main road, anderson street, castella street, lilydale, victoria … ›...

44
1 Information Memorandum YARRA VALLEY SHOPPING CENTRE Main Road, Anderson Street, Castella Street, Lilydale, Victoria March 2008

Upload: others

Post on 07-Jul-2020

2 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

1

Information Memorandum

YARRA VALLEY SHOPPING CENTRE

Main Road, Anderson Street, Castella Street,

Lilydale, Victoria

March 2008

Page 2: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

YARRA VALLEY SHOPPING CENTRE

Page 3: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

TABLE OF CONTENTS

YARRA VALLEY SHOPPING CENTRE .......................................................................................... 5

1 EXECUTIVE SUMMARY .......................................................................................................... 5

2 LOCATION ............................................................................................................................... 7

3 SITE DETAILS.......................................................................................................................... 8

4 PROPERTY DESCRIPTION..................................................................................................... 9

5 TENANCY DETAILS .............................................................................................................. 11

6 FINANCIAL DETAILS ............................................................................................................ 23

7 KEY ATTRIBUTES................................................................................................................. 25

8 DUE DILIGENCE.................................................................................................................... 26

9 DISCLAIMER.......................................................................................................................... 27

APPENDIX 1................................................................................................................................... 28 LOCATION PLAN ....................................................................................................................... 28

APPENDIX 2................................................................................................................................... 30 TITLE PARTICULARS ................................................................................................................ 30

APPENDIX 3................................................................................................................................... 37 TENANCY SCHEDULE .............................................................................................................. 37

APPENDIX 4................................................................................................................................... 42 FLOOR PLAN ............................................................................................................................. 42

Page 4: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

INTRODUCTION Pound Tyas Bernardi is delighted to offer For Sale by Expressions of Interest two outstanding Commercial Investment Properties comprising the Yarra Valley Shopping Centre and the adjoining Yarra Valley Office Centre. The properties are bounded by Main Street, Anderson Street, Castella Street and Chapel Street being located within a prime commercial precinct of Lilydale. Main Street (Maroondah Highway) is a major link through the eastern suburbs of Melbourne whilst Anderson Street provides access through to Canterbury Road which is also a major eastern arterial route. Yarra Valley Shopping Centre The Yarra Valley Shopping Centre is a 1990’s built Neighbourhood Shopping Centre set over two levels with the main centre and mall situated to the Anderson Street frontage of the site and the lower level specialty shops fronting Castella Street. The enclosed shopping centre comprises a Coles Supermarket, Blockbuster Video, Liquorland Store, 15 specialty shops and 1 ATM. The centre has a total GLA of 4,500 square metres and is constructed on a Business 1 Zoned site of 10,680m² incorporating 258 car spaces. Yarra Valley Office Centre The Yarra Valley Office Centre comprises circa 1995 built 2 level office building incorporating a ground floor and lower ground floor totalling 2,304 square metres with undercover parking provided for 24 vehicles plus ample onsite car parking. The subject property is situated on a 3,296m² Business 1 zone site in the established Lilydale Commercial precinct. The Yarra Valley Shopping Centre and the Yarra Valley Office Centre are being offered For Sale by Expression of Interest closing Thursday April, 3 2008 at 4pm at the offices of Pound Tyas Bernardi (Vic) Pty Ltd, Level 3, 10 - 16 Queen Street, Melbourne.

Page 5: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

YARRA VALLEY SHOPPING CENTRE

1 EXECUTIVE SUMMARY

Property Yarra Valley Shopping Centre Address Cnr Main Street, Anderson Street and Castella Streets Lilydale,

Victoria Property Type Neighbourhood Shopping Centre Location The property is located in a prime commercial precinct within Lilydale

which is approximately 38 kilometres east of Melbourne Central Business District.

Description The Yarra Valley Shopping Centre comprises a Neighbourhood

Shopping Centre incorporating a Coles Supermarket, Liquorland, Blockbuster Video and 15 specialty shops which combined provides a total GLA of approximately 4,500 square metres. Parking for approximately 258 vehicles is provided.

