WAHROONGA, 11-21 Woniora Avenue - IM Updated · Outline indicative only Outline indicative only...

Boundary outline indicative only

information memorandum11-21 Woniora Avenue | Wahroonga

Development/Investment Opportunity (STCA)

VERSION TWO

July 2013

Prepared by Savills | Metropolitan & Regional Sales NSW

Outline indicative only Outline indicative only

contents introduction ............................................................ 1

executive summary ................................................ 2

property particulars ................................................ 3

location ................................................................... 6

property description............................................... 7

method of sale ........................................................ 9

considerations ...................................................... 11

contact .................................................................. 11

disclaimer ............................................................. 12

appendices ........................................................... 13

appendix 1 - deposited plans & strata plan

Information Memorandum | 11-21 Woniora Avenue, Wahroonga | July 2013

© Copyright Savills 2013 1

introduction

Savills has the pleasure of exclusively offering for sale under instructions from Helen Newman & Andrew Fielding as Agents for the Mortgagee in Possession, Suncorp Metway Ltd, 11-21 Woniora Avenue, Wahroonga which presents a development/investment opportunity (Subject to Council Approval).

11-21 Woniora Avenue, Wahroonga represents a opportunity to acquire either an investment and/or development site on the upper North Shore. The property comprises three (3) residential strata townhouses returning approximately $100,557.16 gross pa and developable land.

The site has an existing DA for a 51 unit retirement village and is currently zoned Residential 2 (d3) under the Ku-ring-gai Planning Scheme Ordinance. The DA has a number of conditions and limitations. Refer to the further information on page 9.The subject property is in a highly sought after location within one of Sydney’s hot spots. It is located on the northern side of Woniora Avenue and its central location allows excellent access to some of Sydney’s best amenities including schools, shopping centres, sporting arenas, hospitals and golf courses.

The property is offered for sale by ‘Expressions of Interest’ closing on Thursday 29 August 2013.

This information report outlines the basic property details, as a guide to prospective purchasers. Prospective purchasers are required to undertake their own research to verify all information contained in this report with the appropriate authorities.

Savills as marketing agents look forward to being of assistance in your consideration of this opportunity.

‘17 Woniora Avenue, Wahroonga’



executive summary

Property Address

11-21 Woniora Avenue, Wahroonga

The Property

The subject property is offered for sale “in one-line” or individually. The three (3) options include:

Option 1: 11-21 Woniora Avenue – The site is regular in shape measuring approximately 5,282sq m. The property comprises three (3) strata titled residential townhouses, three (3) derelict homes and vacant land. The site benefits from an existing DA for an over 55’s complex comprising the demolition of the existing dwellings and construction of a residential flat building comprising of 51 units including basement parking, pool and associated landscaping. The approved development mix comprises of 5 x 1, 15 x 2 and 31 x 3 bedroom units plus facilities. The property is currently zoned Residential 2 (d3) which permits residential development (Subject To Council Approval). Under the Draft Ku-ring-gai LEP 2013, the site will be rezoned to R4 High Density Residential allowing residential flat buildings. The FSR will remain at 1.3:1 and the building height will be changed to 17.5m, still allowing 5 storeys.

The DA has a number of conditions and limitations, refer to the further information on page 9

Option 2: 11 Woniora Avenue – Comprises a fully tenanted residential investment. The site consists of three (3) strata titled residential townhouses (1 x 2 bedroom & 2 x 3 bedroom) currently returning approximately $8,379.76 per month or $100,557.16 per annum gross.

Option 3: 15-21 Woniora Avenue – The property consists of three (3) derelict houses and vacant land. The site measures approximately 4,260sq m. Under the Ku-ring-gai Planning Scheme the property is zoned Residential 2(d3) which permits residential development, specifically residential flat buildings (Subject To Council Approval).

The property occupies a prominent position on Woniora Avenue, approximately 650 metres from railway transport, local bus services and Wahroonga’s retail/commercial precinct on Redleaf Avenue, Railway Parade & Coonanbarra Road.

