Paramount on Parkes Ray White Valuation

RESEARCH REPORT

Property

“Paramount on Parkes”, 14-20 Parkes Street, HARRIS PARK NSW 2150.

Reliant Party and Purpose

Parkes 88 Development Pty Ltd for Potential Realisation Purposes Only and not suitable for Mortgage Security Purposes.

Date

July 2024.

File reference

13232.

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 2.2 ‘As If Complete’ Assessment 2.3 Land description, dimensions and area 2.4 Planning 2.5 Locality and surrounding development 2.6 Road system, access and exposure

3 3 3 4 4 5

Project description .......................................................................................................................... 6

3.1 General 3.2 Common Amenities 3.3 Finishes and fittings 3.4 View profiles 3.5 Assessed units

6 6 7 9 9

Market Overview .......................................................................................................................... 10

4.1 Economic overview 4.2 Residential overview

10 11

Sales Evidence ............................................................................................................................... 12 Conclusion ..................................................................................................................................... 17

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

“Paramount on Parkes”, 14-20 Parkes Street, Harris Park NSW 2150.

Parkes 88 Development Pty Ltd for Potential Realisation Purposes Only and not suitable for Mortgage Security Purposes.

This independent research report is prepared for Parkes 88 Development Pty Ltd for Internal Purposes only.

Zoned ‘Mu 1 Mixed Use’ under the Parramatta Local Environmental Plan 2023.

A mixed-use development site which has been excavated to provide a level building platform for the proposed 331 home units development with basement car parking.

The proposed development is to consist of a 46 storey lifted mixed use building comprising 331 home units (37 x one bedroom, 258 x two bedroom and 36 x three bedroom), 1 retail shop and 7 levels of commercial accommodation over six (6) levels of basement car parking and above ground car parking on Levels 1-3 for a total of 236 vehicles.

July 2024.

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 10933

“Paramount on Parkes”, Harris Park NSW 2150

2

SITE DESCRIPTION 2.1 Title details Registered proprietors Parkes 88 Pty Ltd.

Lot & Deposited Plan Lot 1 DP1267012.

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

Shape and topography Flood status

The land has been identified by reference to the street numbers, Certificates of Title, registered Deposited Plans, annexed Site Survey and our physical inspection and is situated on the northern side of Parkes Street, the eastern side of Wigram Street and the southern side of the storm water channel.

A consolidated irregular shaped mixed use redevelopment site which falls from south (Parkes Street frontage) to north (rear boundary).

The site is subject to flood related development controls.

The flooding information noted has been obtained from Parramatta 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.

Additionally, we assumed flood protection measures would have been implemented as a condition of the consent to obtain the final Occupation Certificate.

Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

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2.4 Planning Planning scheme

Parramatta Local Environmental Plan 2011.

Zoning

‘B4 Mixed Use’.

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.

2.5 Locality and surrounding development •

•

•

•

•

Harris Park is a predominantly residential suburb adjoining Parramatta, the second largest city in NSW. Parramatta is a major regional centre comprising a mix of commercial, retail and residential uses, located approximately 23 kilometres west of the Sydney CBD. The subject site is located on the south-eastern fringe of the Parramatta CBD and within the Parramatta Local Government Area.

Local shopping and retail facilities are available on Wigram Street within the “Little India” restaurant precinct, additionally regional shopping facilities are available at Westfield Parramatta Shopping Centre approximately 600 metres west from the subject complex.

Parramatta railway station/bus interchange is located approximately 450 metres north-west from the subject complex whereas Harris Park railway station is located approximately 450 metres south-west from the subject complex.

The subject complex is located approximately 1.5 kilometres north-east from the M4 Motorway/Parramatta Road and Woodville Road intersection which allows for access to the Sydney CBD and the metropolitan road network.

