RESEARCH REPORT
Property
“The Gladstone Village - Quartz”, Corner of Pitt Street & Terminal Place, MERRYLANDS NSW 2160.
Reliant Party and Purpose
Aland Developments for Potential Realisation Purposes Only and not suitable for Mortgage Security Purposes.
Date
November 2023.
File reference
10932. Ray White (Valuations) Level 7, 44 Martin Street Sydney NSW 2000 Telephone: 1300 479 087
CONTENTS Introduction ..................................................................................................................................... 2
1.1 Executive summary 2 Subject site description .................................................................................................................. 3 2.1 Title details 3 2.2 ‘As If Complete’ Assessment 3 2.3 Land description, dimensions and area 3 2.4 Planning 3 2.5 Locality and surrounding development 4 2.6 Road system, access and exposure 4 Project description ......................................................................................................................... 5 3.1 General 5 3.2 Common Amenities 6 3.3 Finishes and fittings 7 3.4 View profiles 8 3.5 Assessed units 9 Market Overview .......................................................................................................................... 10 4.1 Economic overview 10 Sales Evidence ............................................................................................................................... 12 Conclusion ..................................................................................................................................... 18
INTRODUCTION IMPORTANT: All data provided in this summary is wholly reliant on and must be read in conjunction with the information provided in the attached report including any annexures. It is a synopsis only designed to provide a brief overview and must not be acted on in isolation. For the purpose of this report ‘Ray White (Valuations)’ means the company identified on the front of this report. Ray White (Valuations) operates under the Australian Property Institute Limited Liability Scheme which is a scheme approved under Professional Standards Legislation. 1.1 Executive summary Executive summary Address
Reliant Party and Purpose Purpose of report Town planning
Land description
Brief project description
Date Consultant
“The Gladstone Village - Quartz”, Corner of Pitt Street & Terminal Place, MERRYLANDS NSW 2160. Aland Developments for Potential Realisation Purposes Only and not suitable for Mortgage Security Purposes. This independent research report is prepared for Aland Developments for Internal Purposes only. Zoned part ‘R4 High Density Residential’, part ‘B6 Enterprise Corridor’ and part ‘RE1 Public Recreation’ under the Cumberland Local Environmental Plan 2021. A corner residential development site which has been excavated to provide a level building platform for the proposed 363 home units development and 5 ground floor retail suites with basement car parking. Upon completion, the proposed development is to consist of 1 x 4 storey, 1 x 14 storey and 1 x 20 storey lifted mixed use and residential buildings comprising of 363 home units and 5 ground floor retail suites over 5 levels of basement car parking. November 2023. Alvin Low AAPI CPV Consultant
Liability Limited by a scheme approved under Professional Standards Legislation. This executive summary is a précis of the contents of the following research report. This report is contingent on a number of conditions, qualifications and critical assumptions which are fully described and set out in the body of the report. It is essential that before the addressee relies on this report, they read the report in its entirety, including any annexures. Should the addressee be or become aware of any issue or issues that cast doubt on or are in conflict with the conditions, qualifications or assumptions contained within this report they must notify Ray White (Valuations) in writing so that any conflicts may be considered and if appropriate an amended report issued.
Reference 10932
“The Gladstone Village - Quartz”, MERRYLANDS NSW 2160
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SITE DESCRIPTION 2.1 Title details Registered proprietors Merrylands 88 Pty Ltd.
Lot & Deposited Plan Lot 1 in Deposited Plan 1217412.
2.2 ‘As If Complete’ Assessment •
•
•
•
The potential realisation range in this report is subject to the improvements being completed in a proper and workmanlike manner and that upon completion, detailed reports with respect to the structure and service installations of the improvements would not reveal any defects or inadequacies requiring expenditure. That the development will be completed in accordance with the plans and specifications provided and on completion the development will fully comply with all statutory building regulations, Council’s development conditions, and each unit will have individual Strata Title and be completed in accordance with the fittings and finishes as detailed within this report. That the proposed units are sold on an ‘individual sale’ basis with an appropriate marketing campaign undertaken by an agent suitably experienced in the marketing of this type of property. It is also assumed that a reasonable selling period and costs would be allowed in line with market parameters. The views expressed are as at the report date only and are not an expression of a potential realisation range as at a future date.