Current Zoning

Residential 2 (d3)

(Source: Ku-ring-gai Planning Scheme 2013)

Site Areas

11-21 Woniora Avenue: 5,282sq m approx

11 Woniora Avenue: 1,022sq m approx

15-21 Woniora Avenue: 4,260sq m approx

(Source: Deposited Plans)

Sale Process

For Sale by Expressions of Interest

Tenancy

11 Woniora Avenue – Fully leased

15-21 Woniora Avenue – Vacant

Scheduled Sale date and Venue

Expressions of Interest Closes 3pm Thursday, 29th August 2013

Offers are to be lodged in the Tender Box at the offices of: Savills Level 7, 50 Bridge Street Sydney

Contract for Sale

The Contract for Sale is available to interested parties from the offices of Savills (NSW) Pty Ltd upon request.



property particulars

Site Areas

11-21 Woniora Avenue: 5,282sq m approx.

11 Woniora Avenue: 1,022sq m approx.

15-21 Woniora Avenue: 4,260sq m approx.

(Source: Deposited Plans)

Local Government Area

Ku-ring-gai Council

Title Details

Lots 1-3 in Strata Plan 47796

Lots 92-94 in Deposited Plan 2666

Lot 26 in Deposited Plan 706261

Zoning

Residential 2 (d3)

(Source: Ku-ring-gai Planning Scheme Ordinance)

Column 1 Column 2 Column 3 Column 4

Zone and colour as indicated on scheme map

Development which may be carried out without development consent

Development that may be carried out only with development consent

Prohibited development.

(d3) Residential “D3” Light scarlet with dark edging and lettered 2 (d3)

Exempt development referred to in clause 24 of this Ordinance and Schedule 1 to DCP 46

Demolition of a building or work (being demolition that is not exempt development). Development (other than exempt development) for the purpose of: attached dual occupancies; boarding-houses; child care centre; detached dual occupancies; drainage; dwelling-houses; educational establishments; family flats; home occupations; hospitals; open space; places of public worship; professional consulting rooms; residential flat buildings; roads; townhouses; utility installations (other than generating works or gas holders); villas. Subdivision of land.

Any development other than that permitted by Column 2 or 3



R4 High Density Residential

(Source: Draft Ku-Ring-Gai LEP 2013)

1 Objectives of zone

To provide for the housing needs of the community within a high density residential environment.

To provide a variety of housing types within a high density residential environment.

To enable other land uses that provide facilities or services to meet the day to day needs of residents.

To provide for high density residential housing close to public transport, services and employment opportunities.

2 Permitted without consent

Home occupations

3 Permitted with consent

Attached dwellings; Bed and breakfast accommodation; Building identification sign, Business identification sign; Boarding houses; Child care centres; Community facilities; Dwelling houses; Environmental protection works; Exhibition homes; Flood mitigation works; Home-based child care; Home business; Home industry; Hostels; Multi dwelling housing; Neighbourhood shops; Places of public worship; Recreation areas; Residential flat buildings; Respite day care centres; Roads; Shop top housing

4 Prohibited

Any development not specified in item 2 or 3

Heritage

No Significance.

(Source: Draft Ku-ring-gai LEP 2013)

Height Limit

Planning Scheme Ordinance

Maximum number of storeys

Buildings on land to which this Part applies are not to have more storeys than allowed by the Table to this subclause.