Immediate surrounding development comprises a mix of low-medium rise commercial buildings at the fringe of the Parramatta CBD in addition to a mix of residential flat buildings/mixed use complexes of varying vintage, residential/mixed use development sites currently under construction along with older style residential dwellings and heritage commercial cottages more towards Harris Park.

Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

4

Locality map with the subject complex indicated 2.6 Road system, access and exposure •

•

•

•

•

The subject complex has two street frontages, with the main street frontage being to Parkes Street to the south and Wigram Street to the west.

Parkes Street is a main local road within the Parramatta CBD, providing a two way bitumen sealed roadway with formed kerb and guttering within the vicinity of the subject site and stretches from Church Street in the west to Hassall Street in the east and is subject to moderate to high volumes of vehicular traffic and moderate flows of pedestrian traffic throughout its various sections.

Wigram Street is a two-way bitumen sealed roadway with formed kerb and guttering, which extends from its intersection with Hassall Street in the north, through to its cul-de-sac south of Bowden Street.

No car parking is available within the vicinity of the subject complex along Parkes Street, although time restricted on-street metered parking is available along Wigram Street. The subject complex will provide on-site car parking within six (6) levels of basement car parking and above ground car parking on Levels 1-3 for a total of 236 vehicles.

Formed footpaths run along both street frontages of the subject complex.

Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

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PROJECT DESCRIPTION 3.1 General Upon completion, the project “Paramount on Parkes” is to consist of a 46 storey lifted mixed use building comprising 331 home units, 1 retail shop and 7 levels of commercial accommodation over six (6) levels of basement car parking and above ground car parking on Levels 1-3 for a total of 236 vehicles.

Artist impression of the project The development mix will comprise: Unit/Suite type

Number of units/suites (residential mix)

One bedroom

37 (11%)

Two bedroom

258 (78%)

Three bedroom

36 (11%)

Total

331 (100%)

Retail shop

1

Commercial accommodation

7 levels

3.2 Common Amenities Common Amenities are at located on Level 4. Facilities include a swimming pool, kids’ playground manicured landscaped gardens with BBQ facilities and community room.

Level 4 Common Area CGI Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

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3.3 Finishes and fittings The schedule of finishes is summarised as follows: Unit Accommodation Living area and bedrooms

Kitchen

•

Travertine-look porcelain tiles in the living areas.

•

Carpet in the bedrooms.

•

Built-in or walk-in wardrobes.

•

Travertine-look porcelain tiled floors.

•

40mm stone benchtop.

•

Glass splashback.

•

Polyurethane joinery.

•

Gold Grohe tapware.

•

Undermount dual bowl brushed gold sink.

•

Bathroom and en-suite

•

Travertine-look porcelain tiled floors and walls.

•

Ceramic wall hung basin.

•

Floor standing back to wall toilet with soft close seat cover.

•

Shaving cabinet with mirror.

•

Frameless shower screen to all units.

•

Laundry General

Reference 10933

Fisher & Paykel appliances including cooktop, oven, rangehood, dishwasher and microwave.

Shower and acrylic bathtub within the two and three bedroom units.

•

Gold Grohe tapware.

•

Ventilation and exhaust system.

•

Stainless-steel tub with white metal cabinet.

•

Fisher & Paykel dryer.

•

Recessed downlights.

•

Ducted air-conditioning.

•

TV and telephone points.

•

Video intercom.

“Paramount on Parkes”, Harris Park NSW 2150

7

Artist impressions 3D render of the proposed project is shown herein:

Typical living room

Typical bedroom

Typical kitchen (dark scheme)

Typical kitchen (light scheme)

Bathroom

Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

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3.4 View profiles Photographs of the actual views from a selection of units during the inspection are as follows:

Typical southern aspect

Typical eastern aspect

Typical northern aspect

Typical western aspect

3.5 Assessed units A random sample of units were inspected comprising one, two & three bedrooms, which in our opinion are the best representation of the overall project and is summarised below: Building A Lot 13 26 54 82 111 142 155 213 247 293 *

