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ADELAIDE HILLS COUNCIL SPECIAL COUNCIL MEETING

Wednesday 7 December 2016 CONFIDENTIAL AGENDA BUSINESS ITEM

Item: 5.2 Originating Officer: Natalie Westover, Manager Property Services Responsible Director: Terry Crackett, Director Corporate Services Subject: Contract for Sale – Portion of AHBTC Site For: Decision

1. Contract for Sale – Portion of AHBTC Site – Exclusion of the Public

a) That under the provisions of section 90(2) of the Local Government Act 1999 an order is made that the public be excluded from the meeting, with the exception of:

CEO, Andrew Aitken

Director Corporate Services, Terry Crackett

Director Engineering & Assets, Peter Bice

Director Community & Customer Service, David Waters

Director Strategy & Development, Marc Salver

Executive Manager Governance & Risk, Lachlan Miller

Manager Property Services, Natalie Westover

Minute Secretary, Pam Williams

in order to consider Agenda Item 5.2: Contract for Sale – Portion of AHBTC Site in confidence.

b) The Council is satisfied that it is necessary that the public, with the exception of

Council staff in attendance as specified in (a) above, be excluded to enable Council to consider the report at the meeting on the following grounds:

Section 90(3)(b) of the Local Government Act, the information to be received, discussed or considered in relation to this Agenda Item is information the disclosure of which (i) could reasonably be expected to confer a commercial advantage on a person with whom the council is conducting, or proposing to conduct, business, or to prejudice the commercial position of the council; and (II) would, on balance, be contrary to the public interest.

c) Accordingly, on this basis the principle that meetings of the Council should be

conducted in a place open to the public has been outweighed by the need to keep the information and discussion confidential.

Adelaide Hills Council – Special Council Meeting Wednesday 7 December 2016 CONFIDENTIAL ITEM – Contract for Sale – Portion of AHBTC Site

2. AHBTC Contract for Sale – Confidential Item SUMMARY

This report has been prepared to progress the negotiations for the sale of Lot 301 in the draft Community Plan attached as Appendix 2 to the stage of a conditional contract for sale and purchase. The Council has previously received a number of reports in relation to the progression of the AHBTC Masterplan including the divestment strategy contained in the report of 22 March 2016. The recommendations from the 22 March 2016 report in relation to the tenants of the proposed Lot 301 have been actioned and finalised, being the granting of a first right of refusal for the proposed Lot 301 to Adelaide Hills Craft Brewing Company Pty Ltd (Bierhaus), notification to Bierhaus that the sale must include building 2 and notification to the tenants of buildings 2 and 3C of the proposed sale and the effect on their tenancy arrangements. The progression to the stage of a conditional contract is at the request of the current tenant, Bierhaus, to provide some security in relation to the proposed purchase prior to additional capital works being undertaken by them (including the installation of a solar power system). The proposed contract will be conditional upon a number of outcomes including approval of the land division application (community title) of the northern part of the site, the deposit of a primary and secondary community plan to create the proposed Lot 301 and finance approval. RECOMMENDATION (in confidence) Council resolves that: 1. The report be received and noted 2. A Contract for Sale and Purchase for the sale of proposed Lot 301 in the draft community

plan attached as Appendix 2 be negotiated and entered into between the Council and Adelaide Hills Craft Brewing Company Pty Ltd for a sale price of $860,000 subject to the following conditions:

a. Issuance of an approval for the land division application (community title) of the draft community plans attached as Appendices 3a and 3b

b. Deposit by the Registrar-General of the primary and secondary community plans substantially in accordance with the draft community plans attached as Appendices 3a and 3b

c. Finance approval for the purchaser. 3. The CEO has delegation to finalise negotiations with the Bierhaus for the preparation of a

Contract for Sale and Purchase on terms that are industry standard for this type of transaction.

4. The Mayor and CEO to sign all necessary documentation to affect the sale of the proposed Lot 301 in the draft community plan attached as Appendix 2.


1. GOVERNANCE Strategic Management Plan/Council Policy Goal 2 Activities and opportunities to connect Strategy 2.4 We will implement the Adelaide Hills Business and Tourism Centre (Old

Woollen Mill) Masterplan to stimulate local job creation, boost tourism and create a vibrant cultural hub

This report is in accordance with the divestment strategy contained in the AHBTC Masterplan endorsed by Council. The Disposal of Land Policy governs the manner in which Council disposes of land. Legal Implications Compliance with requirements of the Real Property Act 1886, Land and Business (Sale and Conveyancing) Act 1994 and Community Titles Act 1996. Risk Management Implications The AHBTC Masterplan was adopted by Council on 23 June 2015 and there is an expectation from the tenants of AHBTC and the community to progress with the actions identified in the Masterplan. As set out in the resolution of Council of 22 March 2016, the building upgrade/compliance works for the Northern part of the site are likely to be in the vicinity of $1.4M, the proposed conditional contract provides certainty to Council that should the community division of the land be achieved, proposed Lot 301 is secured by a Contract for Sale and Purchase.

The proposed Contract for Sale and Purchase will assist in mitigating the risk of community/tenant expectation not being met and financial uncertainty in relation to the project for Council. The key risks that have been identified for the AHBTC site that relate to this report are:

Ageing and potentially failing infrastructure possibly resulting in site safety implications leading to safety hazards, reductions in service levels/fitness for purpose and increasing cost profile.

Inherent Risk Residual Risk Target Risk

EXTREME (4B) HIGH (3B) HIGH (3C)

Lack of strategic direction/commitment by Council to the AHBTC site leading to community/ business concern.




Lessees that are proposing to purchase leased premises and adjoining premises are not in a financial position to purchase the subject property.



Lack of strategic direction/commitment by Council to the AHBTC site leading to community/ business concern. Lessees that are proposing to purchase leased premises and adjoining premises are not in a financial position to purchase the subject property.

As can be seen from the above the AHBTC site has a number of risks that can be minimised through the progression of the Divestment Strategy as outlined in this report.

Financial and Resource Implications Strategic Implication The proposed Contract for Sale and Purchase aligns with the progression of the land division and divestment strategy presented to Council in the reports of 19 January 2016 and 22 March 2016. Financial Implications The expenditure for Council in relation to the progression of the proposed Contract for Sale and Purchase are primarily for legal fees for the preparation of the contract and associated documentation to complete the sale of approximately $5k. Noting that as the land is being sold by a direct negotiation there are no Real Estate Agent fees. The proposed Contract for Sale and Purchase secures a purchase price of $860,000 for the proposed Lot 301 which is within a 5% tolerance of the valuation obtained by Council and aligns with the forecast detailed in the Council report of 22 March 2016. As previously advised to Council there are substantial costs involved to enable the community titling of the site and subsequent divestment to occur. Achieving certainty in relation to sales of the proposed allotments will enable these works to be progressed. Resource Implications The progression of the proposed Contract for Sale and Purchase will be managed within existing resource allocations for this project.

Customer Service and Community/Cultural Implications There is a community expectation that Council will be involved in the management and renewal of AHBTC, especially in the ongoing care and control of the public use component within the site. Community expectation remains high, that the Masterplan will provide and implement the vision and objectives for the future of AHBTC. The Masterplan does however clearly outline that little work can occur at AHBTC until more capital has been raised and/or funds are allocated from the current budget. There is


therefore a risk that community expectations will not be met if the divestment strategy is not progressed. Environmental Implications Nil Engagement/Consultation with Committee, Regional Subsidiary, Advisory Group

and Community

Considerable consultation has been undertaken with the community on the development of the Masterplan for the site including the proposed divestment of the land parcel described within this report. Both the AHBTC Advisory Group and the Property Advisory Group have been regularly updated on the status if the implementation of the Masterplan.

2. BACKGROUND Council has previously received a number of reports in relation to the progression of the AHBTC Masterplan. On 19 January 2016, the Council resolved: 1. That the report be received and noted. 2. To allocate an additional $30,000 from the 2015/16 capital budget to engage

consultants to investigate community title options and cost estimates for associated infrastructure works on the Southern Site.