Table

Maximum number of storeys

Site Area Maximum number of storeys

Less than 1,800sq m 3

1,800sq m or more but less than 2,400sq m 4

2,400sq m or more 5 (Source: Ku-ring-gai Planning Scheme Ordinance)



Draft Local Environmental Plan

Zone Height (metres)

P 17.5m (Source: Draft Ku-ring-gai LEP 2013)

Floor Space Ratio

Development Control Plan

The maximum floor space ratio of any development shall be in accordance with the table below:

Development Type Site Area (sq m) Maximum Floor Space Ratio

Residential Flat Buildings 2,400 1.3:1

1,800 – 2,399 1:1

< 1,800 0.7:1

Townhouses 1,200 + 0.8:1

Villas 1,200 + 0.45:1 (Source: Ku-ring-gai Development Control Plan 55 – Railway/Pacific Highway Corridor & St Ives Centre)

Draft Local Environmental Plan

Zone FSR

Q 1.3:1 (Source: Draft Ku-ring-gai LEP 2013)



location

Wahroonga is located approximately 23 kilometres north of Sydney’s Central Business District. The subject property occupies a prominent position on Woniora Avenue, positioned on the preferred northern side of the highway. The subject property is on Redleaf Avenue, Railway Parade & Coonanbarra Road. The retail/commercial precinct comprises a free standing IGA supermarket and a mix of business outlets including major banks, cafes, restaurants, and a host of other retail shops and local traders.

Wahroonga features a mixture of multi unit residential developments, single residential dwellings on large blocks of land and retail/commercial accommodation. The subject property occupies a central location as well as offering easy access to major arterial roads including the Pacific Highway, F3 Motorway & Pennant Hills Road, to name a few.

Of major benefit to future residents of the subject property is that it is located within a short distance to many of the North Shore’s most exclusive and well regarded junior and high schools including Abbotsleigh, Knox Grammar, Barker, Loreto Normanhurst, Prouille and The Bush School.

The subject property is situated within close proximity to many major retail centres including Top Ryde, approximately 14 kilometres, Chatswood, approximately 12 kilometres, Macquarie Park, approximately 10 kilometres and Hornsby, approximately 3 kilometres away.

Surrounding suburbs include Warrawee, Turramurra , Waitara, Hornsby & North Wahroonga.



property description

The subject property is for sale “in one-line” or individually. The three (3) options include:

Option1: 11-21 Woniora Avenue – The site is regular in shape measuring approximately 5,282sq m. The property comprises three (3) strata titled residential townhouses, three (3) derelict homes and vacant land. The site benefits from an existing DA for an over 55’s complex comprising the demolition of the existing dwellings and construction of a residential flat building comprising of 51 units including basement parking, pool and associated landscaping. The approved development mix comprises of 5 x 1, 15 x 2 and 31 x 3 bedroom units plus facilities. A full schedule of areas is listed below but unit areas typically range from;

The 1 bedroom units range from 60sq m – 80sq m



The property is currently zoned Residential 2 (d3) which permits residential development (Subject To Council Approval). Under the Draft Ku-ring-gai LEP 2013, the site will be rezoned to R4 High Density Residential allowing residential flat buildings. The FSR will remain at 1.3:1 and the building height will be changed to 17.5m, still allowing 5 storeys.

The DA has a number of conditions and limitations. Refer to the further information on page 9.

Option 2: 11 Woniora Avenue – Comprises a fully tenanted residential investment. The property consists of three (3) strata titled residential townhouses (1 x 2 bedroom & 2 x 3 bedroom) currently returning approximately $8,379.76 per month or $100,557.16 per annum.

Property Lease Start Lease Expiry Monthly Rent

1/11 Woniora Avenue 10/01/2010 09/07/2010 $2,737.50

2/11 Woniora Avenue 15/01/2013 15/07/2013 $2,383.33

3/11 Woniora Avenue 31/05/2008 31/11/2008 $3,258.93

Totals

* We note that each of the three townhouses now operate on a month by month tenancy.

Option 3: 15-21 Woniora Avenue – The property consists of three (3) derelict houses and vacant land. The site measures approximately 4,260sq m. Under the Ku-ring-gai Planning Scheme the property is zoned Residential 2(d3) which permits residential development, specifically residential flat buildings (Subject To Council Approval).