2.3 Land description, dimensions and area Land description Identification
The land has been identified by reference to the street numbers, Certificates of Title, registered Deposited Plan, Site Survey and my physical inspection and is situated on the northern side of Terminal Place, the southern side of Neil Street and the southern side of Gladstone Street.
Shape and topography
An irregular shaped consolidated mixed use development site with a relatively level topography.
Flood status
The site is subject to flood related development controls.
The flooding information noted has been obtained from Cumberland City Council. This information has been relied upon in my assessment of value and no responsibility is accepted for the accuracy of the flooding information provided. Should the information prove incorrect in any material respect, the matter should be referred to me for review of the valuation as we deem appropriate. Whilst we have physically identified the boundaries of the site on inspection and there do not appear to be any encroachments, we are not a qualified surveyor and no warranty can be given without the benefit of an identification survey. 2.4 Planning Planning scheme
Cumberland Local Environmental Plan 2021.
Zoning
Part ‘R4 High Density Residential’, part ‘B6 Enterprise Corridor’ and part ‘RE1 Public Recreation’.
The planning information noted has been obtained from NSW Planning Portal website. This information has been relied upon in my assessment of potential realisation and no responsibility is accepted for the accuracy of the planning information provided. Should the information prove incorrect in any significant respect, the matter should be referred to us for review of the Research Report as we deem appropriate.
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“The Gladstone Village - Quartz”, MERRYLANDS NSW 2160
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2.5 Locality and surrounding development •
•
•
•
•
Merrylands is a predominantly residential suburb being approximately 24 kilometres west by road from the Sydney CBD and approximately 4 kilometres south from the Parramatta CBD within the Local Government Area of Cumberland City Council. Merrylands railway station is located to the south within the vicinity of the subject complex. In addition, public buses are available along Pitt Street and the bus interchange near the railway station which are all within the vicinity of the subject complex. The nearest main shopping facilities are located at Stockland Merrylands Shopping Centre which is located to the west of the subject complex or alternately at Westfield Parramatta Shopping Centre which is located approximately 2.5 kilometres north from the subject complex. The subject complex is situated within relatively close proximity to several educational institutions including Merrylands Public School, Merrylands High School, Fowler Road School and Guildford West Public School. Immediate surrounding development comprises a mix of modern residential flat buildings/mixed use complexes either under construction or recently completed, older commercial/light industrial building which are to be redeveloped into residential flat buildings/mixed use buildings in the future, Stockland Merrylands Shopping Centre, the railway corridor, Merrylands railway station/commuter car park and detached houses of varying vintage as well as the Merrylands local shopping strip further afield.
Locality map with the subject complex indicated (Source: Google Maps 2023) 2.6 Road system, access and exposure The subject complex benefits from three street frontages including Terminal Place, Neil Street and Gladstone Street. Unrestricted on-street parking is available within the vicinity of the subject complex along Gladstone Street however is restricted along Pitt Street and Neil Street within the vicinity of the subject complex with commuter parking for the railway station available at Terminal Place.
Reference 10932
“The Gladstone Village - Quartz”, MERRYLANDS NSW 2160
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PROJECT DESCRIPTION 3.1 General Upon completion, the project “Quartz” is to consist of 1 x 4 storey, 1 x 14 storey and 1 x 20 storey lifted mixed use and residential buildings comprising of 363 home units and 5 ground floor retail suites over 5 levels of basement car parking.
Corner of Pitt and Gladstone Streets CGI
Terminal Place Entry CGI The development mix will comprise:
Reference 10932
Unit/Suite type
Number of units/suites (residential mix)
Studio
17 (5%)
One bedroom
115 (32%)
Two bedroom
200 (55%)
Three bedroom
31 (9%)
Total
363 (100%)
Retail
5
“The Gladstone Village - Quartz”, MERRYLANDS NSW 2160
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3.2 Common Amenities Facilities include roof top garden with BBQ facilities, roof top pool, ground floor kids playground, common footpath and landscaped areas.
Ground Floor Common Area CGI
Roof Top Pool Area CGI
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3.3 Finishes and fittings The schedule of finishes is summarised as follows: Unit Accommodation Living area and bedrooms
•
Large porcelain tiles to the living/dining area.
•
Carpet to the bedrooms.