3. To allocate an additional $50,000 from the 2015/16 capital budget to engage consultants to investigate community title options and cost estimates for associated infrastructure works for the area associated with Buildings 15 to 22 on the Northern Site.

4. To consult with current lessees on a right of first refusal to purchase prior to the finalisation of community titling for the AHBTC site.

5. That a further report on the progression of Community Titling for the area associated with Buildings 2 to 5 be provided to Council in March 2016 following consultation with lessees. Noting that this report is to include cost and revenue estimates associated with Buildings 2 to 5 as well as projections for the entire AHBTC site where available.

6. That Torrens Titling and sale of the proposed Lot 1000 as indicated in Appendix 2 be further investigated and a subsequent report provided to Council.

7. To consider the Activate Space Initiative pending finalisation and implementation of a plan for use of the public space.

8. That an on-site visit be arranged prior to the report to Council. On 22 March 2016, the Council subsequently resolved: 1. That the report be received and noted 2. To endorse the inclusion of funding into the Draft 2016/17 Annual Business Plan and

Budget to enable the progression of the Divestment Strategy. 3. That a Development Application to obtain conditional approval for the community

titling of proposed Lot 201 be submitted.


4. That in relation to current Lessees that: a. RIPE be advise that Council will be allowing the Adelaide Hills Craft Brewery Pty

Ltd an option to purchase Building 2 and that if purchased the Adelaide Hills Craft Brewery Pty Ltd will be RIPE’s Lessor until the current Lease, including renewal, expires on 1/06/2018

b. Robert Johnson be advised that the Lease of Building 3C will not be renewed after 31 March 2017 and that the premises will be leased to the Adelaide Hills Craft Brewery Pty Ltd.

c. Adelaide Hills Craft Brewery Pty Ltd be advised that:

The Right of First Refusal Clause to purchase currently leased premises, as appears as Appendix 5, will be included into the Leases of Buildings 3A and 3B

Building 3C will be included into its leased area from 1 April 2017. The Right of First Refusal Clause will then also apply to Building 3C.

It is unlikely that the Council will accept an offer to only purchase Buildings 3A, 3B and 3C without also including Building 2.

d. Udder Delights Group Pty Ltd be advised that the Right of First Refusal Clause to purchase currently leased premises, as appears as Appendix 5, will be included into the Leases of Buildings 15, 16, 17, 18 and 19.

e. Monsteda Pty Ltd be advised that the Right of First Refusal Clause to purchase currently leased premises, as appears as Appendix 5, will be included into the Leases of Buildings 4, 5C, 5D and 7.

f. The relocation of Simon Greenleaf’s winery to, and lease of, the rear of Building 21 and portion of Building 22, be negotiated with Simon Greenleaf.

g. Subject to the above successful relocation of Simon Greenleaf winery from Building 5A, further discussions be held with Jedmar Pty Ltd regarding the leasing of both Buildings 5A and 5B

h. If the above negotiation with Jedmar Pty Ltd is successful then a Right of First Refusal Clause to purchase, as appears as Appendix 5, be included in the future Lease of Buildings 5A and 5B.

i. Tillbrook Estate be offered an incentive to vacate Building 17 by 14 June 2017. j. Henstock Pty Ltd be advised that an option to purchase Lot B in Appendix 4 to this

report will be negotiated if the Council desires to sell the premises. k. Action be initiated to sell Lots C, D and E on the Southern Site in Appendix 4 to

Blisstrade Pty Ltd and / or adjoining landowners. l. The Chief Executive Officer be delegated the authority to finalise the above

matters. 5. The Mayor and Chief Executive Officer be authorised to finalise and sign all necessary

documentation to finalise all transactions proposed in this set of recommendations. The primary focus of this report is on the progression of resolutions 4 (a)-(c) 6 inclusive from the 22 March 2016 meeting.

3. ANALYSIS A number of the tenants who have been granted first rights of refusals pursuant to the previous resolutions of Council have expressed a desire to progress to negotiate and enter into Contracts of Sale and Purchase, conditional upon the Council achieving the division of the proposed Lots as set out in the draft community plans identified in Appendices 3a and 3b.


In relation to Allotment 301, Bierhaus, the independent valuation undertaken on behalf of Council attributed a value of $900k to the proposed Lot 301 with a tolerance of +/- 10% (i.e. $810k to $990k. The valuation is a market valuation of what Council might achieve if they were to go to the open market for the sale of the land based on the current condition and use of the land and the lease agreements in place setting out the financial return to a purchaser. Negotiations with the Bierhaus have included a request by the Bierhaus that the Council take into consideration the works and improvements made to the property by the tenant at their cost. Information provided to Council from the Bierhaus has detailed improvements they have made to the property at their expense. Whilst the improvements were made for the benefit of the tenant’s business, they have also improved the condition and amenity of the property and therefore increased the value of the asset for Council. These improvements have included:

Replacement of all internal electrics

Underfloor plumbing

Internal walls

Bathroom installation

External landscaping

Extension of fire sprinkler system

External service yard including concrete slabs, perimeter fencing, boiler shelter and an underground 25,000lt waste tank

Internal fireplace. The approximate cost attributed to these improvements is in the vicinity of $320k and the value that these improvements have made to the AHC asset would be substantially more. The Bierhaus has indicated that they are willing to work with and assist the Council, where appropriate, with compliance works that will be identified in the conditional development approval and required to obtain an unconditional development approval. For example, the Bierhaus is working on designs for a solar power system to be installed on the roof of the building (at their cost) which may negate the need for Council to upgrade the transformer for that building resulting in a saving of $300k against original forecasts. Whilst the purchase price offered by the Bierhaus is less than the $900k attributed in the valuation report, it is well within the tolerance of +/- 10% and takes into consideration, and acknowledges, the improvements made by the Bierhaus (at their expense) which has increased the value of the building as outlined above. The Bierhaus has indicated that if they are unable to obtain surety of their position in relation to their proposed purchase, they may not be willing to invest further in the site at this time which may have implications for the Council in terms of the costs of compliance upgrades, attractiveness of the site to other tenants/investors and delivery of the Masterplan strategy to maintaining and increasing employment on the site. The Contract for Sale and Purchase is conditional upon a number of events as set out as follows:

Approval being granted by the Development Assessment Commission (DAC) for the land division application (community title). We anticipate that DAC will initially issue a


conditional development approval which will set out the compliance works required to meet Building Code of Australia standards to enable the buildings to be divided by community title. The works identified in the conditional DA will then be fully scoped for cost after which a report will be presented to Council with that information for a decision about committing to that expense and proceeding. On the basis that the Council does resolve to proceed, upon completion of the compliance works an unconditional DA will be issued by DAC.

Deposit by the Registrar-General of the primary and secondary community plans. Once unconditional DA is received, the community plans can be lodged with the Lands Titles Office to complete the division of the site in accordance with those plans and issue of titles for the new community lots.

Finance approval for the purchase. The Bierhaus has commenced negotiations with their financier for in principle finance approval for the purchase at the proposed purchase price of $860k. Whilst the financier has advised that it is comfortable with the proposed purchase, they will not provide unconditional finance approval until an unconditional DA has been achieve and the community plans have been lodged with the Lands Titles Office.

Signing of the proposed Contract for Sale to the Bierhaus represents a substantial milestone in the progression of the AHBTC Masterplan. Not only does it provide a level of certainty in relation to continuation of the divestment strategy, but it also facilitates opportunities for additional economic development outcomes with the potential Bierhaus expansion. Given the considerable period of time that the Masterplan has been under development it is also expected that confirmation of the sale will provide the community with an assurance that things are progressing. It should also be noted that at this time there are currently two other conditional contracts being developed in relation to Lot 303 & 414 (Emmalines) and Lot 702 on the South side (Henstock). These contracts are currently the subject of valuation reviews by the intending purchasers and are anticipated to come back to Council in early 2017 for approval of proposed Contracts for Sale.

4. OPTIONS Council has two options in relation to this report: 1. Endorse the recommendation to enter into a conditional Contract for Sale and Purchase

with the Bierhaus as set out in the Recommendation. This is the preferred option as it provides some certainty to both the Council and the Bierhaus.