The property occupies a prominent position on Woniora Avenue, approximately 650 metres from railway transport, local bus services and Wahroonga’s retail/commercial precinct on Redleaf Avenue, Railway Parade & Coonanbarra Road.



Outgoings

Property Council Rates (Per Annum) Water Rates (Per Annum) Land Tax (Per Annum)

1/11 Woniora Avenue $1,307.18 $690.20 $3,895.80

3/11 Woniora Avenue $1,296.33 $690.20

2/11 Woniora Avenue $1,209.66 $690.20

$52,015.20

15 Woniora Avenue $1,740.48 $690.20

17 Woniora Avenue $1,625.44 $690.20

19 Woniora Avenue $1,625.44 $690.20

21 Woniora Avenue $1,339.91 N/A

Totals $10,144.44 $4,141.20 $55,911

(Source: BDO Queensland)

Please Note: The above estimates are approximate. Interested parties should rely on their own enquiries.



existing development consent

The property has an existing development consent, Application number DA0951/10 (DA). Interested parties must make their own enquiries regarding the DA including but not limited to all the conditions, relevant dates and suitability. The vendor makes no representations, and gives no warranty, in respect to the availability of the DA for the benefit of any purchaser.

Interested parties should be aware that the DA is due to expire on 10 November 2013. In addition the DA has conditions that relate to adjoining land which the vendor is not offering for sale.

Present Position with DA

The Ku-ring-gai Council granted a Development Consent on 10 November 2011, subject to a deferred commencement condition which requires the applicant to “obtain a resolution from Ku-ring-gai Council that it will consent to the relocation of existing storm water pipe and release / relocation of the Council easement for drainage” (Deferred Commencement Condition).

The Deferred Commencement Condition states that it must be satisfied within 12 months from the date of the consent, being 10 November 2012 (Deferred Commencement Period).

However, on 3 October 2012 – before the expiry of the Deferred Commencement Period – the applicant lodged a modification application under s. 96 of the Environmental Planning and Assessment Act 1979 to extend the Deferred Commencement Period from 12 to 24 months (MOD 177/12).

On 9 October 2012, MOD 177/12 was approved and the expiry of the Deferred Commencement Period was extended to 10 November 2013.

Interested parties should note that works proposed by the Development Consent cannot be completed without also undertaking work on land known as Nos. 1 – 9 Woniora Avenue which is not included in the sale.



method of sale

Sale Process

Expressions of Interest

Scheduled Sale date and Venue

Expressions of Interest close 3pm Thursday, 29th August 2013.

Offers are to be lodged in the Tender Box at the offices of:

Savills Level 7, 50 Bridge Street Sydney

Due Diligence & Contract for Sale

The Contract for Sale & Due Diligence material is available to interested parties upon request from the offices of Savills (NSW) Pty Ltd.



considerations

11-21 Woniora Avenue, Wahroonga provides interested parties with an opportunity to acquire an investment and/or development opportunity (Subject to Council Approval) within the highly sought after residential precinct of Wahroonga. Savills firmly believe this property requires your further investigation due to a number of reasons including:

An opportunity to acquire either an investment and/or development site on the upper North Shore (STCA).

Zoning: Residential 2 (d3)

Total site area of 5,282sqm approx.

Wahroonga is currently experiencing strong gentrification and as a result the subject property represents a superb site in a strong location amongst quality high end housing.

Located in a highly sought after location in the heart of Wahroonga’s residential precinct and a mere 650m from local retail amenities.

Attractiveness of the local district and in close proximity to transport and significant amenities of shopping centres, private schools and parks.

Direct access to Sydney CBD via Wahroonga Railway Station situated just 650m from the site.