Unit 404 601 902 1203 1505 1809 2004 2608 3006 3507

Bed(s) 2 2 2 2 1 2 2 2 2 3

Bath(s) 2 2 2 2 1 2 2 2 2 2

Car 0 0 0 1 0 1 1 1 1 1

Aspect(s) South North North South-west South North South East South-east North

Internal (m2) 76 75 75 75 51 75 75 76 75 96

External (m2) 97 11 10 10 8 11 12 10 24 12

Storage LSS + Cage LSS + Cage LSS + Cage Cage Cage Cage Cage Cage Cage Cage

LSS refers to Large Storage Space which is comparable size to a car space located in the basement.

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.

Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

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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 below summarise the most recent results of these indicators:

Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

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4.2 Residential overview

Greater Sydney residential unit market Greater Sydney median strata dwelling prices $1,200

100%

Median sale price ($000s)

80% 70%

$800

60% $600

50% 40%

$400

30%

Inner ring - outer ring spread %

90% $1,000

20%

$200

10% $0

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 $800 $750

Median weekly rent ($)

$700 $650 $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

Sydney residential vacancy by concentric rings 6.0

Vacancy rate (%)

5.0 4.0 3.0 2.0 1.0 0.0

Inner ring 0-10kms Source: REINSW & Ray White Valuations

Reference 10933

Middle ring 10-25kms

Outer ring 25kms+

Total Sydney

Median prices The median strata dwelling price in Greater Sydney was stable at $790,000 in the December quarter 2023. This was -1.9% down on the peak of $805,000 in the December quarter 2021. In the December quarter 2023, the trends are summarised as follows: • Inner Ring (0-10kms of CBD) stable at $1,050,000; • Middle Ring (10-20kms) down by -2.0% from $740,000 to $725,000; and • Outer Ring (20+kms) rose slightly to reach a new high of $720,000.

Rent Median weekly rents for strata units in Greater Sydney increased to $700/week in the March quarter 2024, up by +4.5%, after easing slightly in the December quarter 2023. The median rent for one bedroom units rose by +4.8% to $650/week, while the median rent for two bedroom units increased sharply to $750/week, up by +7.1% in the March quarter 2024.

From late 2021, median rents for strata units rose significantly. This followed the end of the pandemic lockdowns and the return of international students.

Vacancy The average residential vacancy rate in the Sydney region increased marginally to 1.5% in the March quarter 2024.

The Inner Ring vacancy rose slightly to 1.6%. The Middle Ring vacancy was stable at 1.3% and in the Outer Ring suburbs, 1.4%.

Low vacancy rates, at or below 2.0% (well below the equilibrium level of 3.0%), have been sustained for the past two years. They are contributing to higher rents.

“Paramount on Parkes”, Harris Park NSW 2150

11

SALES EVIDENCE Due to lack of recently built modern complexes in Harris Park, we have also included comparable sales transactions of recently built and modern complexes further afield. 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 “180 George”, 180 George Street, PARRAMATTA SP104773, SP105613, SP105371 & SP106306 Accommodation Sale date Sale price Int. area (m2) 1 bed, 1 bath, 1 car 01/24 - 07/24 $555,000 - $745,000 61 – 63 ($685,000 avg) (62 avg) 2 bed, 2 bath, 1 car 04/24 - 05/24 $855,000 – $1,260,000 78 – 92 ($959,800 avg) (83 avg) 3 bed, 2 bath, 2 car 02/24 - 05/24 $1,335,000 - $1,560,000 103 – 119 ($1,387,480 avg) (111 avg)

$/m2 Int. $10,278 - $12,481 ($11,579 avg) $10,675 - $13,696 ($11,535 avg) $11,226 - $13,482 ($12,557 avg)

A circa 2023 built mixed use complex consisting of 1 x 59 storey and 1 x 67 storey lifted buildings comprising 522 home units, a 1,000 square metres supermarket and a 75-place childcare centre with its own lift and lobby over 5 levels basement car parking.