2. Not endorse the recommendations

5. APPENDICES (1) AHBTC Masterplan Locality Map (2) Map identifying proposed Lot 301 (3) Copies of draft primary and secondary community plans (4) Valuation report dated 11 March 2016

Appendix 1 AHBTC Masterplan Locality Map

Appendix 2 Map identifying proposed Lot 301

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Appendix 3 Copies of draft primary and secondary community plans

Appendix 4 Valuation report dated 11 March 2016

Our Ref: 1648008 Lot 301 m3 propertyS?RATEGISTS

11 March 2016

Peter Matushik

Property ServicesAdelaide Hills Council

PO Box 44

Woodside SA 5244

Dear Peter

Re: Valuation advice of Proposed Community Lot 301 in the Adelaide Hills Business andT@priBm Centre, Main Street, Lobethal, SA

INSTRUCTIONS

We thank you for your recent instructions to provide valuation advice in respect to Proposed CommunityLot 301 within the Adelaide Hills Business and Tourism Centre ('AHBTC') for consideration as a prelude

to possible disposal.

More particularly, we have been requested to provide 'as if complete' market value of Proposed

Community Lot 301 as identified on the plan provided.

The interest being valued is the fee simple subject to the existing leases.

The relevant date for this assessment of value is as at the date of our inspection, 1 March 2016.

Our valuation has been prepared in accordance with the relevant provisions of the Australian Property

lnstitute's Australian and New Zealand Valuation and Property Standards (6'h Edition).

CERTIF?CAT?ON

We hereby certify that the Valuer:

has no interest financial or otherwise, in the property subject to this advice or with the instructing

parties;

confirms the valuation has been prepared for consideration as a prelude to possible disposal.

m3proper§ABN 84 158 239 377

Level 3144 Waymou}h S}reeiAdelaide SA 5000

Telephone0870991800Facsimile 08 7099 1850

[email protected]}y.com.au

Liability Iimited by a scheme approved under Professional Standards Legislation

Proposed Community Lot 301 within the Adelaide Hills Business and Tourism CentreMain Street, Lobethal, SA

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DEFIN?TION OF MARKET VALUE

In accordance with the definition adopted by the Australian Property Institute, market value is definedas follows:

"Market value is the estimated amount for which an asset should exchange on the date of valuation betweena willing buyer and a willing seller in an artn's length transaction, afterproper marketing, wherein the partieshad each acted knowledgeably, prudently and without compulsion."

The 'as if complete' value assumes the satisfactory completion of all proposed building / site / subdivisionworks in accordance with the plans and specifications provided to a workman-like and Iettable standard, incompliance with all relevant statutory approvals.

GOODS AND SERVICES TAX (GST)

In relation to any potential GST Iiability, we advise that we are not taxation or legal experts and werecommend competent and qualified advice be obtained. We are also of the view that any interested partyrelying on this valuation of the subject property should obtain their own Iegal advice on the GST position.Should this advice vary from our interpretation of the legislation and Australian Taxation Office rulingscurrent as at the date of this valuation we reserve the right to review and amend our valuation accordingly.

Our valuation of this property has been prepared on a GST exclusive basis with no provision includedfor the payment of GST by the supplier (vendor) on its sale.

LEGAL DESCRIPTION

The subject property is situated within the area named Lobethal, Hundred of Onkaparinga, being theportion of the land contained within the following Certificates of Title:

l Volume

5169

5549

5897

5897

Folio

516

242

516

519

Allotment

88

101

201

87 & 90

Plan No

FP 4620

DP 47499

DP 60535

FP 4620

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The 'as if complete' assessment of market value made herein is predicated on the basis that anindividual Certificate of Title is to be issued for the proposed Community Title Lot more particularlydelineated within the 'Master Concept Plan' extract of larger Plan Drawings prepared by Pyper LeakerSurveying Services Pty Ltd and Bartlett Drafting and Development, dated 27 November 2015.

1648008 Lot 301 Page 2


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Registered Proprietor

As at the date of Title Search, the registered proprietor of the Iand is noted as being ADELAIDE HILLSCOUNCIL in each instance.

Easements

As at the date of search, lhere were various easements noted on certain Certificates of Title more

particularly detailed within the Annexures of this report.

This valuation is based on the assumption that there are no restrictive covenants or easements or other

onerous restrictions affecting the subject property other than those stated herein and is given on thecondition that the valuation will be referred back to the Valuers for reappraisal should future title searches

or certificates disclose any other encumbrances or variations from that set out in this report.

We attach a copy of the Certificates of Title, refer Annexures.

LOCATION

The AHBTC holding is Iocated within the small near-country township of Lobethal, positionedapproximately 37 kilometres east of the Adelaide Central Business District (CBD), and further isrelatively well Iocated within the town centre, enjoying 'main street' exposure.

More particularly, the property forms portion of the Adelaide Hills Business and Tourism Centrefurthermore comprising portion of the northern parcel that is bisected from the southern parcel byLobethal Road (also known as Adelaide-Lobethal Road).

The subject property comprising proposed Community Lot 301 is positioned to the northern portion ofthe northern AHBTC parcel. Development outside the AHBTC surrounding the subject includespredominantly residential holdings immediately to the east, rural Iiving type holdings to the west and thesouthern industrial parcel Adelaide Hills Business and Tourism Centre.

Extending north along Main Street are a number of modest convenience shopping and communityservices for the Iocal community including the Lobethal Hotel and Foodland Supermarket, whilst higher-order goods are available within Mount Barker positioned some 20 kilometres away.

Access to the greater metropolitan area is considered to be reasonable, either via Adelaide - LobethalRoad or alternatively via Lobethal - Woodside Road and then Onkaparinga Valley Road onto Verdun,being Iocated about 18 kilometres distant where direct access is provided to the South Eastern Freeway,being the arterial roadway Iinking the City of Adelaide to the Rural City of Murray Bridge.

1648008 Lot 301 Page 3


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SITE DESCRIPTION

The subject property comprises various tenancies many of which are contiguous Iocated within thenorthern portion of a larger holding known locally as 'The Old Woollen Mills', formerly being the homeof the defunct Onkaparinga Woollen Mill.

The Iarger northern holding itself is of an irregular shape, has somewhat elongated proportions withprincipal frontage to Main Street and Lobethal Road and secondary rear frontage Mill Road. It has anundulating topography with a moderate slope down from east to west, noting that portion of the propertyextending along Mill Road adjoins a small creek / watercourse.

Specifically, in regards to the proposed subject Iot, the site is of an irregular configuration and has anarea (exclusive of common areas) as per the 'Master Concept Plan' as detailed below:

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Parcel

Lot 301

Site Area (mi2)

2,796

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The valuation is made on the assumption that there are no encroachments by or upon the property.

The shape and dimensions of the proposed subject Iots are clearly depicted within the proposed plan ofdivision on the 'Master Concept Plan', a copy of which is contained within the Annexures of this report.

ENVIRONMENTAL ISSUES

Soil Contamination

The Environment Protection Authority (EPA) in South Australia does not currently maintain a Iist orregister of contaminated sites. The EPA does however provide a Public Register Directory in the formof a Site Contamination Groundwater Notifications Index. This index is a Iist of notifications of actual or

potential groundwater contamination which have been received by the EPA since I July 2009 (referredto as s83A notifications under the Environmental Protection Act 1993). These are notifications only, andare not evidence that contamination has been confirmed. Our enquiry indicates that the subject propertyis not included on this Site Contamination Groundwater Notifications Index.

The property comprises a Iight industrial / commercial premises currently disposed as multiplewarehouse / workshop buildings divided into numerous tenancies and used for a variety of commercialpurposes that we understand have continued for many years. Prior uses of the improvements are notknown although generally understood to have been used as woollen mills in conjunction with thesouthern portion situated opposite.

To this end, the historical use of part (or all) of the property as woollen mills is not specifically identified

within the 'Australian Property lnstitute's 'Australian & New Zealand Valuation and Property Standards'as being a potentially contaminating activity, industry and Iand use, although it would appear that thepotential for contamination may have existed.