•
Kitchen
Bathroom and en-suites
Laundry General
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Walk-in robe with drawers and hanging rods or built-in robes with drawers, shelves and hanging rods with glass sliding doors.
•
Fisher & Paykel dishwasher.
•
Fisher & Paykel oven.
•
Fisher & Paykel range hood.
•
Fisher & Paykel cook top.
•
Fisher & Paykel microwave.
•
Large porcelain floor tiles.
•
20mm reconstituted stone bench tops.
•
Mirrored splash back.
•
Dual bowl stainless steel sink.
•
Grohe chrome finish mixer tapware.
•
Polytec timber-look joinery.
•
Large porcelain floor tiles and full-height wall tiling.
•
Polytec timber-look cabinet.
•
Porcelain wall tiles in full height.
•
Vitreous china toilet.
•
Shaving cabinet with mirrors.
•
Grohe tapware.
•
Frameless shower screen.
•
Chrome floor wastes.
•
Built-in exhaust system.
•
Fisher & Paykel clothes dryer.
•
Stainless steel tub with white metal cabinet.
•
Quality roller blinds.
•
Recessed downlights in all areas, external lights to balconies.
•
Reverse cycle ducted air-conditioning to all units.
•
Central hot water system.
•
Telephone connections to main bedroom and living room.
•
Two phone lines.
•
Pay TV provisions.
•
Data access cabling to all units.
•
Fibre optic broadband provisions.
“The Gladstone Village - Quartz”, MERRYLANDS NSW 2160
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Artist impressions 3D render of the proposed project are shown hereunder:
Typical living area
Typical kitchen
Typical bathroom 3.4 View profiles Photographs of the actual views from a selection of units during the inspection are as follows:
Typical eastern aspect (Building B)
Typical northern aspect (Building A)
Typical southern aspect (Building A)
Typical western aspect (Building A)
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Typical eastern aspect (Building A)
Typical northern aspect (Building C)
3.5 Assessed units A random sample of units were inspected in each building comprising studio, one, two & three bedrooms, which in our opinion are the best representation of the overall project and is summarised below: Building A Lot
Unit
Bed(s)
Bath(s)
Car
Aspect(s)
27 60 109 168
407 710 1209 1808
2 1 0 3
2 1 1 2
1 1 1 2
West East East North - East
Lot
Unit 323 613 915
Bath(s) 1 2 2
Car 1 2 1
Aspect
222 257 304
Bed(s) 1 3 2
Unit G08 326 328
Bed(s) 1 3 2
Bath(s) 1 2 1
Car 1 2 1
Internal (m2) 79 60 43 103
External (m2) 16 12 8 30
Internal (m2) 51 105 79
External (m2) 6 12 12
Internal (m2) 52 89 78
External (m2) 27 14 9
Building B North - West North East
Building C Lot 343 351 353
Aspect North North North
The internal areas of the above units have been derived from the draft Strata Plan which may differ to the final registered Strata Plan. The sample of units selected is based on the characteristics of the individual units, including but not limited to the size of the unit; type of accommodation; aspect, outlook & elevation.
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MARKET OVERVIEW 4 4.1 Economic overview Factors affecting the demand for the residential market include interest rates, consumer confidence, unemployment and external economic factors. The stability of the market will rest upon perceived changes in these areas. The graphs herein summarises the most recent results of these indicators:
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4.2 Residential overview Greater Sydney residential unit market Median prices
Greater Sydney median strata dwelling prices $1,200
100%
Median sale price ($000s)
80% 70%
$800
60% $600
50%
40% $400
30% 20%
$200
10% $0
Inner ring - outer ring spread %
90%
$1,000
The median strata dwelling price in Greater Sydney fell slightly to $751,000 in the March quarter 2023. This was 6.7% down on the peak of $805,000 in the December quarter 2021. Over the same period, the trends are summarised as follows: •
0%
Greater Sydney
Inner Ring
Middle Ring
Outer Ring
spread inner-outer
•
Source: FACS NSW & Ray White Valuations
•
Greater Sydney median weekly rents by bedrooms - units $700
$650
Median weekly rent ($)
Rent Median weekly rents for strata units in Greater Sydney increased to $650/week in the June quarter 2023, up by +23.8%, compared with the same quarter in 2022. The median rent for one bedroom units increased to $600/week, while the median rent for two bedroom units increased to $700/week.