Finishes and fittings include built-in wardrobes, timber floors, full height windows, 40mm Caesarstone bench tops kitchen with stainless steel BOSCH appliances, gas cooktop, breakfast bench, integrated split system air-conditioning, LED downlights internal laundry, modern bathrooms with tiled flooring, frameless glass shower panes, wall mounted vanity, frameless mirror cabinet, balcony, security network, video intercom, CCTV cameras and secure basement car parking.

Communal areas include a 1,200 square metres of lush podium garden with a BBQ area, resort-style outdoor pool, fully equipped gymnasium and an indoor aquatic centre with a heated pool, spa and sauna.

Located within the Parramatta CBD adjoining the Parramatta River within close proximity to Parramatta ferry wharf and approximately 900 metres north-east from Parramatta railway station.

Considered an inferior complex in a comparable location compared to the subject complex.

Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

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Address “The Lennox”, 12-14 Phillip Street, PARRAMATTA SP102896 Accommodation Sale date 1 bed, 1 bath, 1 car 01/24 – 07/24 2 bed, 1 bath, 1 car 2 bed, 2 bath, 1 car

Sale price $560,000 – $650,750 ($620,250 avg) 05/24 $820,000 02/24 - 06/24 $830,133 - $1,000,000 ($901,031 avg)

Int. area (m2) 50 – 53 (52 avg) 72 78 – 87 (81 avg)

$/m2 Int. $10,123 - $12,500 ($11,036 avg) $11,389 $10,377 - $12,500 ($11,137 avg)

A circa 2021 built 47 storey lifted mixed use building comprising 414 home units (23 x studio units, 88 x one bedroom, 239 x two bedroom, 56 x three bedroom, 7 x four bedroom and 1 x five bedroom) within 39 levels along with a lower level retail/commercial component over 9 levels of basement car parking.

Features and finishes comprise a combined open plan kitchen lounge and dining, built-in wardrobes, kitchen with Miele appliances and stone bench tops, timber floorboards throughout the 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 car parking.

Located adjoining the Parramatta River within the Parramatta CBD, approximately 700 metres north from Parramatta railway station and 750 metres west from Parramatta Ferry Wharf.

Considered a inferior complex in a superior location compared to the subject project.

Address “West Village”, 88 Church Street, PARRAMATTA SP95238 Accommodation 1 bed, 1 bath, 1 car

Sale price Int. area (m2) $/m2 Int. $680,000 - $690,000 53 $12,830 - $13,019 ($685,000 avg) ($12,925 avg) 2 bed, 2 bath, 1 car 02/24 – 07/24 $800,000 - $865,000 74 - 81 $9,877 - $11,333 ($839,583 avg) (76 avg) ($11,013 avg) A circa 2020 built complex consisting of 1 x 6 and 1 x 39 storey mixed use towers containing 347 home units and 6 ground/podium level retail suites over 4 levels of basement car parking. Communal facilities include a rooftop lounge and view platform, as well as multiple podium level garden/green areas with BBQ and recreational areas such as a virtual-reality 18 hole golf course. The building, unit and basement entry are monitored with secure entry.

Sale date 03/24 - 04/24

Finishes and fittings are typically of a high quality consisting of open plan living areas, with engineered timber floor boards, floor to ceiling windows and tiled balconies. Caesarstone benchtops and Miele appliances in the kitchen with mirror splash backs to all wet areas. Tiled balconies with floor to ceiling windows and sliding doors. Bedrooms are carpeted with tiling to en-suites if provided.

Located on the corner of Church Street and Great Western Highway approximately 450 metres south from Parramatta railway station and 250 metres south from Westfield Parramatta Shopping Centre.

Considered a comparable complex in a comparable location compared to the subject project.

Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

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Address

“Altitude by Meriton”, 330 Church Street, PARRAMATTA SP96002

Accommodation 1 bed, 1 bath, 1 car 2 bed, 2 bath, 1 car

Sale date 06/24 04/24

Sale price $650,000 $695,000 - $860,000 ($777,550 avg)

Int. area (m2) 52 74 – 76 (75 avg)

$/m2 Int. $12,500 $9,392 - $11,316 ($10,354 avg)

A circa 2017 built complex consisting of 55 storey lifted residential flat buildings comprising 115 home units over 5 levels of basement car parking.

Finishes and fittings include modern kitchen with stone benchtop, engineered timber flooring throughout the living areas, wool carpet in the bedrooms, all bedrooms with built-in robes, en-suite to the master bedroom within the two bedroom units, ducted air-conditioning, and secure basement car parking.

Located adjoining the Parramatta River within the Parramatta CBD, approximately 800 metres north from Parramatta railway station and 650 metres west from Parramatta Ferry Wharf.

Considered an inferior complex in a superior location compared to the subject project.

Address “The Pinnacle”, 46 Walker Street, RHODES SP88557 Accommodation

Sale date

Sale price

1 bed, 1 bath, 1 car

02/24 – 03/24

2 bed, 2 bath, 1 car

01/24 – 05/24

3 bed, 2 bath, 1 car

03/24

$700,000 - $840,000 ($770,000 avg) $1,060,000 - $1,310,000 ($1,163,000 avg) $1,710,000

Int. area (m2) 53 – 56 (55 avg) 78 – 87 (80 avg) 79

$/m2 Int. $12,500 - $15,849 ($14,175 avg) $13,230 - $16,582 ($14,482 avg) $21,646

A circa 2014 built 28 storey lifted residential flat building comprising 260 home units over 2 levels of basement car parking.

Finishes and fittings generally include modern kitchen with stone bench tops, carpet flooring in living area, modern bathroom, split system air conditioning and balconies. The east facing units offers Parramatta River, distant city skyline & harbour views.

Located approximately 300 metres north from Rhodes railway station.

Considered an inferior complex in a superior location compared to the subject project.

Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

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Address “Skyline”, 42 Walker Street, RHODES SP91522 Accommodation 1 bed, 1 bath, 1 car

Sale date 03/24 - 05/24

2 bed, 2 bath, 1 car

01/24 – 07/24

Sale price $525,000 - $835,000 ($748,750 avg) $850,000 - $1,100,000 ($999,000 avg)

Int. area (m2) 50 – 57 (55 avg) 66 – 108 (86 avg)

$/m2 Int. $10,500 - $14,649 ($13,458 avg) $9,120 - $12,879 ($11,781 avg)

A circa 2015 built 28 storey lifted residential flat building comprising 225 home units over 2 levels of basement car parking.

Finishes and fittings generally include modern kitchen with stone bench tops, split system air conditioning, carpet flooring in living area, modern bathroom, study room, winter garden and balcony area. The east facing units offers Parramatta River, distant city skyline & harbour views.

Communal areas include a children’s playground area and BBQ facilities.

Located approximately 300 metres north from Rhodes railway station.

Considered an inferior complex in a superior location compared to the subject project.

Address “Sienna by the Bay”, 8A Mary Street, RHODES SP80000 Accommodation

Sale date

Sale price

2 bed, 2 bath, 1 car

03/24 - 05/24

3 bed, 2 bath, 2 car

02/24 - 04/24

$900,000 - $1,450,000 ($1,208,333 avg) $1,770,000 - $1,850,000 ($1,810,000 avg)

Int. area (m2) 97 – 108 (102 avg) 120 – 123 (122 avg)

$/m2 Int. $8,824 - $14,948 ($11,931 avg) $14,750 - $15,041 ($14,895 avg)

A circa 2014 built 9 storey lifted waterfront residential flat building comprising 110 home units over a level of above ground car parking.