1648008 Lot 301 Page 4

Proposed Community Lot 301 w'thin the Adelaide Hills Business and Tourism CentreMain Street, Lobethal, SA

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No obvious environmental problems were apparent on inspection, however no soil tests nor

environmental studies or reports have been made available to us. Accordingly, our valuation is made

on the assumption that there are no environmental problems in any way affecting the property, including

surface or below ground conditions, toxic or hazardous wastes or building material hazards. Any such

matters may adversely affect the property or its use and our assessment of value.

Should any such matters be known or discovered, no reliance should be placed on our assessment ofvalue unless we have been advised of these matters and we have confirmed that our assessment is not

affected.

Inundation

Information contained within the Adelaide Hills Council Development Plan indicates that the larger

northern AHBTC parcel, within which the subject properties are contained, does not appear to be prone

to flooding under normal climatic conditions.

It is however noted that a watercourse / stormwater drain (part earthen and part concrete culvert) bisects

portion of the property.

TOWN PLANNING

By virtue of the Development Act 1993 (as amended), Adelaide Hills Council, the subject property is

designated as lying within a 'Country Township (Lobethal)' zone and furthermore within the 'Woollen

Mills Policy Area 22'.

There are some eight (8) stated objectives within this zone including the following:

The existing business and community centre to act as a focus for future expansion of business

and community facilities; and

Expansion of the woollen mills on nearby vacant Iand.

The major objective within the 'Woollen Mills Policy Area 22' states:

* Provision for the expansion of the Onkaparinga Woollen Mills.

It is further noted under the Principles of Development Control within the 'Woollen Mills Policy Area that

residential and retail development should not occur unless it is an integral part of a proposed industrial

development.

The existing use of subject Tenancies are considered to be complying land uses.

We attach an extract from the Development Plan, refer Annexures.

1648008 Lot 301 Page s


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HERITAGE LISTING

Portions of the Adelaide Hills Business and Tourism Centre which includes the subject property is notedas being provisionally Iisted as items of Heritage significance in the State Heritage Register.

PROPERTY DESCRIPTION

Proposed Lot 301 - Tenancies 2, 3A, 3B & 3C

As you are well familiar with the physical attributes of the subject tenancies, we will not detail the same

although suffice to say, the subject property comprises an irregular shaped parcel of some 2,796 square

metres positioned to the northern end of the Iarger AHBTC parcel, enjoying a relatively wide 45 metrefrontage to Main Road.

The property is improved with two (2) buildings, the smaller of which contains a single tenancy (Tenancy

2), and the Iarger building configured as three contiguous tenancies (Tenancies 3A, 3B & 3C).

The smaller building (Tenancy 2) is of clay brick construction with aluminium frame windows and a sheet

metal roof behind an iron parapet fascia set on a concrete slab footing. The building has the appearance

of being constructed circa l970s originally as a retail tenancy given its shop front faqade although is

currently disposed as a single tenant wholesale bakery. Floor Iayout is predominantly open plan

accessed via front and side doors plus a side roller door with male and female toilet amenities and officeto the rear.

Overall, the building is considered to Iack roadside appeal and considered to provide an averagestandard of retail / commercial accommodation that would respond well to renovation / capital works.

The Iarger building comprises three (3) contiguous tenancies with Tenancies 3A & 3B disposed as asingle tenancy and currently occupied by the Lobethal Bierhaus as a brewery, cellar door, andrestaurant. Works undertaken by both the Lessee and Lessor have resulted in the accommodationpresenting as functional commercial and industrial space in keeping with the original character of theestate.

Tenancies 3A and 3B also occupy a front yard (Iawned area) being a former canopy and an enclosedside yard. The side yard incorporates an approximate 25,000 Iitre in-ground waste tank and greasearrestor system, together with external plant utilised by the Lessee in its brewery operations.

We have been provided with details regarding the nature of the Lessee and Lessor works and noted theextensive (Leasehold) plant and equipment associated with the operation of the restaurant and brewerybusiness within.

1648008 Lot 301 Page 6

Proposed Community Lot 301 within the Adelaide Hills Business and Tourism CentreMain Street, Lobethal. SA

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We have also been provided internal and external photographs of the subject property at the time ofIease commencement. The photographs detail in the most part the condition/standard ofaccommodation as well as some of the works undertaken by the Lessor prior to occupation by theLessee.

Tenancy 3C is positioned immediately to the rear western side of Tenancies 3A and 3B and is currentlydisposed as a wine production and cellar door facility. It is presently utilised by 'Robert JohnsonVineyards' with accommodation considered slightly inferior to the above, albeit noting the open-planconfiguration and similar to many tenancies within the AHBTC there are no self-contained toilet facilities.

Tenancy 3C is Iargely clear span however with a single internal steel column, having a minimum internalclearance of some 4.3 metres and being accessed by a single roller door together with two personalaccess doorways. Otherwise, construction includes brick walls, concrete slab floor with in-groundsullage, and steel framed sawtooth style roof with internal Iinings. Other fit-out includes fire sprinklers,portable extinguishers and hose reels. Discussions with our instructing party indicate that the internalIighting is the property of the tenant.

Overall, the tenancies are considered to provide a reasonable standard of Iight workshop / storageaccommodation.

External improvements contained within the subject property are essentially Iimited to sealed car parkingareas and internal driveway accesses positioned to the northern portion of the subject holding. It isnoted that the subject property is positioned to the northern end of the AHBTC, and whilst Tenancies 2and 3A enjoy direct frontage to Main Street, collectively they adjoin the AHBTC's main common car parkfacilitating ease of access and enhanced exposure relative to other tenancies.

The property is more particularly depicted in the photographs below and overleaf:

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1648008 Lot 301 Page 7


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Building Areas

Based on our physical check measurements taken, Tenancy Schedule and plans provided, the Iettableareas of the subject tenancies are as follows:

1648008 Lot 301 Page 8

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l

B l I is M a a I m

5 a 9 m l mia a Ws a a est


l/l

'i)<

l Tenancy

Proposed Lot 301

Tenancy 2

Tenancy 3A '

Tenancy 3B

Tenancy 3C

r Total

" Note: Tenancy 3A excludes canopy area of approximately 255 square metres as well as the two Iicensed areas

Lettable Area (ma)

19400

367.00

224 50

461.00

1,246.50

l

r

It is noted that there are some minor differences in lettable areas in regards to some tenancies between

the Tenancy Schedule and the Plans provided. For the purpose of the valuation, we have adopted

those areas disclosed in the Tenancy Schedule provided. If further investigations reveal any

inaccuracies in the above area calculations, this valuation may require revision. In such event we invite

you to resubmit the valuation to us together with a Building Survey for this purpose.

Site Improvements

Site improvements in the main are Iimited to common ingress / egress points, internal bitumen / concrete

thoroughfares, and two car parking areas positioned to the northern and southern ends of the holding.

In addition, there is a grassed 'reserve' area situated immediately to the south of Proposed Lots 302 &303.

It is noted that there are common public amenities in the form of a detached male and female toilet block

that are used by many of the tenants within AHBTC as well as the public. These amenities are included

in Proposed Lot 401 and whilst not forming part of these deliberations, it is assumed that tenants (and

their patrons) will continue to have access to these facilities and therefore not be the exclusive use of

those tenants in Proposed Lot 401 .

GENERAL COMMENTARY

The subject property comprises a commercial holding that forms portion of a sprawling estate known as

'The Old Woollen Mills' built in multiple stages from circa 1875 through to circa 1970s, together with

associated site improvements including on-site car parking / hardstand areas.

Historical information indicates that the Onkaparinga Woollen Mill enterprise first began operations in

the Lobethal township circa 1870, and by 1875 had grown to the extent that new facilities were

constructed circa 1875, being the earliest 'tweed mill' buildings contained in the existing estate. Various

staged expansions were undertaken, most recently circa 1 970s in line with the fortunes of the business.

After the wool mill enterprise ceased to trade reportedly towards the end of 1992, ownership of the

freehold was transferred initially to the State Government, then Iater gifted circa June 1993 to the then

Onkaparinga District Council.