Zoning “Business 1” Zone under the provisions of the Shire of Yarra Ranges

Planning Scheme Site Area The Yarra Valley Shopping Centre occupies a total site area of

approximately 10,680 square metres. Anchor Tenants The Yarra Valley Shopping Centre is anchored by Coles

Supermarkets Australia Pty Limited and Liquorland (Aust) Pty Ltd. Net Income The estimated net income for the Shopping Centre is currently

$1,182,800 per annum approx. Sale Process The property is offered for sale by Expressions of Interest.

Prospective buyers are required to lodge Expressions of Interest in the Form prepared by the vendor’s solicitors by no later than 4pm EST. on Thursday April 3, 2008 at the offices of Pound Tyas Bernardi (Vic) Pty Ltd, Level 3, 10 -16 Queen Street, Melbourne

Due Diligence Further information can be made available to prospective purchasers

for review on request.

Page 6: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

Vendor’s Agent Pound Tyas Bernardi (Vic) Pty Ltd Level 3, 10-16 Queen Street Melbourne Vic 3000 Telephone (03) 9620 3800 Facsimile (03) 9620 3900 Website www.poundtyasbernardi.com.au Pierre Bernardi Mobile 0412 316 227 Email [email protected] Michael Pound Mobile 0412 316 217 Email [email protected]

Page 7: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

2 LOCATION

The subject property is located in Lilydale, approximately 38 radial kilometres east from the Melbourne CBD and is within the Local Government Area administered by the Yarra Ranges Shire Council. The property is bounded by Main Street to the south, Anderson Street to the east and Castella Street to the west. Anderson Street connects with the Maroondah Highway (Main Street), which is the main east west arterial roadway extending between the City and the Yarra Valley. The property is centrally located within the commercial precinct of Lilydale in an area which incorporates strip retailing shops, service stations and a number of car dealerships. The Lilydale Railway Station is situated approximately 500 metres west of the subject properties and bus services are provided to Maroondah Highway travelling in an east west direction. Lilydale Community Facilities include the Swinburne University of Technology and TAFE, Lilydale Lake and surrounding wetlands, parklands and sporting facilities. Melba Park and associated recreational facilities including Lilydale Recreational Reserve, Athenaeum Hall, Museum and Swimming Pool are situated to the west of the property. There are also a number of primary and secondary schools. Development to the north and east of the subject properties comprises predominantly residential single level dwellings. The Lilydale Purification Plant (Yarra Valley Water) and surrounding industrial parks are situated north and north west of the subject properties in Cave Hill Road, Beresford Road and surrounding streets. A location plan is attached as appendix 1

Page 8: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

3 SITE DETAILS

4.1 LEGAL DESCRIPTION The land is contained within a single title being Lot 2 on Plan of Subdivision 343904P and more particularly described within Certificate of Title Volume 10253 Folio 861. A copy of the certificate of title is attached as appendix 2. 4.2 SITE DESCRIPTION The property comprises 2 parts being the main parcel of land (generally rectangular in shape) and a smaller parcel of land (irregular in shape). The 2 parcels provide a site area of 10,680m² (1.068 ha). The total frontage to Anderson Street is 115.21 metres; the frontage to Main Street (Maroondah Highway) is 33.92 metres and the frontage to Castella Street is 98.72 metres. 4.3 ZONING The property is included within a “Business 1” Zone under the Shire of Yarra Ranges Planning Scheme. The purpose of the zone is essentially to encourage the intensive development of business centres for retailing and other complimentary commercial, entertainment and community uses. The property is not subject to any Overlays or any Heritage issues. 4.4 SERVICES The property is fully serviced by all utilities including: Water Electricity Gas Sewerage Drainage Telephone

