notice required
$10,086
1807 Whithaven Ave
Villas Stage 2
Pooled Income
Periodic Lease - 1 month notice required
$12,075
1901 Huntingdale Ave
Villas Stage 2
Pooled Income
Periodic Lease - 1 month notice required
$11,217
2102/03/04 Huntingdale Ave
Villas Stage 2
Pooled Income
Periodic Lease - 1 month notice required
$12,643
2107 Huntingdale Ave
Villas Stage 2
Pooled Income
Periodic Lease - 1 month notice required
$9,446
2111 Huntingdale Ave
Villas Stage 2
Pooled Income
Periodic Lease - 1 month notice required
$11,722
TOTAL
Total Feb 10 to Jan 11
$143,083
Land Tax
Under lease
The land tax applicable to the vendors ownership for 2011 is $791,460.80.
05/11/2009 04/10/2010
Continuing agreement
Rates
$2,405.00
11/12/2009
10/12/2010
Continuing agreement
12 Edgewood Ave
$2,275.00
05/02/2010
04/02/2011
Continuing agreement
51 Pebble Beach Ave
$2,535.00
24/09/2010
23/09/2011
Under lease
57 Pebble Beach Ave
$1,950.00
06/09/2010 05/03/2011
Continuing agreement
10 Edgewood Place
$2,491.66
15/10/2008 14/10/2010
Continuing agreement
Council rates total approximately $292,000 per annum. Other outgoings for the completed but unsold properties including water rates, landscaping, electrical, gas, Club Magenta fees etc. total approximately $257,000 per annum. Outgoings for the Community Schemes that are being paid by the Owners total approximately $499,000 therefore total outgoings are approximately $1,840,460
17 Edgewood Ave
$2,730.00
07/02/2011
56 Pebble Beach Ave
$2,275.00
52 Pebble Beach Ave
06/02/2012
Stage 3 Golf Terraces 34 Huntingdale Drive
$2,730.00
18/09/2009 17/06/2010
Continuing agreement
28 Huntingdale Drive
$2,730.00
15/06/2009 14/10/2010
Continuing agreement
14 Huntingdale Drive
$2,730.00
08/10/2009 17/10/2010
Continuing agreement
36 Huntingdale Drive
$2,730.00
11/02/2011
10/08/2011
Under lease
$2,730.00
19/07/2010
18/07/2011
Under lease
Stage 8 Golf Terraces 7 Sandbar Tce TOTAL
$37,959.99
Titles Magenta Shores is a Community Title development. All elements of the development are part of the community being: • Golf Course • Principal Resort Building including Resort Management Lot and Golf Club • Neighbourhoods • Precincts • Strata Plans All development that is carried out on any land that is part of the community must be carried out in accordance with the Community Management Statement and By Laws. All subsidiary bodies also have Management Statements that deal with the use and controls that pertain to their schemes. The Community Plan DP 270492 is the plan that covers the overall scheme. As the development is carried out the community lots are developed and subsidiary schemes are established. The future stages will need to be subdivided and become subsidiary schemes to the Community Plan. Refer to the Community, Neighbourhood, Precinct and Strata Plans and Management Statements contained in the data room for further information.
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Community And Subsidiary Associations
Ownership Structure
The Community and Subsidiary Associations are managed by Bright and Duggan. As a Community Title development the costs associated with the community are shared by the owners within the Community. The distribution of costs is controlled by Unit Entitlements (“UE”). A copy of the breakdown in UE’s for the completed stock and for the undeveloped lots is attached in the data room and can also be found on each individual subdivision plan. The following neighbourhoods, precincts and strata plans have had the levies struck for their subsidiary schemes.
The Magenta Shores project is owned by two companies Mirvac Spare Pty Limited and SPV Magenta Pty Limited (”Owners”). These companies own the land as tenants in common in equal shares.
Type
DP or SP No
Development Stage Name
Development Stage Type
No of Lots
Neighbourhood
286016
R01
Golf Homes
21 Homes
Neighbourhood
286021
R01A
Golf Homes
21 Homes
Neighbourhood
286050
R09
Beach Homes
10 Homes
Strata
77308
V1
Villas
80 Homes
PRB
Principal Resort Building
4 strata lots
Strata
77313
The following neighbourhoods, precincts and strata plans have not had the levies struck for their subsidiary schemes and are being paid for by the Owner. Type
DP or SP No
Development Stage Name
Development Stage Type
No of Lots
Neighbourhood
286082
R02
Golf Homes
27 Homes
Neighbourhood
286100
R02A
Golf Homes
17 Homes
Neighbourhood
286207
R08
Beach Homes
9 Homes
Precinct
280019
V2/V3
Villas/Terraces
20 Terraces, 1 Strata (SP81779)
Strata
81779
V2
Villas
38 Villas
The community levies have not been struck and are currently being paid by the Owners. A copy of the estimated budget for the Community Scheme is located in the data room.