1648008 Lot 301 Page 9


<,?l%?,1%

As part of the gifting, a Deed of Agreement and Charter was established whereby the facility would beutilised as an 'incubator' site for start-up companies.

A number of controlling entities have been established, commencing as the Onkaparinga Lobethal MillCentre. According to the AHBTC Strategic Plan 2009/10 to 2012/13, the original Mission Statementdeclared its objective was 'ion behalf of the community of Lobethall to identify and facilitate theestablishment of new industries in Lobethal, which will create local employment, in order to preserveand expand the vigour of the Iocal economy".

A strategy included "to identify new industries which are compatible with the geographic anddemographic situation of Lobethal".

Further, "lt must be clearly borne in mind that the mill property asset is to be used to achieve themaximum employment, not the maximum commercial profit. The goal is to replace the number of jobslost at the Mill as quickly as possible so that the Ievel of economic activity in the town does not fall to alevel from which recovery becomes unlikely".

Notwithstanding any of the above however, it was a clear objective that the centre should be financiallysustainable in its own right.

The Adelaide Hills Council conducted further work to finalise a Master Plan for the AHBTC that was

endorsed by Council in May 2015. The Master Plan, inter aha, seeks to develop potential futuredirections for the AHBTC and following consultations, will"investigate the sale of the commercial andwarehouse areas of the site including a Community Title option".

Broadly, the AHBTC itself is utilised by a relatively wide variety of occupants, ranging from officetenancies and commercial uses, however dominated by industrial uses inclusive of manufacturing andstorage. More particularly, the two primary precincts are broadly categorised as the northern 'Food andWine (Tourism) Precinct' and southern 'Manufacturing Precinct'.

Over the Iife of the business park model (i.e. circa 1993), numerous capital works programs have been

enacted to improve overall utility and amenity. This includes demolition of some functionally obsoleteimprovements, extensive sealing of yard areas for car parking purposes, and remedying roof Ieakage,electricity supply, asbestos and termite infestation issues.

Noting that a Iarge portion of the AHBTC is dedicated towards the production and marketing of localfood and beverages, a focus has been to maintain the facility to required quality standards whereverpossible.

Overall however, the accommodation is of a very mixed standard, reflective of a facility that has beenconstructed in multiple stages as much as 140 years ago, with some parts not having witnessed anyform of maintenance or refurbishment for multiple decades. Further, and as identified in the MasterPlan, there are also ongoing heritage / maintenance issues that pertain to certain portions of the facilitythat are required to be considered.

1648008 Lot 301 Pagel0

Proposed Community Lot 301 wi}hin the Adelaide Hills Business and Tourism CentreMain Street, Lobethal, SA

<?B

It is our understanding that interest to purchase the proposed subject Iot has been tendered by some ofthe in-situ tenants and further reinforced by tenants desiring to have a 'first right of refusal' clauseincluded within existing and / or new Iease terms.

We are of the opinion that a sale to an in-situ tenant could be seen as a major positive by securing keybusinesses to the AHBTC and the Iikelihood of many tenants desiring to undertake significant capitalworks to 'their premises' to the benefit of all and in turn possibly generating interest in other portions(Community Lots) within the AHBTC. Accordingly, early negotiations with the view to executing salecontracts could also mitigate possible disinterest by prospective purchasing tenants as well as (adverse)chanqes in market conditions.

BCA AUDIT REVIEW

As part of the AHBTC Master Plan it was recognised that as part of possible sale investigations, furtherconsultancy information associated with infrastructure costs was required.

To this end, we have been provided with a BCA Audit dated 4 September 2015 and prepared by ChrisSale Consulting. We do not intend to provide a detailed synopsis of the report, however suffice to say,the scope of the project included a BCA Audit and Structural and Services Review of Buildings 2 - s atAdelaide Hills Business and Tourism Ceritre, Lobethal, and an associated cost assessment.

Scope of Works is more particularly described in enclosed Project Team Reports and Drawings whichin brief includes for:

Works to ramps, door openings, carpark Iayout adjacent Building 2;

Seismic upgrades;

Ambulant and accessible toilet additions; and

Services upgrades (internally and externally).

Based on the above scope of works, the total estimated final project cost (excluding GST) amounts to$1 ,426,000.

The estimated costs are significant and a closer perusal reveals much of the works relate to seismic

upgrades and external electrical works including provision of a transformer. Whilst we understand the

works are a pre-requisite for the Community land division as proposed, the outcome is expected to

provide an improved (albeit marginal) standard of tenancy accommodation through improved door

openings, ramp and stair nosings, and services upgrades that collectively are likely to have a positiveimpact to the appeal / lettability of such space in the wider market.

Accordingly, for the purposes of this report, we have assumed that such works have been undertaken

and thus form part of our deliberations in our assessment of value.

1648008 Lot 301 Page11

Proposed Community Lot 3Cll within the Adelaide Hills Business and Tourism CentreMain Street, Lobethal, SA

:zi<:l)1%

MARKET CONSIDERAT?ONS

In undertaking a market value assessment of the Proposed Community Lot, we have had regard to thevarying nature and standard of accommodation provided and where identified, excluded all Lessee'sfittings and considered the tenancies in a condition reflective of the agreed Lessor's works only (i.e. inthe same condition as at the start of respective Iease commencement), which remains relevant today.

We have then endeavoured to compare the passing rental currently payable by the subject tenants withrentals achieved for tenancies of a similar nature in similar Iocations, having comparable trading

potential.

Accordingly, we have considered a range of premises that have been Ieased in a variety of Iocations,with a particular emphasis on premises of a similar age, utility and condition noting however a paucityof evidence for this type of tenancy, both in terms of the size and the standard of accommodationprovided, and the preponderance of owner occupation, particularly for stand-alone (single occupant)properties.

To this end, it is recognised that for many years, commercial enterprises in regional centres has beenin general decline, in line with the wider economy and particularly affected by transport and distributioncosts. As a result, a number of Hills townships now represent commuter destinations to the wider

Adelaide metropolitan area, and remaining businesses seek competitive advantage of local nichemarkets often supported by passing traffic and tourism.

As such, it is widely regarded that location attributes play a Iarge component of the success of anyregional enterprise, particularly in Lobethal which is noted to Iie in a regional hills Iocality.

Accordingly, general leasing demand for commercial and industrial space in the Adelaide Hills area isrelatively soft, particularly for large space modules. Further, if a relatively small number of tenancieswere to be exposed to the market simultaneously, it would be Iikely to represent a considerableoversupply in this regional Iocality.

Notwithstanding this however, there are very limited opportunities for space occupants to obtaincommercial / industrial accommodation in particular within the Adelaide Hills. Noting the relatively highoccupancy within the ABHTC, we are advised that there is only modest leasing enquiry (by new andexisting tenants) for varying spaces modules with the AHBTC, albeit also acknowledging there has notbeen an active marketing campaign in recent times.

Where commercial and industrial development remains, the majority of premises are owner occupied ornot subject to formal lease agreements; in many cases tenancy arrangements are determined on aninformal / periodic basis structured inclusive of outgoings contributions (gross basis) particularly formulti-tenanted properties, and Ievied on a 'per week' or 'per calendar month' basis. Accordingly, specificinformation is hard to source and thus has been complimented by having regard to both to asking rentalsfor Adelaide hills based properties, and discussions with Ieasing agents active in the Iocal marketplace.

1648008 Lot 301 Pagel2


<?s

It is also important to note at this time however, that whilst rentals are often formulated on a dollar rateper square metre, the overall quantum of rent is of significance, whereby rentals are based onsustainable affordability given expected trading and profitability levels (i.e. ability of the tenant to pay).

Rental Ievels are often a function of occupancy costs relative to turnover and ultimately the profit whichcan be generated from the business operation within, assuming good average management.Accordingly, comparatively Iarger Iettable areas are unlikely to result in a directly proportionate increasein trading Ievels and thus larger floor plates may exceed the requirements of many operators.