Page 9: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

4 PROPERTY DESCRIPTION

The Yarra Valley Shopping Centre comprises a circa early 1990’s built fully enclosed neighbourhood shopping centre which contains a lettable area of 4,500m². The Centre extends over 2 separate levels. The Anderson Street entrance provides access to the main component of the Shopping Centre which incorporates the Coles Supermarket, Blockbuster Video, Liquorland and 9 specialty shops. This component of the Centre may also be accessed via a ramp along the western side of the northern elevation of the Centre. The second component of the Centre fronts Castella Street and is situated below the main centre at street level. This component comprises 7 specialty shops (Shops C5 & C6 listed as 1 in the tenancy schedule). Access to the shopping centre is provided from Anderson Street, Castella Street and Morecroft Place to an “L” shaped car park to Anderson Street with associated undercover car parking. All car parking is fully constructed, bitumen sealed and line marked, providing a total of approximately 258 car spaces. A recessed loading dock is situated to the rear of the Coles Supermarket tenancy. Each shop is fitted out to individual tenant’s requirements and male and female and disabled toilet facilities are incorporated within the development.

4.1 GENERAL DESCRIPTION The shopping centre has the following construction elements: External Walls: Rendered and painted concrete panels Internal Walls: Combination of painted concrete finishes, masonry blockwork and

plasterboard Roof: Steel frame with metal decking Ceilings: Generally suspended ceiling tiles and painted plasterboard Floors: Reinforced concrete slab Floor Coverings: Various floor coverings to retail area including carpet and vinyl tiles

with terrazzo tiles to common mall areas; vinyl floor tiles are provided to the Coles Supermarket

Window Frames: Anodised aluminium frame Car Park: Bitumen paved with trolley bays Building Services Air Conditioning: Generally ducted reverse cycle ceiling ducted system; individual units

to shops in Castella Street Fire Protection: The centre is sprinklered and fire hydrants and hose reels are

situated in strategic locations Electrical: The centre is serviced by an on site sub-station

Page 10: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

Lighting: Recessed and mounted fluorescent lighting throughout the centre

and tenancies with halogen downlights to the mall and intermittent light towers to the car parking area

4.2 LETTABLE AREAS The lettable areas which represent the current tenancy configuration is as follows:

Tenant Lettable Area (m²) % of NLA Coles Supermarket 2,500m² 55.55%Liquorland 235m² 5.22%Other Specialties 1,765m² 39.23% Total 4,500m² 100%

Page 11: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

5 TENANCY DETAILS

5.1 OVERVIEW Set out below is a summary of the rental income currently being generated from the Centre.

TENANT INCOME P.A. % of NLA Coles Supermarket $669,792.70 55.55%Blockbuster $117,967.50 8.67%Liquorland $76,474.44 5.22%Yarra Natural Health Foods $17,500.00 1.84%Aroma Blu Café $46,149.15 2.77%Freechoice Tobacconist $38,245.45 1.85%Yarra Hot Bread $34,108.18 1.60%Yarra Fresh Butcher $32,960.00 1.48%La Trend Ladies Fashion $38,245.45 1.58%Yarra Valley $2 Up Store $53,045.00 3.25%Shab Sheek Hair Design $14,060.80 0.87%Henry De Cru Jewellers $17,046.51 0.93%Morecroft’s Podiatry Services $14,420.00 1.55%Morecroft’s Podiatry Services $17,017.66 1.84%Morecroft’s Podiatry Services $13,579.52 1.84%Morecroft’s Podiatry Services $13,390.00 1.84%Gourmet Table $33,745.92 3.66%Via Castella $33,745.92 3.66%Credit Union ATM $7,717.50Street Ad $2,000.00 TOTAL RENTAL INCOME $1,291,211.70 100% La Trend Ladies Fashion – Market rent in dispute Blockbuster – Letter assigning lease to Video Ezy