Current Sales And Marketing The Magenta Shores project is currently being marketed and sold through Mirvac’s internal sales and marketing team. This team will continue to market and sell the completed product until the execution of an unconditional contract. Should an interested party require the assistance of this team post the sale by Mirvac then this may be reviewed in negotiating a contract. Mirvac has an onsite presence in a sales office adjacent to the Resort’s main guest reception. There is currently a lease between the Owners and Mirvac Hotels & Resorts for the use of this office. Previously Mirvac had utilised a home, 2 Pebble Beach Avenue, as the sales office which is located opposite the Principal Resort Building. The current layout of the home has been designed to accommodate the sales team and collateral. This home is currently being used by the hotel as overflow function space and the Golf Club for its administration offices. There is an approval in place to use this space as a sales office. There is also an approval to retrofit the home into its final form as a golf home. Refer to the data room for plans as a sales office and plans as a finished home. Shared Ownership The Owners have an agreement with Dransfield Shared Ownership (“DSO”) to promote several properties as Shared Ownership properties. Shared Ownership is gaining broader acceptance in Australia as a viable and affordable form of holiday property ownership. The concept is for a group of people, not necessarily known to each other, who share the capital cost, ongoing running costs and potential increase in value of a property. The use of the property is then shared between the group. The scheme is managed by Dransfield Shared Ownership. The Dransfield Shared Ownership scheme has been operational since late 2010 and has been successful in increasing the interest in the Magenta Shores product. To date no shares of property have been exchanged and the offering has been suspended due to uncertainty pending the conclusion of the sale process. DSO are available to discuss reopening the scheme with a new owner. Refer to of the data room for a copy of the Agreement between the Owners and Dransfield Shared Ownership – and further detail on the shared ownershiop scheme.
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Approvals Local Government Area Magenta Shores is within the Local Government Area of Wyong Shire Council.
Zoning Magenta Shores is zoned 7(a) Conservation Zone Golf Course permitted and 5(a) Special Uses – Integrated Tourist Facility. The homes and land that is the subject of this EOI is within the 5(a) Special Uses Zoning.
Section 94’S And Development Servicing Plans Mirvac has negotiated an agreement with Wyong Shire Council for the contributions required under Section 94 of the Environmental, Planning and Assessment Act and the relevant Development Servicing Plans. Mirvac will require the successful party to execute an agreement and demonstrate to Wyong Council compliance with Clause 7 of the agreement. Refer to of the data room for a full copy of the executed agreement.
Stage 1 Masterplan Approval The Magenta Shores project received masterplan approval in February 2004 from the Minister of Planning. A copy the approval and the submission is contained in the data room. Further approvals were received from the Wyong Shire Council and are included in the data room
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Comparable Sales Magenta is seen to be a high quality product and project and therefore has limited comparable projects in the local surrounds. The following is a summary of the Golf Estates within the Central Coast and Newcastle region. All estates are primarily targeting a similar buyer profile, that being retirees/empty nesters, however Pacific Dunes also appeals to executives given its location to Newcastle and holiday buyers given its location to Port Stephens. The Vintage is within the Hunter Valley and therefore benefits from the proximity to the wineries and vineyards in the area, providing further appeal to holiday home buyers and retirees alike. Kooindah Waters is located some 92 kilometres from Sydney, providing appeal for retirees from Sydney and the Central Coast. Alternatively, the estate may also appeal to executives working on the Central Coast or those commuting to Sydney.
“Kooindah Waters”, Wyong, NSW
“Pacific Dunes”, Medowie, NSW
“Kooindah Waters” is a new master planned residential golf community situated in Wyong on the New South Wales Central Coast. The development comprises - residential allotments, an 18-hole golf course, restaurant, club house and resort accommodation with function facilities. The resort facilities include health gym and tennis courts.
“Pacific Dunes” is a master-planned residential golf community situated in Port Stephens, located off Medowie Road. The estate includes a championship golf course designed by James Wilcher of Golf by Design, and incorporates a Golf Clubhouse, restaurant and function facilities.
The estate is primarily only selling Clarendon house and land packages, however there have been a sample of land sale. The estate has been marketed by an on-site sales team since originally released, with all resort facilities completed circa January 2008. The purchaser profile is primarily empty nesters (58%), with investors (18%) and families (24%) making up the balance. Sales within the subject property are net of any concessions or discounts, with all purchasers also offered a family golf course membership.