$750
$600 $550
$500 $450 $400
$350 $300
Quarter ending Flats/Units - All Bedroom Numbers
Flats/Units - One Bedroom
Flats/Units - Two Bedrooms
Source: FACS NSW & Ray White Valuations
From late 2021, median rents for strata units rose significantly. This followed the end of the pandemic lockdowns and other measures, including the re-opening of borders to international students. Vacancy
Sydney residential vacancy by concentric rings 6.0
The average residential vacancy rate in the Sydney region stabilised at 1.5% in the June quarter 2023.
5.0 Vacancy rate (%)
Inner Ring (0-10kms of CBD) fell by -11.2% from $1,125,000 to $999,000; Middle Ring (10-20kms) fell by -4.7% from $740,000 to $705,000; and Outer Ring (20+kms) fell by 5.6% from $715,000 to $675,000.
4.0
3.0 2.0 1.0 0.0
Inner ring 0-10kms Source: REINSW & Ray White Valuations
Middle ring 10-25kms
Outer ring 25kms+
Total Sydney
The Inner Ring vacancy rose to 1.9%, up from 1.5% in the previous quarter. The Middle Ring vacancy was stable at 1.1%. However, the average vacancy in the Outer Ring suburbs fell to 1.3% in the June quarter 2023, down from 1.7% in the December quarter 2022. Vacancy levels are still regarded as tight by the industry.
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SALES EVIDENCE Due to lack of similar high quality recently built modern complexes in Merrylands, we have also included comparable sales transactions of recently built and modern complexes in the adjoining localities. The recent transactions include re-sales and residual stock (which the vendor can be the developer) sold through local agents. The more noteworthy sales from our investigations are as follows: Address “The Mills – Building 1”, 27 Dressler Court, MERRYLANDS SP99503 Accommodation Sale date Sale price Int. area (m2) $/m2 Int. 1 bed, 1 bath, 1 car 10/23 $459,000 59 $7,780 A circa 2019 built 9 storey lifted residential flat building comprising 120 home units over 3 levels of basement car parking. The building forms part of the master planned precinct “The Mills” which included the transformation of the former historic flour milling estate into a new and revi talized residential precinct. Finishes and fixtures generally include open plan living and dining, mirrored built-in wardrobes to the bedrooms, en-suite bathroom to the master bedroom within the two and three bedroom units, kitchen with Caesarstone benchtops and stainless steel appliances, modern bathroom with full height tiling, internal laundry, balcony access and secure basement parking. Located approximately 1.2 kilometres north-east from Merrylands railway station and 1.4 kilometres from Stocklands Merrylands Shopping Centre. Considered an inferior complex compared to the proposed project. Address “The Mills – Building 2”, 24 Dressler Court, MERRYLANDS SP99424 Accommodation Sale date Sale price Int. area (m2) $/m2 Int. 2 bed, 2 bath, 1 car 08/23 $530,000 79 $6,709 A circa 2019 built 12 storey lifted residential complex comprising 115 home units over three levels of basement car parking. The building forms part of the master planned precinct “The Mills” which included the transformation of the former historic flour milling estate into a new and revitalized residential precinct. Finishes and fixtures generally include open plan living and dining, mirrored built-in wardrobes, gourmet kitchen with gas cooking, Caesarstone benchtops and European stainless-steel appliances, fully tiled bathrooms, internal laundry with dryer, security intercom, air-conditioning, secure car space and storage cage. Communal facilities include a rooftop common area with BBQ facilities and city views. Located approximately 900 metres east from Stockland Merrylands Shopping Centre and 2.4 kilometres from Westfield Parramatta. Merrylands railway station is located approximately 650 metres to the south. Considered an inferior complex compared to the proposed project.