Having regard to all the above factors, it is considered that the most comparable evidence could be thatrecently negotiated by other tenancies within the AHBTC estate itself (assuming market basedassessments were adopted), as it is Iikely to be the only evidence truly reflective of all comparablephysical and Iocational attributes enjoyed by the tenancies under assessment.

To this end, we have been provided with a tenancy schedule of the Iarger development, and accordinglyhave in our deliberations had to regard rentals achieved within the AHBTC as well as a wider range ofevidence in an attempt to draw a Ievel of comparability.

It is noted within the AHBTC that there are over 40 industrial and commercial tenants within the business

park occupying individual tenancies broadly ranging from 40 to over 1 ,000 square metres in area.Excluding tenancies with areas of less than 100 square metres and office tenancies, current rental ratestypically vary from a Iow of $33 per square metre to $67 per square metre per annum. These rentalsare predominantly structured on a net basis (i.e. with the Lessee responsible for their proportion ofoutgoings) and are exclusive of GST.

Rentals achieved within the AHBTC are prima facie considered to provide the most comparable andrelevant evidence with which to compare to the subject tenancies. We are however mindful that manyof the tenants have been in Iong term occupation, some of which commenced in Iine with the original'incubator' use of the AHBTC.

Further, whilst many of these Ieases and others have been the subject of renewal and / or expiry uponat which time the opportunity for a market rent review may have been available, we understand that themajority of rentals at Iease renewals have been reviewed in Iine with the mid-term annual increases of5.00%.

Accordingly, some rentals negotiated under this type of renewal / new Iease agreements and carriedover an extended period of time may be not be construed as reflecting the prevailing characteristics ofthe current rental market attributed to respective tenancies, thus potentially being at odds with therecognised definition of market rental value.

It is evident that by virtue of the somewhat unique nature of accommodation provided within the AH BTC,there is little / no available evidence considered to be directly comparable, however as a whole providespersuasive evidence of general value trends prevalent in the market.

Furthermore and as previously detailed on a 'case by case' basis, many tenancies were initially set upin an 'incubator' role, whereby a variety of capital works were undertaken by both the Lessor and theLessee in order to increase the utility of the tenancies overall.

1648008 Lot 301 Pagel3


l/i

(l)i?

It is typical with most commercial Ieases that any structural works undertaken by a Lessee (and goodwillgenerated) during the term occupancy is specifically excluded upon a market rental review. Theexclusion however usually only applies for the term of the Iease (including all renewal options), and thatupon the expiry of such Iease terms when a new Iease agreement is to be negotiated, then all remainingstructural improvements undertaken are included in the determination of a market rent.

Our research has revealed rental evidence of industrial properties within hills townships (and alsothroughout wider outer metropolitan areas of Adelaide), indicates rental values generally Iying within thebroad range of $50 to $90 per square metre of Iettable area net.

A closer investigation however reveals that the large majority of rental evidence achieved in excess of$70 per square metre of Iettable area is reflective of more modern improvements Iocated within superiorindustrial estates, and typically are of a smaller proportion.

The primary exception is the passing and quoted asking rentals for properties within Mount Barker.Furthermore, Mount Barker is widely regarded as a vastly superior, self-contained regional Iocality morein keeping with suburban Adelaide than with minor hills townships. Accordingly its population base issufficient to sustain significant commercial and industrial development (and value levels) over and abovesuch aforementioned hills townships.

This compares to the subject tenancies within the proposed Lot that Iie between $60 to $67 per squaremetre per annum net, albeit almost all of which (excluding Tenancy 2) have been negotiated some yearsearlier, and typically reflect fixed increases on Ieases that commenced many years earlier.

Given the salient factors, we have formed the view that the passing rentals currently payable by thevarious subject tenancies are broadly in Iine with market Ievels (excluding Tenancy 2 albeit is subject toannual reviews over the first term of the Iease) particularly mindful that the accommodation (excludingtenant's fit-out) generally comprises a 'shell' standard of finish.

SALES EVIDENCE

In arriving at our opinion of value, we have had regard to sales evidence involving both modern andolder style properties across an extended time frame where it is arguable that there has been minimalvariation in market conditions. Among others, a summary of the more pertinent sales analysed includethe following:

Address

121 Princes Hwy,Nairne

Sale

Date

$1,625,000 Nov15

Sale Pricp Desc.

Former

ChapmansFactory. Zoned'Light Industry'

Areas

(rna)

GLA

9,000

Land

15,210

Comments

Former Chapmans Factoryoriginally built circa 1988 withmany additions since. Theproperty has remained Iargelyidle pending furtherdevelopment. Purchaserundisclosed. Sale equates to$181/ma of GLA.

1648008 Lot 301 Pagel4


l/l(l!

1%

1648008 Lot 301 Page15

!im

ii ! !!!!

miiUm i i @im

198D $940,000 Aug15 Talunga GLA Amoderncircal980srestaurantTorrens Valley Rd Restaurant 381 and cellar door together withGumeracha Cellars Iandscapedgardens.Soldwith

Land vacant possession to an owner41000 occupier. Saleequatesto

$2,467/m' of GLA.

180akwoodRd, $1,665,000 Jull5 Heritagelisted GLA FormerofficesandbreweryOakbank factorycellardoor 1,826 factoryofJandAJJohnston,

and office. Zoned located adjacent to the Oakbank'Watershed Land' Racecourse. Purchasedfor

141210 continuedowneroperateduseby O'Leary Walker. Saleequates to $912/m' of GLA.

22EvansSt, $500,000 Mayl5 Aself-storage GLA ModernsheddingcomplexWoodside facility. Zoned 472 currently utilised as a 21 unit

'Country self-storage facility. Sold withTownship'. Land vacantpossession. Sale

2,013 equatesto$1,059/maofGLA.

LotlOl $1,300,000 Mar15 BridgewaterMill GLA TheBridgewaterMill,anl860Mount Barker Rd, Heritage Iisted 350 heritage Iisted flour mill boughtBridgewater cellar door and and renovated in 1986, has

restaurant Land operated as a cellar door andl31l20 restaurantformorethantwo

d6cBdes. Purchased for

continued owner operated use.Sale equates to $3,714/m'ofGLA.

330bornRd, $900,000 Febl5 Mediumclearance GLA RelativelymodernoffieMount Barker workshop. Zoned 850 warehouse in recognised

Jndustry'. industrial estate. Sale equates toLand $1 ,058/m' of GLA.1 ,468

1-7NorthRd, $585,000 Sept14 0ffice/workshops GLA OriginallyformedpartoftheNairne Zoned'Light 1,280 adjoiningChapmansfactory.

Industry'. Older sheds / workshops on aLand highlyirregularfullysealedsite.4 400 Sale equates to $4571rr? of

GLA.

41SeckerRd, $525,000 Sep13 Dualoffice& GLA ModernindustrialestateMountBarker workshop 314 Iocation,superiorTorrensTitle

tenancies tenure, subject to two tenanciesLand each for initial terms of five11530 )/ears although a COnd!f!On Of

contract was one of the

tenancies was to vacate. Sale

equatesto$1,672/maofGLA.

Proposed Community Lot 3C)I within the Adelaide Hills Business and Tourism CentreMain Street, Lobethal, SA

/l

(I/'%lL%'

Address

32 Secker Rd,Mount Barker

Salp Prirrp vrirpSale

Date

$344,000 Jun 13

Desc.

Medium clearance

workshop. Zoned'Light Industry'.

Areas

(rrl)

GLA

307

Land

1 ,562

MComments

Modern industrial estate

location, superior Torrens Titletenure, however noting the shedis not paved and nor does itcomprise any amenities. Saleequatesto$1,121/maofGLA.

14 Simper Cres, $495,000 0ct 12Mount Barker

O ffi ce/wo rks h o pwith mechanics

pit. Zoned 'LightIndustry'.

GLA

280

Land

1,571

Traditional industrial Iocation,superior Torrens Title tenure,also noting the improvementsfeature extensive office, kitchenand wet area amenities as well

as extensively sealed andsecured yard areas. Saleequates to $1 ,768/m' of GLA.