Page 12: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

5.2 MAJOR TENANT’S LEASE DETAILS COLES SUPERMARKET Lessee: Coles Supermarket Australia Pty Ltd Demised Premises: Supermarket Lease Term: 15 years Lease Commencement Date: 24 October 1995 Further Term(s): Two (2) further terms of Ten (10) years each Current Annual Base Rent: $669,792.70 per annum Percentage Rental: 2% of the amount by which gross sales exceed base rent payable for

that lease year multiplied by 50. Base Rental Reviews: The base rent for each lease year of the second and each

subsequent rent period (five year periods) shall be equal to one third of the total base rent and percentage rent payable during the last three of lease years of the proceeding rent period. On renewal of all further terms the rent is reviewed in this manner.

Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings (increased by CPI) including:

Council & Water Rates Land Tax Cleaning & maintenance of landscaping Common Area Electricity

Page 13: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

BLOCKBUSTER AUSTRALIA PTY LTD Lessee: Blockbuster Australia Pty Ltd Demised Premises: Shop 1 Lease Term: Five (5) years Lease Commencement Date: 15 September 2005 Further Term(s): Nil Current Annual Base Rent: $117,967.50 per annum Base Rental Reviews: Annual 5% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings. LIQUORLAND (AUSTRALIA) PTY LTD Lessee: Liquorland Australia Pty Ltd Demised Premises: Shop 2 Lease Term: Five (5) years Lease Commencement Date: 19 August 2006 Further Term(s): Nil Current Annual Base Rent: $76,474.44 per annum Base Rental Reviews: CPI Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings.

Page 14: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

5.3 REMIANING SPECALITY TENANT’S LEASE DETAILS SHOP 3 – YARRA NATURAL HEALTH FOODS Lessee: Australian Car Security Pty Ltd Demised Premises: Shop 3 Lease Term: Two (2) years Lease Commencement Date: 1 April 2007 Further Term(s): Two (2) further terms of Three (3) years each Current Annual Base Rent: $17,500.00 per annum Base Rental Reviews: Annual 4% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings. SHOP 4 – AROMA BLU CAFÉ Lessee: Prasoeur Oung Demised Premises: Shop 4 Lease Term: Three (3) years Lease Commencement Date: 3 December 2007 Further Term(s): One (1) further term of Three (3) years Current Annual Base Rent: $46,149.15 per annum Base Rental Reviews: Annual 3% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings.

Page 15: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

SHOP 5 FREECHOICE TOBACCONIST Lessee: Alfred Shami Demised Premises: Shop 5 Lease Term: Five (5) years Lease Commencement Date: 1 May 2004 Further Term(s): One (1) further term of Five (5) years Current Annual Base Rent: $38,245.45 per annum Base Rental Reviews: Annual 3% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings. SHOP 6 – YARRA HOT BREAD Lessee: Seng Boun Lay & Sor Peir Seng Demised Premises: Shop 6 Lease Term: Three (3) years Lease Commencement Date: 26 October 2004 (holding over) Further Term(s): Nil Current Annual Base Rent: $34,108.18 per annum (rental currently being negotiated) Base Rental Reviews: Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings.

Page 16: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

SHOP 6A – YARRA FRESH BUTCHER Lessee: Leonard F Kent & Jodie M Kent Demised Premises: Shop 6A Lease Term: Three (3) years Lease Commencement Date: 13 February 2007 Further Term(s): Nil Current Annual Base Rent: $32,960.00 per annum Base Rental Reviews: Annual 3% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings. SHOP 7 – LA TREND LADIES FASHION Lessee: Kym Cicchiello Demised Premises: Shop 7 Lease Term: Three (3) years Lease Commencement Date: 1 January 2008 Further Term(s): Nil Current Annual Base Rent: $38,245.45 per annum Base Rental Reviews: Annual 3% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings.