Reference 10932
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Address “The Mills” – Building 3 22 Dressler Court, MERRYLANDS SP104586 Accommodation Sale date Sale price Int. area (m2) $/m2 Int. 2 bed, 2 bath, 1 car 10/23 $600,000 81 $7,407 3 bed, 2 bath, 2 car 09/23 $760,000 120 $6,333 A circa 2022 built 16 storey lifted residential flat building comprising 214 home units over 3 levels of basement car parking. The building forms part of the master planned precinct “The Mills” which included the transformation of the former historic flour milling estate into a new and revitalized residential precinct. Features and finishes include open plan living and dining, built-in wardrobes to the bedrooms, ensuite bathroom to the master bedroom within the majority of the two bedroom and each of the three bedroom units, kitchen with Caesarstone benchtops and stainless steel appliances, modern bathroom with full height tiling and glass shower screen, internal laundry with dryer, balcony and secure basement parking. Located approximately 900 metres east from Stockland Merrylands Shopping Centre and 2.4 kilometres from Westfield Parramatta. Merrylands railway station is located approximately 650 metres to the south. Considered an inferior complex compared to the proposed project. Address “The Mills” – Building 4 20 Dressler Court, MERRYLANDS SP102461 Accommodation 1 bed, 1 bath, 1 car
Sale price Int. area (m2) $/m2 Int. $435,000 - $454,888 52 – 55 $8,271 - $8,365 ($444,944 avg) (54 avg) ($8,318 avg) 2 bed, 2 bath, 1 car 08/23 – 10/23 $550,000 - $570,000 73 – 77 $7,403 - $7,534 ($560,000 avg) (75 avg) ($7,468 avg) A circa 2020 built 12 storey lifted residential flat building comprising 125 home units over 3 levels of basement car parking. The building forms part of the master planned precinct “The Mills” which included the transformation of the former historic flour milling estate into a new and revitalized residential precinct. Features and finishes include open plan living and dining, built-in wardrobes to the bedrooms, ensuite bathroom to the master bedroom within the majority of the two bedroom and each of the three bedroom units, kitchen with Caesarstone benchtops and stainless steel appliances, modern bathroom with full height tiling and glass shower screen, internal laundry with dryer, balcony and secure basement parking. Located approximately 900 metres east from Stockland Merrylands Shopping Centre and 2.4 kilometres from Westfield Parramatta. Merrylands railway station is located approximately 650 metres to the south. Considered an inferior complex compared to the proposed project.
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Sale date 09/23 - 10/23
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Address 94-96 Railway Terrace, MERRYLANDS SP95705 Accommodation 2 bed, 2 bath, 1 car
Sale date 10/23
Sale price $520,000
Int. area (m2) 79
$/m2 Int. $6,582
A circa 2017 built 6 storey lifted residential flat building comprising 27 home units with basement car parking. Finishes and fittings comprise open plan living and dining areas, bedrooms with built-in wardrobes, stainless steel kitchen appliances, stone benchtops and tile splashbacks, split system air conditioning, timber flooring throughout, internal laundry and basement secure parking. Located approximately 140 metres north-east from Merrylands railway station. Considered an inferior complex compared to the proposed project. Address 76-84 Railway Terrace, MERRYLANDS SP91282 Accommodation 1 bed, 1 bath, 1 car
Sale date 09/23
Sale price $377,000
Int. area (m2) 54
$/m2 Int. $6,981
2 bed, 2 bath, 1 car
09/23
$492,000 - $500,000 ($496,000 avg) $635,000
85
$5,788 - $5,882 ($5,835 avg) $5,381
3 bed, 2 baths, 1 car 11/23 118 (courtyard unit) A circa 2015 built consisting of 1 x 4 storey & 1 x 7 storey lifted residential flat buildings comprising 60 home units over a single level of basement car parking. Features and finishes include open plan living and dining, built-in wardrobes to the bedrooms, ensuite bathroom to the master bedroom, modern kitchen with Caesarstone benchtops and stainless steel appliances, modern bathroom with full height tiling and glass shower screen, split system air conditioning internal laundry with dryer, balcony and secure basement parking. Located approximately 250 metres north-east from Merrylands railway station. Considered an inferior complex compared to the proposed project. Address 104 Railway Terrace, MERRYLANDS SP92160 Accommodation Sale date Sale price Int. area (m2) $/m2 Int. 3 bed, 2 bath, 2 car 08/23 $605,000 95 $6,368 A circa 2015 built 7 storey lifted mixed use building comprising 40 home units and 1 retail suite over basement parking. Features and finishes include open plan living and dining area, bedrooms with built -in robes, kitchen with stone benchtops, gas cooktop and stainless-steel appliances, carpet flooring throughout, split system air-conditioning, internal laundry with dryer and secure basement car parking. Located on the eastern side of Railway Terrace and ajacent from Merrylands railway station. Considered an inferior complex compared to the proposed project.