46

Main South Rd,Myponga

$795,000 Sept 12 Former Mypongadairy/cheese

factory built circamid l940s/1950s.

Zon6d 'CountryTownship'

GLA

2,644

Land

5,581

Older former dairy factory facilitywhich operates as 'MypongaMarket'; Bric-a-brac etc, and isunderstood to be continuingoperating on this basis. Saleequates to $301/ma of GLA.

15 (Lot 191)Crompton Rd,Totness

$1,060,000 Jun12 Mediumclearanceoffice warehouse

built circa 2003 as

two workshopspresently utilised

in common.

Zoned 'LightIndustry'.

GLA

1,107

Land

2,491

Leased for 4+4*4 yearscommencing August 2011 at anet passing rental of $96,862per annum ($87/m2), having atotal net income of $96,492 afterthe deduction of non-

recoverable Land Tax, deducingan initial yield of 9.10%. Saleequates to $958/ma of GLA.

Unit 3, 56Wellington Rd,Mount Barker

$215,000 Jun 12 Strata Titled

workshop withsecured private

yard. Zoned 'LocalCentre'.

GLA

236

approx.

Middle position within a StrataTitled development, also locatedwithin close proximity to thesubject development. Securedprivate yard area ofapproximately 260 squaremetres considered of further

added appeal / value. Appearsto have sold off-market. Sale

equatesto$91l/maofGLA.

196-200

OnkaparingaValley Rd,Woodside

$505,000 May 12 0ffice warehousepremises built

circa early 1990's,developed on an'L' shaped site.Zoned "Country

Township(Woodside).

GLA

567

Land

2,330

Main road Iocation. Sold bymortgagee in possession,subsequently Ieased on a 2 + 2+ 2 year basis for an annualcommencing rental of $30,160pa net ($53/m' deducing aninitial yield of 6.00%). Saleequates to $891/m' of GLA.

1648008 Lot 3Cll Page16


<?i

The sales information quoted has been obtained from a number of sources including published salesinformation provided by the Land Services Group of Department for Planning, Transport andInfrastructure (DPTI) and RP Data Ltd. Whilst we understand the information to be reliable, we areunable to guarantee the accuracy. Where the information has been available to us, we have madeappropriate adjustments for GST but the recorded sale prices may include all, a part of, or no GSTdepending on the circumstances and tax Iiability of the parties to each transaction.

VALUATION RATIONALE

Given the existing Iease covenants, we have adopted the Capitalisation approach to valuation as it ison this basis that investment property is invariably sold. Such method takes into account not only theinitial return from the property but also rental growth and risk to income and market value.

In addition, we are mindful of the relatively short Iease terms that remain in regard to the LobethalBierhaus and Robert Johnston Vineyard tenancies (albeit each with a further option to renew) and thepreponderance of owner occupied properties that represent the bulk of sales in hills Iocalities. We havetherefore as a check, also had regard the Direct Comparison approach whereby the subject property iscompared directly with sales of other properties in similar Iocations and adjustments made for smallpoints of difference.

Using the Capitalisation of Income approach, our assumptions adopted are summarised as follows:

*

*

*

Market Rental - Based on the aforemen{ioned research and as detailed earlier in our report,the passing rentals in relation to Tenancies 3A, 3B & 3C are considered to broadly accord withmarket levels and thus likely to be similarly adopted by prospective purchasers. In regard toTenancy 2, the passing rental is considered to at or below the Iower end of market Ievels giventhe relatively good standard of accommdation and higher Main Street profile. The first term ofthe Iease is however subject to '12.50% annual reviews which will provide strong rental for thistenancy. We have therefore adopted the passing rentals, the total of which amounts to$87,035 per annum net (exclusive of GST). This rental includes the two (2) non-exclusivelicences to occupy in relation to the 'Garden Area' and 'Reserved Area' which will form part ofthe proposed Community Title Lot.

Landlords Outgoings - The passing rentals for all tenancies are structured on a net basis withthe Lessee responsible for the payment of all outgoings apart from State Land Tax. Given theproposed Community Title Lot has not been created, any Site Value rating assessment for theholding is assumed to Iie below the threshold for Iand tax to apply. Thus, the imputed net rentalis unchanged as $87,035 per annum (exclusive of GST).

Lease Terms - As per the current Iease terms as advised to us.

Adopted Capitalisation Rate - In this instance, we have taken into consideration theinvestment sales, albeit recognising the Iimited hills sales evidence. We have also consideredthe size and standard of the improvements, heritage listing, proposed Community Title tenureand overall tenancy profile including relatively short remaining Iease terms, albeit with a stronglikelihood of renewing. We have formed the view an appropriate capitalisation rate to apply tothe assessed income is 9.75%, with a Sensitivity Analysis showing the range in valuesapplicable if capitalisation rates of 9.25% and 10.75% are adopted.

Capital Adjustments - No capital adjustment is considered necessary.

1648008 Lot 301 Page 17


'/l

7%??

Applying the various estimates in respect to income, landlord's outgoings, capitalisation rate and capitaladjustments indicates an 'as if complete' value range (rounded) of $800,000 to $1,000,000, moreparticularly adopting for the purpose of this valuation a near mid-point value of $900,000 (Nine HundredThousand Dollars).

Our Valuation Calculations are attached below:

The assessed value of $900,000 equates to a rate of $722 per square metre of gross Iettable area.

Excluding the Talunga Cellar Door Restaurant and Bridgewater Mill sales, the assessed rate is towards

the middle of the range indicated by the sales evidence highlighted earlier, viz $180 to $1 ,768 per squaremetre of gross Iettable area. Given all salient factors, we consider this rate to be fair and reasonable.

1648008 Lot 301 Page18

Proposed Lot 301 Main Road, Lobethal, SA

Traditional I nvestment Analysis

ata al*llai=k= iaiia 4 a a--:a. GLA Rental Rental

Income m2 $/m' $.a.

Passing Rental

2 RipeintheAdelaideHills 194.00 $65.24 $12,6563A LobethalBeirhaus 367.00 $85.39 $31,3383B LobethalBeirhaus 224.50 $66.79 $14,9943C RoberkJohnsonVineyards Pty Ltd 461.00 $60.84 $28,046

TotalMarketRentallncome 1,246.50 $69.82 $87,035

NonRecoverableOutgoings $0Vacancy/BadDebtAllowance O.00% gmssincome $0 $0

': : : i: -:l ..'a:) '.:l'

Capitalised @ $892,6679.75%

Capital AdjustmentsRentalRewrsions $0LettingupAllowance $0CapitalExpenditure $0 $0

lndrcated Value $892,es7lmma! ffE2A

mm m m

lsE [ [!m i m(€ l l !I m (!m i im m l l a 7

m(- ( ZJ! I 3

8.75% $1,000,000 $802

9.75% $900,000 $722

10.75% $800,000 $642

mTh (Umim[mm mmmmsiUl!- m!l[1W[fff(- !!!I!!l!i

$900,000

as at

1-Mar-16

Market Net Income $87,035

lnitialYield 9.67%

Rate/m"GLA $722

Rate/m'SITE $322

/l


sl

VALUATION STATEMENT

Therefore, affer due consideration of recent sales transactions and other relevant market data, we are of

the opinion that as at I March 2016 the subject property warrants a market value 'as if complete' of$900,000 (NINE HUNDRED THOUSAND DOLLARS), subject to our remarks and qualifications herein.

We trust that this short form report is sufficient for your immediate requirements. If you should require any

additional assistance with regard to this or any other property matters please do not hesitate to contact us.

D?SCLAIMERS

This valuation is for the use only of the party to whom it is addressed and is not to be relied upon by any

other person or for any other purpose. We accept no Iiability to third parties nor do we contemplate that this

report will be relied upon by third parties. Neither the whole of the report or any part or reference thereto,

may be published in any document, statement or circular nor in any communication with third parties withoutprior written approval of the form and context in which it will appear. We reserve the right to withhold consent

or to review the contents of this report in the event that our consent is sought.

This valuation is current as at the date of valuation only. The value assessed herein may change

significantly, 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 Iiability for Iosses arisingfrom such subsequent changes in value.