Page 17: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

SHOP 8 – YARRA VALLEY $2 UP STORE Lessee: Sui Xiong Zhang Demised Premises: Shop 8 Lease Term: Two (2) years, five (5) months, Seven (7) days Lease Commencement Date: 8 January 2008 Further Term(s): One (1) further term of Five (5) years Current Annual Base Rent: $53,045.00 per annum Base Rental Reviews: Annual 3% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings. SHOP 9 – SHAB SHEEK HAIR DESIGN Lessee: Claire Formston Demised Premises: Shop 9 Lease Term: Five (5) years Lease Commencement Date: 21 November 2005 Further Term(s): One (1) further term of Five (5) years Current Annual Base Rent: $14,060.80 per annum Base Rental Reviews: Annual 4% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings.

Page 18: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

SHOP 10 – HENRY DE CRU JEWELLERS Lessee: Decru Investments Pty Ltd Demised Premises: Shop 10 Lease Term: Three (3) years Lease Commencement Date: 1 July 2005 Further Term(s): Two (2) further terms of Three (3) years Current Annual Base Rent: $17,046.51 per annum Base Rental Reviews: Market review on exercise of option Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings. SHOP C1 – MORECROFT’S PODIATRY SERVICES Lessee: Morecroft’s Podiatry Services Pty Ltd Demised Premises: Shop C1 Lease Term: Three (3) years Lease Commencement Date: 15 April 2006 Further Term(s): Three (3) further terms of Three (3) years Current Annual Base Rent: $14,420.00 per annum Base Rental Reviews: Annual 3% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings including:

Council & Water Rates Insurance Auditing Fees Management Fees

Page 19: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

SHOP C2 – MORECROFT’S PODIATRY SERVICES Lessee: Morecroft’s Podiatry Services Pty Ltd Demised Premises: Shop C2 Lease Term: Three (3) years, Three (3) months, Three (3) days Lease Commencement Date: 12 January 2006 Further Term(s): Three (3) further terms of Three (3) years Current Annual Base Rent: $17,017.66 per annum Base Rental Reviews: Annual 3% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings including:

Council & Water Rates Insurance Auditing Fees

SHOP C3 – MORECROFT’S PODIATRY SERVICES Lessee: William Samuel & Judith Lee Mackieson Demised Premises: Shop C3 Lease Term: Three (3) years Lease Commencement Date: 1 January 2008 Further Term(s): Nil Current Annual Base Rent: $13,579.52 per annum Base Rental Reviews: Annual 3% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings including:

Council & Water Rates Insurance Auditing Fees Management Fees

Page 20: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

SHOP C4 – MORECROFT’S PODIATRY SERVICES Lessee: Morecroft’s Podiatry Services Pty Ltd Demised Premises: Shop C4 Lease Term: Three (3) years Lease Commencement Date: 1 May 2006 Further Term(s): Three (3) further terms of Three (3) years Current Annual Base Rent: $14,420.00 per annum Base Rental Reviews: Annual 3% increases Outgoings: The Lessee is responsible for their proportionate share of all

recoverable outgoings including:

Council & Water Rates Insurance Auditing Fees Management Fees

SHOP C5 & C6 – GOURMET TABLE RESTAURANT Lessee: Clanzi Pty Ltd Demised Premises: Shop C5 & C6 Lease Term: One (1) year, Ten (10) months, Four (4) days Lease Commencement Date: 27 November 2007 Further Term(s): Two (2) further terms of Three (3) years Current Annual Base Rent: $33,745.92 per annum Base Rental Reviews: Annual 4% increases Outgoings: Gross Lease

Page 21: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

SHOP C7 – VIA CASTELLA RESTAURANT Lessee: Hayes Hospitality Pty Ltd Demised Premises: Shop C7 Lease Term: Five (5) years Lease Commencement Date: 1 October 2004 Further Term(s): Two (2) further terms of Three (3) years Current Annual Base Rent: $33,745.92 per annum Base Rental Reviews: Annual 4% increases Outgoings: Gross Lease ATM – CREDIT UNION Lessee: Credit Union Australia Limited Demised Premises: ATM Lease Term: Three (3) years Lease Commencement Date: 1 March 2006 Further Term(s): Nil Current Annual Base Rent: $7,350.00 per annum Base Rental Reviews: Annual 5% increases