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Address 22-32 Great Western Highway, PARRAMATTA SP47193 Accommodation Sale date Sale price Int. area (m2) $/m2 Int. Studio, 1 bath 08/23 $237,500 26 $9,135 A circa 1994 built 9 storey lifted residential flat building comprising 205 home units with basement car parking. Finishes and fixtures generally include open plan living/dining/bedsit, renovated full kitchen with Caesarstone benchtops and stainless steel appliances, renovated modern bathroom with full height tiling, internal laundry and balcony. Located approximately 750 metres south-west from Parramatta railway station and shops. Considered an inferior complex compared to the proposed project. Address ‘Nesuto Parramatta Apartment’ 110-114 James Ruse Drive, ROSEHILL SP69033 Accommodation Sale date Studio, 1 bath 08/23
Sale price Int. area (m2) $/m2 Int. $185,000 $242,000 26 – 28 $6,607 - $9,308 ($209,000 avg) (27 avg) ($7,686 avg) A circa 2002 built 12 storey lifted residential flat building comprising 172 home units over 3 levels of basement car parking. Finishes and fixtures generally include open plan living/dining/bedsit, modern kitchenette with Caesarstone benchtops and cooktop, original bathroom, built-in robe, internal laundry and balcony to select units. Located approximately 1.4 kilometres east from Harris Park railway station and shops. Considered an inferior complex compared to the proposed project. Address “Highline”, 160 Hawkesbury Road & 1-9 Maple Tree Road, WESTMEAD SP100617 & SP100618 Accommodation Sale date Sale price Int. area (m2) $/m2 Int. Studio, 1 bath 07/23 $430,000 43 $10,000 1 bed, 1 bath, 1 car 07/23 – 08/23 $520,000 - $550,000 58 $8,966 - $9,438 ($533,333 avg) ($9,249 avg) 2 bed, 2 bath, 1 car 06/23 $761,890 - $810,000 77 – 87 $9,310 - $9,895 ($785,945 avg) (82 avg) ($9,603 avg) 3 bed, 2 bath, 2 car 07/23 $900,000 - $1,050,000 98 $9,278 - $10,174 ($975,000 avg) ($9,996 avg) A staged circa 2020/2021 built complex comprising 1 x 8 storey, 2 x 9 storey, 1 x 14 storey and 1 x 25 storey lifted residential flat buildings consisting of 555 home units over 4 levels of basement and lower ground car parking. Fixtures and finishes generally include large balconies or courtyards, quality appliances include quality timber flooring, Smeg appliances and stone splashbacks, resort style facilities including luxury pool surrounded by sundecks, bespoke canopies, cabanas, BBQ and dining area plus fun ction room. Located within close proximity to the Westmead Hospital Precinct, approximately 350 metres northwest from Westmead railway station. Considered a comparable complex compared to the proposed project. Reference 10932
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Address “The Lennox”, 12 Phillip Street, PARRAMATTA SP102896 Accommodation
Sale date
Sale price
1 bed, 1 bath, 1 car
05/23
$622,000
2 bed, 2 bath, 1 car
06/23 – 07/23
Address “West Village”, 88 Church Street, PARRAMATTA SP95238 & SP97288 Accommodation
Sale date
Sale price
1 bed, 1 bath, 1 car
06/23 – 09/23
$533,000 – 643,302 ($609,319 avg)
2 bed, 2 bath, 1 car
08/23
Int. area (m2) 53
$/m2 Int. $11,736
$877,000 - $1,020,000 71 – 78 $11,244 - $13,077 ($913,633 avg) (77 avg) ($11,840 avg) 3 bed, 2 bath, 2 car 06/23 - 07/23 $1,058,000 - $1,125,000 95 $11,137 - $11,842 ($1,091,500 avg) ($11,137 avg) A circa 2021 built complex comprising a 48-storey lifted mixed-use building including 414 home units (23 x studio, 88 x one bedroom, 239 x two bedroom, 56 x three bedroom, 7 x four bedroom and 1 x five bedroom) over retail floor spaces and basement parking. Features and finishes include combined open plan kitchen lounge and dining, built -in wardrobes, kitchen with Miele appliances and stone bench tops, timber floorboards throughout living areas with carpet to the bedrooms, bathroom with Parisi hardware and floor-to-ceiling tiles, LED downlights, internal laundry with dryer, balcony, alarm system and secure basement parking. Located close to Parramatta River within proximity to retail shops, bus services and other amenities. Considered a superior complex compared to the proposed project.