Please also note that our valuation does not assume a forced sale. Given current market conditions

and recognising the characteristics peculiar to the subject property(s), it may take an extended periodof time to realise the ascribed value if offered for sale.

We have relied upon the financial information that has been provided to us by those parties instructing and

have used this information in the preparation of this report. To the best of our knowledge and investigations

all information provided to us regarding the financial history, Iicense requirements and compliance with

regulations under the various acts affecting this property and business is accurate and a true record of thecurrent situation.

Yours faithfullym3property

,,y;;, fNeil BradfOrd B App Sc (Val) G Dip App Fin (Sec lnst) FAPI

Certified Practising Valuer/Director

1648008 Lot 301 Page 19

ANNEXURES

Certificates of Title

Proposed Community Plan

?g (iovernni*nt of South Australia

',?(?11,)r:nu2t>t of p.h:'nirg,Ti'a'lS%Tl al!d .llllLaAllA!'J'&

Product

Date/Time

Customer Reference

Order 10

Cost

Register Search Plus26/02/2016 10:18AM

1648008

20160226002765

$32.50

The Registrar-General certifies that this Title Register Search displays the records maintained in the RegisterBook and other notations at the time of searching.

40,q, i-r'z:? -, . id-s* ]'5'i

Registrar-General

Certificate of Title - Volume 5169 Folio 516

Parent Title(s) CT 1203/9

Dealing(s) CONVERTED TITLECreating jitle

Title Issued

Edition

Edition Issued

Estate TypeFEE SIMPLE

Registered ProprietorADELAIDE HILLS COUNCIL

OF PO BOX 44 WOODSIDE SA 5244

Description of LandALLOTMENT 88 FILED PLAN 4620IN THE AREA NAMED LOBETHALHUNDRED OF ONKAPARINGA

Easements

NIL

Schedule of DealingsNIL

Notations

Dealings Affecting Title

NIL

Priority Notices

NIL

Notations on Plan

14/02/1 994

3

29/04/1 998

Wl!AL llmeffiNRfi Al:T, lm

... dei.

!'iiutb Aiislriilin

Land Services Group Page 1 of 3

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avpi;r:nsigyi ?} v'.tr'iiir?.3,T4il*'l-Djll and ii!riiw.iXl*4?iy

Product

Date/Time

Customer Reference

OrderlD

Cost


1648008

20160226002765

$32.50

NIL

Registrar-General's Notes

NIL

Administrative Interests

CONFIRMED IN SA HERITAGE REGISTER 28/08/2014

" Denotes the dealing has been re-Iodged.


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Governm*nt of South Australia

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The Registrar-General certifies that this Title Register Search displays the records maintained in the RegisterBook arid other notations at the time of searching.

@Registrar-General


Parent Title(s) CT 4062/71 , CT 51 78/286

Dealing(s)Creating Title

RTU 8271542

Title Issued

Edition

Edition Issued




Description of LandALLOTMENT 101 DEPOSITED PLAN 47499IN THE AREA NAMED LOBETHALHUNDRED OF ONKAPARINGA

Easements

SUBJECT TO EASEMENT(S) OVER THE LAND MARKED C TO THE COMMONWEALTH OF AUSTRALIA (T 3589822)

TOGETHER WITH FREE AND UNRESTRICTED RIGHT(S) OF WAY OVER THE LAND MARKED E APPURTENANTONLY TO THE LAND MARKED X


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?)m'houlh Aiiii}ralia

29/06/1 998

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D (iovernmem c+f South Aiistr.ilia

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PLAN FOR LEASE PURPOSES VIDE G393/1 994APPROVED FILED PLAN FOR LEASE PURPOSES FX49213


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?Q Govemm*nt of South Austr.ilia

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@Registrar-General




RTC 9454851

Title Issued

Edition

Edition Issued




Description of LandALLOTMENT 201 DEPOSITED PLAN 60535IN THE AREA NAMED LOBETHALHUNDRED OF ONKAPARINGA

Easements

SUBJECT TO EASEMENT(S) OVER THE LAND MARKED A TO THE MIN?STER FOR INFRASTRUCTURE (T 3094085)

TOGETHER WITH FREE AND UNRESTRICTED RIGHT(S) OF WAY OVER THE LAND MARKED B APPURTENANTONLY TO THE LAND MARKED X


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?',,=' Government of South Auslralia

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PLAN FOR LEASE PURPOSES VIDE G393/1 994APPROVED FILED PLAN FOR LEASE PURPOSES FX49213APPROVED FILED PLAN FOR LEASE PURPOSES FX53044




" Denotes the dealing has been re-lodged.

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RTC 9454851

Title Issued

Edition

Edition Issued




Description of LandALLOTMENTS 87 AND 90 FILED PLAN 4620IN THE AREA NAMED LOBETHALHUNDRED OF ONKAPARINGA

Easements

SUBJECT TO EASEMENT(S) OVER THE LAND MARKED A TO THE MINISTER FOR INFRASTRUCTURE (T 3094085)


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?9 Govetrm*rit of Soiith Aiistralia

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I MASTER CONCEPT PLAN

ALLOTMENTS 87, 88 & 90 in F4620ALLOTMENT 101 IN D47499

ALLOTMENT 201 IN D60535

HUNDRED OF ONKAPARINGA

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ADELAIDE HILLS COUNCIL

CT 5897/519 (LOTS 87 & 90)CT 5169/516 (LOT 88)CT 5549/242 (LOT 101 )CT 5897/516 (LOT 201)

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sTHIS PLAN WAS PREPARED AS A CONCtPT COMMUNITY DWSIONDWSION A?ID SHOuLD NOT BE uSED FOR ANY OTHER

PI?RII)OSE. THE DIMENSIONS Sl40WN HEREON ARE Su91ECT TO SURWY AND THE REOUIREMENTS OPC?UNCIL AND OT)IER RELEVANT AUTHORITIES. LOT BOuNDARIES SCALED FROM DCOB PLANS FROM LTO AND

DETAIL SURVEY PROVIDED BY THE ADELAIDE HILLS COUNCILNO RELIANCE SHOID BE PUC!D ON THE lllFORMkTION ON THIS PuN FOR ANY FINANCIAL DEALINGS

INVOLVINI) THIS IAND. THIS NOTE 18 AN INTEGRAI PART OF THE PIJIN.

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:iii / / / MARKED X IS TOGETHER WITH A FREEAND UNRESTRICTED RIGHT OF WAY

OVER THE PORTION MARKED E HEREON

PORTION OF THE COMMON PROPERTY

MARKED C IS SLIBJECT TO AN EASEMENT

TO THE COMMONWEALTH OF AUSTRALIA

VIDE T3589822

PORTION OF LOT 202 MARKED A IS

SUBJECT TO EASEMENTS TO THE

MINISTER FOR INFRASTRUCTURE VIDE

T3094085

rmanagemenj BARTLETT Dtaffing & Development& p'a" PO Box 297 WELLAND SA 5007Ph 0418 815 197 Fax 8241 5050 Email - gary.bafflet}@bigpond.com

1I suivey- PYPERLEAKERSurveyingServicesRyLto

65 GOODWOOD ROAD , WAWILLE SA 5034Ph 8373 3880 Fax 7225 8537 Email - [email protected]

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6. Contract for Sale – Portion of AHBTC Site – Period of Confidentiality

1. Subject to the CEO, or his delegate, disclosing information or any document (in

whole or in part) for the purpose of implementing Councils decision(s) in this matter in the performance of the duties and responsibilities of office, Council, having considered Agenda Item 5.2 in confidence under sections 90(2) and 90(3)(b) of the Local Government Act 1999, resolves that an order be made under the provisions of sections 91(7) and (9) of the Local Government Act 1999 that the report, related attachments and the minutes of Council and the discussion and considerations of the subject matter be retained in confidence until the settlement of the contract.

2. Pursuant to section 91(9)(c) of the Local Government Act 1999, that Council delegates the power to revoke the confidentiality order either partially or in full to the Chief Executive Officer.

adelaide hills council special council …...adelaide hills council – special council meeting...

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