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The estate is being developed by Citta Property Group and benefits from its close proximity to Port Stephens, Williamtown airport and Newcastle. The following are recent sales of vacant parcels within the estate. The estate launched in 2003 with strong early sales. Recently there appears to have been a push to sell land rather than built product in the estate, although dwellings along the golf course have typically been marketed as house and land packages. Pacific Dunes provides an alternative golf course estate to empty nesters from Sydney and the Newcastle region, and due to the proximity to the Newcastle Airport and Williamtown RAAF Base also appeals to owner occupiers. Buyer profile is reportedly 2nd/3rd home buyers (40%) and the balance retirees.
“The Vintage”, Rothbury, NSW A summary of the above house and land market evidence is detailed below: Estate
Product
Land Kooindah Waters Off Pollock Avenue, Wyong
House & Land
Sale Price
Lot Area (m²)
$230,000 $420,000
374 - 598
$590,000 $670,000
357 - 434
Golf
381 - 451
Non-Golf
646 - 667
Golf
723 - 2,044
Non-Golf
$605,000 $635,000
667 - 734
Golf
$323,500 $270,000
604 - 923
Golf
$150,000 $220,000
621 - 880
Non-Golf
$675,000
808
Golf
$510,000 $895,000
597 - 928
Non-Golf
$480,000 $655,000 $320,000 $325,000
Pacific Dunes
“The Vintage” is a new master planned residential golf community situated in the wine region of the Hunter Valley, along McDonalds Road. The estate has been developed by the Stevens Group and includes a Greg Norman designed championship golf course, a Golf Clubhouse and community centre and health and fitness facilities. The development also incorporates the Grand Mercure apartments, tennis courts and pool. The Vintage opened in 2003. The following are recent sales of vacant parcels within the estate.
Off Pollock Avenue, Medowie
Land $220,000 $320,000 House & Land
Frontage
Non Golf
Land The Vintage Off McDonalds Road, Medowie House & Land
The development was launched in 2001 with close to 235 sales to date, with the project targeting mainly land sales with limited house and land packages.
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Sales Programme The key programme dates are as follows: • Close of EOI on Thursday 14th April 2011, 4:00pm (AEST) • Review of Submissions by Thursday 21st April 2011 • Short list of Parties by Tuesday 26th April 2011 • Exchange of Contract by May 2011
Expressions Of Interest The Vendor is seeking International EOI to acquire in one line the 97 completed residences and 225 residential lots by close of business (4:00pm AEST) on Thursday 14th April 2011.
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All EOI’s are to be in writing and placed in the tender box and addressed to: Magenta Shores Expression of Interest Colliers International Level 12 , 225 George Street Sydney 2000 For further information and to register your interest and obtain the confidentiality agreement please contact the vendors exclusive agents Level 12 , 225 George Street Sydney 2000 Tel +61 2 9257 0222
Jon Chomley National Director jon.chomley@colliers.com +61 412 219 830 Guilaume Volz Director – Development NSW guilaume.volz@colliers.com +61 404 887 717 Steam Leung Director Asian Division steam.leung@colliers.com +61 412 236 138
Sales Structure Mirvac is open to discussions on any type of structure that may be presented by an interested party; however a cash offer on the property purchase would be looked on as the most favourable outcome.
Data Room A data room has been made available for interested parties. To access the data room prospective purchasers will have to complete a confidentiality agreement which can be provided by Colliers International. The vendor will then provide password access. A Q&A section is provided however enquiries should only be lodged once the site has been fully investigated.
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principal Resort building
Appendix A PLAN OF AVAILABLE RESIDENCES
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key sold unsold and leased to Mirvac Hotels unsold and under long term lease unsold and vacant sales office (unsold and under lease)
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Appendix B MASTERPLAN (S96) LAYOUT
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DISCLAIMER The opinions, estimates and information given herein or otherwise in relation hereto are made by Colliers International and affiliated companies in their best judgement, in good faith and as far as possible based on data or sources which are believed to be reliable. The material contained herein is not intended to substitute for obtaining individual advice from Colliers International or another advisor able to provide the services of a qualified professional person. Colliers International, its officers, employees and agents expressly disclaim any liability and responsibility to any person whether a reader of this publication or not in respect of anything and of the consequences of anything done or omitted to be done by any such person in reliance whether wholly or partially upon the whole or any part of the contents of this publication.
For further information contact Jon Chomley P: +61 2 9257 0236 M: +61 412 219 830 E: jon.chomley@colliers.com Guillaume Volz P: +61 2 9257 0274 M: +61 404 887 717 E: guillaume.volz@colliers.com
COPYRIGHT Colliers International 2011 All rights reserved. No part of this work may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying, recording, recording taping, or information retrieval systems) without the written permission of Colliers International. The information contained in this document is for information only and Mirvac and Colliers International do not warrant its accuracy or completeness. The purchaser will need to rely on their own investigations.
Colliers International Level 12, Grosvenor Place 225 George Street Sydney NSW 2000
Steam Leung P: +61 2 9257 0269 M: +61 412 236 138 E: steam.leung@colliers.com