Int. area (m2) 50 – 54 (51 avg)
$/m2 Int. $10,660 - $12,866 ($12,002 avg)
$770,000 - $853,000 74 $10,405 - $11,527 ($811,500 avg) ($10,966 avg) 3 bed, 2 bath, 2 car 07/23 $1,339,008 93 $14,398 A circa 2019 built complex comprising a 48-storey lifted mixed-use building including 414 home units (23 x studio, 88 x one bedroom, 239 x two bedroom, 56 x three bedroom, 7 x four bedroom and 1 x five bedroom) over retail floor spaces and basement parking. Features and finishes include combined open plan kitchen lounge and dining, built -in wardrobes, kitchen with Miele appliances and stone bench tops, timber floorboards throughout living areas with carpet to the bedrooms, bathroom with Parisi hardware and floor-to-ceiling tiles, LED downlights, internal laundry with dryer, balcony, alarm system and secure basement parking. Located close to Parramatta River within proximity to retail shops, bus services and other amenities. Considered a superior complex compared to the proposed project.
Reference 10932
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In referring to sales information as detailed within this report, we have relied on a range of external sources including publicly available information (newspapers, statements by public companies), subscription to information databases and information generally provided verbally by others such as estate agents, property m anagers, property valuers and consultants. In many instances, we have not had access to the original source material such as contracts of sale or signed leases. Although we have no reason to doubt the validity of the information provided to us, and we have relied on this information in good faith, we are unable to state with certainty that the information upon which we have relied is consistent with the contractual arrangements between the relevant parties. Sales in the subject development Bath(s)
Sale price
Average Sale price
Int. area (m2)
$/m2
Average $/m2
Studio (16)
one
$466,500 - $514,500
$494,375
43
$10,849 $11,965
$11,497
One bedroom (50)
one
$544,500 - $625,650
$578,426
$9,483 $12,268
$10,457
Two bedroom (168)
two
$614,000 - $819,150
$706,534
$8,371 $10,308
$9,106
Three bedroom (14)
two
$829,500 - $1,100,000
$896,321
$7,900 $9,517
$8,642
Accommodation
51 – 60 (56 avg) 70 – 90 (78 avg) 89 – 128 (104 avg)
A summary of the average sale prices is provided below: Average Sale Price (Average Internal Area)
Address “Quartz” Subject Property
Studio
1 Bedroom
2 Bedroom
3 Bedroom
$494,375 (43m2)
$578,426 (56m2)
$706.534 (78m2)
$896,321 (104m2)
“The Mills – Building 1”, 27 Dressler Court, MERRYLANDS
$459,000 (59m2)
“The Mills – Building 2”, 24 Dressler Court, MERRYLANDS “The Mills” – Building 3 22 Dressler Court, MERRYLANDS
$530,000 (79m2) $600,000 (81m2)
“The Mills” – Building 4 20 Dressler Court, MERRYLANDS
$444,944 (54m2)
94-96 Railway Terrace, MERRYLANDS
$760,000 (120m2)
$560,000 (75m2) $520,000 (79m2)
76-84 Railway Terrace, MERRYLANDS
$377,000 (54m2)
$496,000 (85m2)
104 Railway Terrace, MERRYLANDS
$635,000 (118m2) $605,000 (95m2)
22-32 Great Western Highway, PARRAMATTA
$237,500 (36m2)
‘Nesuto Parramatta Apartment’ 110-114 James Ruse Drive, ROSEHILL
$209,000 (27m2)
-
-
“Highline”, 160 Hawkesbury Road & 1-9 Maple Tree Road, WESTMEAD
$430,000 (43m2)
$533,333 (58m2)
$785,945 (82m2)
$975,000 (98m2)
“The Lennox”, 12 Phillip Street, PARRAMATTA
$622,000 (53m2)
$913,633 (77m2)
$1,091,500 (95m2)
“West Village”, 88 Church Street, PARRAMATTA
$609,319 (51m2)
$811,500 (74m2)
$1,339,008 (93m2)
Reference 10932
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“The Gladstone Village - Quartz”, MERRYLANDS NSW 2160
17
CONCLUSION 7
The assessment of potential realisation for the sample units within the “Quartz” Apartments project as at date of this report is as follows: Building A
Internal (m2) External (m2) Assessment
$/m2
Lot
Unit
Bed(s)
Bath(s)
Car
Aspect
27
407
2
2
1
West
79
16
$683,000
$8,646
60
710
1
1
1
East
60
12
$599,500
$9,992
109
1209
0
1
1
East
43
8
$499,500
$11,616
168
1808
3
2
2
North - East
103
30
$904,500
$8,782
Internal (m2) External (m2) Assessment
$/m2
Building B
Lot
Unit
Bed(s)
Bath(s)
Car
Aspect
222
323
1
1
1
North - West
51
6
$625,650
$12,268
257
613
3
2
2
North
105
12
$839,500
$7,995
304
915