Finishes and fittings generally include modern kitchen with stone bench tops, split system air conditioning, timber floorboards throughout, modern bathroom and ensuite, winter garden and balcony. The east facing units offers Parramatta River views.

Located approximately 350 metres west from Rhodes railway station.

Considered an inferior complex in a superior location compared to the subject project.

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 managers, 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.

Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

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Sales in the subject development Bath(s)

Sale price

Average Sale price

Int. area (m2)

One bedroom (20)

one

$567,000 - $711,000

$641,500

51

Two bedroom (93)

two

$787,000 - $1,132,000

$883,925

75 -76

Three bedroom (4)

two

$1,190,000 - $1,257,000

$1,222,250

95 - 96

Accommodation

Average $/m2

$/m2 $11,118 $13,941 $10,493 $14,895 $12,526 $13,094

$12,578 $11,764 $12,831

A summary of the average sale prices is provided below: Address

Average Sale Price (Average Internal Area) 1 Bedroom

2 Bedroom

3 Bedroom

“Paramount on Parkes” Subject Property

$641,500 $12,578/m2 (51m2)

$883,925 $11,764/m2 (75m2)

$1,222,250 $12,831/m2 (95m2)

“180 George”, 180 George Street, PARRAMATTA “The Lennox”, 12-14 Phillip Street, PARRAMATTA

$685,000 $11,579/m2 (62m2) $620,250 $11,036/m2 (22m2)

$959,800 $11,535/m2 (83m2) $820,000 $11,389/m2 (72m2)

$1,387,480 $12,557/m2 (111m2) $901,031 $11,137/m2 (81m2)

“West Village”, 88 Church Street, PARRAMATTA

$685,000 $12,925/m2 (53m2)

$839,583 $11,013/m2 (76m2)

“Altitude by Meriton”, 330 Church Street, PARRAMATTA

$650,000 $12,500/m2 (52m2) $770,000 $14,175/m2 (55m2)

$777,550 $10,354/m2 (75m2) $1,163,000 $14,482/m2 (80m2)

$748,750 $13,458/m2 (55m2)

$999,000 $11,781/m2 (86m2)

“The Pinnacle”, 46 Walker Street, RHODES “Skyline”, 42 Walker Street, RHODES “Sienna by the Bay”, 8A Mary Street, RHODES

Reference 10933

$1,208,333 $11,931/m2 (102m2)

“Paramount on Parkes”, Harris Park NSW 2150

$1,710,000 $21,646/m2 (79m2)

$1,810,000 $14,895/m2 (122m2)

16

CONCLUSION The assessment of potential realisation for the sample units within the “Paramount on Parkes” Apartments project as at date of this report is as follows: Lot

Unit

Bed(s)

Bath(s)

Car

Aspect

Internal (m2)

External (m2)

Storage

Assessment

$/m2

13

404

2

2

0

South

76

97

LSS + Cage

$970,500

$12,770

26

601

2

2

0

North

75

11

LSS + Cage

$899,000

$11,987

54

902

2

2

0

North

75

10

LSS + Cage

$901,000

$12,013

82

1203

2

2

1

South-west

75

10

Cage

$888,000

$11,840

111

1505

1

1

0

South

51

8

Cage

$665,000

$13,039

142

1809

2

2

1

North

75

11

Cage

$1,022,000

$13,627

155

2004

2

2

1

South

75

12

Cage

$902,000

$12,027

213

2608

2

2

1

East

76

10

Cage

$1,048,000

$13,789

247

3006

2

2

1

South-east

75

24

Cage

$1,102,000

$14,693

293

3507

3

2

1

North

96

12

Cage

$1,280,000

$13,333

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

Liability limited by a scheme approved under Professional Standards Legislation

Reference 10933

“Paramount on Parkes”, Harris Park NSW 2150

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Peter Wiltshire MRICS AAPI Partner

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. We 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, We 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 10933

“Paramount on Parkes”, Harris Park NSW 2150

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