Page 22: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

SIGNAGE – STREETAD Lessee: Street Ad Pty Ltd Demised Premises: Signage Lease Term: Five (5) Years Lease Commencement Date: 1 November 2005 Further Term(s): One (1) further term of Three (5) years Current Annual Base Rent: $2,000.00 per annum A tenancy schedule is attached as Appendix 3

Page 23: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

6 FINANCIAL DETAILS

6.1 FINANCIAL SUMMARY The majority of leases provide for rental payments plus additional outgoings and expense payments. The leases either state a separate assessment method or pro-rata allocation. A summary of the budgeted net income (30th June 2008) is a follows: Budgeted Income $1,596,816.04 pa Budgeted Expenses $ 414,004.98 pa Budgeted Net Income $1,182,811.06 pa

Page 24: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

6.2 SHOPPING CENTRE INCOME & EXPENSE BUDGET TO 30TH JUNE 2008

BUDGETED INCOME TO 30TH JUNE 2008 Budgeted Income Rents Collected $1,291,211.70Outgoings Recoverable $305,604.34Total Budgeted Income to 30 June 2008 $1,596,816.04 Budgeted Expenses Council Rates $61,078.35Water Rates $15,871.32Land Tax $19,490.00Essential Services $1,320.00Insurance $29,731.56Air Conditioning Contract Fee $3,556.80Air Conditioning Repairs & Maintenance $5,000.00Cleaning Common Area $124,916.12Toilet Requisites $3,000.00Rubbish Removal $9,500.00Hygiene Services $2,062.65Landscaping $5,352.00Indoor Plant Hire $648.00Electricity – Common Area $54,113.24Fire Protection $4,383.22Emergency Evacuation Procedures $1,909.44General Repairs & Maintenance $10,550.00Emergency Management System R & M $1,000.00Repairs & Maintenance – Auto Doors $2,000.00Security $16,380.00Audit Fee $1,500.00Music Line Rental $1,456.56Licence Agreement – Shared Driveway $1,488.97Management Costs $37,696.75Estimated Expenses to 30 June 2008 $414,004.98Estimated Net Income to 30 June 2008 $1,182,811.06

Page 25: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

7 KEY ATTRIBUTES

The acquisition of the Yarra Valley Retail Centre and the Yarra Valley Office Centre provides investors / developers with a rare opportunity to acquire both a well established neighbourhood shopping centre together with an adjoining modern freestanding office building. Both properties are fully leased with approximately 80% of the total rental being generated by major and/or government and semi government tenants. In regard to the shopping centre these include Coles (Supermarket and Liquorland) and Blockbuster. In regard to the office building these include the Commonwealth of Australia CEO Centrelink and the Shire of Yarra Ranges. There is a strong underlying land value, as the properties occupy approximately 14,606m² of “Business 1” zoned land. In terms of individual key attributes, these are summarised as follows: Yarra Valley Shopping Centre Coles Supermarket as the anchor tenant

Long established strong trading performance from Coles

Established tenancy mix including Liquorland and Blockbuster Video

Over 60% of the rental income generated from Coles and Liquorland

Located in sought after growth corridor with favourable demographics

Substantial site area in excess of 10,000m² with excellent onsite car parking for 258 cars

Limited opportunities to acquire quality retail investments within the Lilydale Commercial

Precinct

Page 26: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

8 DUE DILIGENCE

8.1 ADDITIONAL INFORMATION Additional information in relation to the properties is available on request from the marketing agents and includes, but is not limited to Copies of all lease agreements

Building layout plans

Building services information

8.2 SALE PROCESS The Yarra Valley Shopping Centre and Yarra Valley Office Centre are being offered For Sale by Expressions of Interest closing 4:00pm Thursday April 3, 2008 at the offices of Pound Tyas Bernardi (Vic) Pty Ltd, Level 3, 10 - 16 Queen Street, Melbourne

8.3 TERMS OF SALE 1% of the purchase price payable with lodgement of Expressions of Interest document

9% of the purchase price payable on exchange of Contract of Sale

Balance of purchase payable within 90 days or earlier from the date of sale

8.4 EXPRESSIONS OF INTEREST DOCUMENT The EOI Document together with Contract of Sale and Section 32 Vendor Statement will be available upon request.