2
2
1
East
79
12
$712,000
$9,013
Internal (m2) External (m2) Assessment 52 27 $559,000 89 14 $847,000 78 9 $717,000
$/m2 $10,750
Building C
Lot 343
Unit G08
Bed(s) 1
Bath(s) 1
Car 1
Aspect North
351 353
326 328
3 2
2 1
2 1
North North
$9,517 $9,192
Taking into consideration all of the characteristics of the project, location and the high quality finishes, the above assessed potential realisation values are supported by the sales evidence detailed herein.
Valuer
Alvin Low AAPI CPV Consultant
Reviewing party Position
Peter Wiltshire MRICS AAPI Partner
Liability limited by a scheme approved under Professional Standards Legislation
Reference 10932
“The Gladstone Village - Quartz”, MERRYLANDS NSW 2160
18
This research report is for the private and confidential use only Aland Developments for internal purposes only and not suitable for mortgage security purposes. No third party is entitled to use or rely upon this report in any way and neither the valuer nor Ray White (Valuations) shall have any liability to any third party who does. Only an electronically signed report, a scanned version of a signed hardcopy original of this report or an electronic version of this report signed with an electronic signature should be relied upon and no responsibility or liability will be accepted for unauthorised copies of the report. No part of this report or any reference to it may be included in any other document or reproduced or published in any way without written approval of the form and context in which it is to appear. Neither the valuer nor Ray White (Valuations) has any pecuniary interest giving rise to a conflict of interest in valuing the property. This research report is current at the date of inspection only. The potential realisation assessed herein may change significantly and unexpectedly over a relatively short period including as a result of general market movements or factors specific to the particular property. I do not accept liability for losses or damage arising from such subsequent changes in potential realisation including consequential or economic loss. Without limiting the generality of the above comment, I do not assume any responsibility or accept any liability where this research report is relied upon after the expiration of three months from the date of the inspection, or such earlier date if you become aware of any factors that have any effect on the report. However, it should be recognised that the three months reliance period does not guarantee the potential realisation for that period. Quality Assurance procedures are undertaken prior to reports being released requiring internal compliance and verification checks. The Reviewing Party has not inspected the property. The Reviewing Party has reviewed the Valuation Report and relevant calculations, and based upon that review and questioning of the Valuer(s)(as appropriate), is satisfied there is a reasonable basis for the valuation process undertaken and the methodology adopted by the Primary Valuer(s). The Reviewing Party’s signature also confirms that the valuation is a genuine authorised Ray White (Valuations) document. The opinions of value expressed in this report are that of the Valuer(s) only. This document is prepared by: Atlas Valuations Pty Ltd ABN 12 150 089 255 trading as Ray White (Valuations). Ray White (Valuations) provides its valuation or advisory services as a member of the Ray White Group pursuant to a licence granted by Ray White (New South Wales) Pty Ltd in accordance with this licence, Ray White (Valuations) utilises the trademark and brands of Ray White Group and has a link to the Ray White website. It thereby claims the benefit of all terms and conditions applicable to the use of such trademark, brands and website for the purposes of the provision of its valuation or advisory services. Sole responsibility for the provision of the valuation or advisory services by Ray White (Valuations) rests with that entity and Ray White Group assumes no responsibility nor otherwise acknowledges any liability for the provision of such services by reason of its licensing of Ray White (Valuations).
Reference 10932
“The Gladstone Village - Quartz”, MERRYLANDS NSW 2160
19
ANNEXURES
Instructions