These features exemplify the outstanding potential that the property offers. The subject property offers investors, builders and developers the opportunity to acquire a landmark property.

contact

Selling Agent

Stuart Cox Divisional Director - Sales Residential Site Sales NSW Savills Australia Level 7, 50 Bridge Street, Sydney, NSW 2000

Mobile No: +61 (0) 438 770 867 Direct Ph: +61 (0) 2 8215 8810 Direct Fax: +61 (0) 2 8215 8899 Email: [email protected]

Nathan Michael Executive - Sales Metropolitan & Regional NSW Savills Australia Level 7, 50 Bridge Street, Sydney, NSW 2000

Mobile No: +61 (0) 422 391 765 Direct Ph: +61 (0) 2 8215 8845 Direct Fax: +61 (0) 2 8215 8899 Email: [email protected]

disclaimer

Whilst every care has been taken in preparing this information memorandum, Savills has not verified the accuracy of the information, nor has Savills sought to have the information independently verified.

Any opinions and forecasts in this information memorandum depend necessarily on the accuracy and correctness of the information and assumptions on which the opinions and forecasts are based for which Savills cannot accept responsibility.

Savills does not make any representations or warranties of any kind, express or implied in relation to the information, opinions and forecasts contained in this information memorandum or in any material provided to interested parties, including but not limited to the accuracy or completeness, suitability or otherwise of the information, or the enforceability of any documents referred to in the information memorandum or other material.

The information, opinions and forecasts in this information memorandum or in any material provided to interested parties is not intended to constitute specific advice nor to substitute for a formal due diligence exercise and accordingly should not be relied upon for any purpose. Recipients of this information memorandum should make their own enquiries and investigations to confirm pertinent information, opinions and forecasts and to complete their own due diligence in relation to the Property and should seek appropriate independent professional advice in relation thereto from suitably qualified professionals.

Savills (Aust) Pty Limited, the Agents for the Mortgagee and Suncorp Metway Ltd and any of their associated companies, officers, employees, contractors and agents will not accept any responsibility or liability for any loss, liability, expense or damage of whatsoever nature suffered by any person or corporation seeking to rely on any information, advice, opinion or forecast provided in this information memorandum or other material or otherwise given by any party in purported reliance on this information memorandum or other material.

This information memorandum is for the exclusive use by prospective purchasers of the property the subject of this information memorandum and may not be disclosed to nor used by any other party for any purpose whatsoever.

This information memorandum, or any part thereof, and any reference thereto may not be included in any published document, circular or statement, without written approval of Savills (Aust) Pty Limited, or their associated companies, of the form and context in which it will appear.

The Property is sold in an “as is / where is” condition (that is, in its present condition and subject to all legal and physical defects). And

Interested parties acknowledge that if they enter into a contract of sale for the Property they will not be contracting with the Agents for Suncorp personally, but with Suncorp. The agents for Suncorp are not liable on any basis whatsoever for any act, matter or thing arising out of or in connection with this information memorandum or the Property.

GST

Any amounts stated or quoted in this information memorandum and any associated documentation is exclusive of any goods and services tax, value added tax, consumption tax or similar tax unless specifically stated otherwise. Unless otherwise expressly stated, all amounts, prices, values or other sums stated in this proposal are exclusive of GST.

Confidential information

This proposal is the confidential information of Savills; is strictly for the intended recipient and must not be disclosed to any other party without the prior written consent of Savills.

appendices


savills.com.au/metroandregional

Savills Australia

Level 7 50 Bridge Street

Sydney NSW 2000

+61 (0) 2 8215 8888

Stuart Cox

Divisional Director | Residential Site Sales NSW

+61 (0) 438 770 867

[email protected]

Nathan Michael

Executive | Metropolitan & Regional Sales NSW

+61 (0) 422 391 765

[email protected]

This property is for sale via Expressions of Interest Thursday 29th August 2013, at 3:00pm For further information, please contact Savills Exclusive Selling Agents.

WAHROONGA, 11-21 Woniora Avenue - IM Updated · Outline indicative only Outline indicative only...

Documents

Transcript of WAHROONGA, 11-21 Woniora Avenue - IM Updated · Outline indicative only Outline indicative only...