8.5 CONFIDENTIALITY AGREEMENT In regard to obtaining sales information in relation to the Coles Supermarket, you must execute a Confidentiality Agreement with Coles Supermarkets. The lessee must first approve the release of the information before it can be provided.

Page 27: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

9 DISCLAIMER

This report has been prepared by Pound Tyas Bernardi (Vic) Pty Ltd. This document does not constitute an offer or contract of sale or any part of an offer or contract of sale. It is intended only as a guide and an aid to further investigation by potential purchasers/lessees. Potential purchasers/lessees accept this documentation on the condition that they will make their own enquiries and obtain their own independent advice in order to verify the accuracy of the information presented in this document. The content of this document has been derived, in part, from sources other than Pound Tyas Bernardi (Vic) Pty Ltd and may be based on assumptions. In passing this information on, Pound Tyas Bernardi (Vic) Pty Ltd does not warrant that such information or assumptions are accurate or correct. To the extent that this document includes any statement as to a future matter, that statement is provided as an estimate and/or opinion based upon the information known to Pound Tyas Bernardi (Vic) Pty Ltd at the date of preparing this document on assumptions which may be incorrect. Pound Tyas Bernardi (Vic) Pty Ltd does not warrant that such statements are or will be accurate or correct. Pound Tyas Bernardi (Vic) Pty Ltd provide this document on the condition that, subject to any statutory limitation on its ability to do so, Pound Tyas Bernardi (Vic) Pty Ltd disclaims liability under any cause of action including negligence for any loss arising from reliance upon this document. Pound Tyas Bernardi (Vic) Pty Ltd has not verified whether building or other services will be adversely affected by the processing of dates in the Year 2000 or any other year, leap year or by any other date. The recipient must satisfy themselves as to:

a) the likelihood of an adverse affect of that kind; and b) the cost to prevent or rectify an adverse affect of that kind.

This confidential document is for the sole use of persons directly provided with it by Pound Tyas Bernardi (Vic) Pty Ltd and is not to be re-supplied to any other person without the prior written consent of Pound Tyas Bernardi (Vic) Pty Ltd. Use by, or reliance upon this document by any other person is not authorised by Pound Tyas Bernardi (Vic) Pty Ltd and is not liable for any loss arising from such unauthorised use or reliance. GST Disclaimer: Pound Tyas Bernardi (Vic) Pty Ltd advise that the financial information in this report relating to income, outgoings and the like is provided without reference to the possible impact of GST, if any. Potential purchasers/lessees should make their own assessment of the impact of GST after obtaining there own expert professional advice.

Page 28: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

APPENDIX 1

LOCATION PLAN

Page 29: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the
Page 30: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

APPENDIX 2

TITLE PARTICULARS

Page 31: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

YARRA VALLEY SHOPPING CENTRE

Page 32: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the
Page 33: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the
Page 34: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the
Page 35: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the
Page 36: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the
Page 37: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

APPENDIX 3

TENANCY SCHEDULE

Page 38: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the
Page 39: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the
Page 40: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the
Page 41: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the
Page 42: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the

APPENDIX 4

FLOOR PLAN

Page 43: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the
Page 44: Main Road, Anderson Street, Castella Street, Lilydale, Victoria … › information_memorandum01.pdf · 2008-07-08 · Lilydale, Victoria . March 2008 . ... a major link through the