The Edmondson Collection - M3 Property Valuation

Date of Valuation:

17 March 2026

CONSULTANCY REPORT “The Edmondson Collection” Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue, Edmondson Park, NSW

Nearmap

J00026128 Liability limited by a scheme approved under Professional Standards Legislation.

Executive Summary Instructions Instructing Party

Croatia 88 Development Pty Ltd.

Reliant Party

Croatia 88 Development Pty Ltd.

Purpose

To provide an overview of the suburb of Edmondson Park and the “The Edmondson Collection” development, local market overview and sales evidence of residential apartments.

Property Details Address

“The Edmondson Collection” Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue, Edmondson Park NSW.

Description of Property

The subject property comprises 61 residential apartments over two towers forming part of a seven-storey residential development over multiple levels of basement parking.

Unit Type

No. Units

% of Total

Average Internal Area (m2)

One Bedroom

14

23%

55

One Bedroom plus Study

5

8%

69

Two Bedroom

34

56%

81

Three Bedroom

8

13%

99

Total

61

100%

76

Our brief is to consider the specific design, features and innovations that characterise “The Edmondson Collection” development, and in particular review and assess the value proposition(s) that may evolve from, or otherwise be attributed to, in particular, those identified elements that may not necessarily be regarded as typical in this market sector.

As part of this report, we have been requested to provide a current opinion of value ranges for the various apartment configurations within Building B of the development, together with relative references to support those opinions, in particular those characteristics that may contribute to value, not ordinarily found in the market sector being considered.

Based on the sales evidence outlined within this report, together with clearly identified value add initiatives not normally found in competing market evidence, we are of the view that current value ranges for the various apartment configurations as part of “The Edmondson Collection” are as follows: Apartment Type

Minimum Value

Maximum Value

Average Internal Area (m2)

Average Value

Average Rate ($/m²)

One Bedroom

$630,000

$690,000

55

$650,000

$11,757

One Bedroom plus Study

$660,000

$700,000

69

$680,000

$9,798

Two Bedroom

$760,000

$810,000

81

$780,000

$9,665

Three Bedroom

$900,000

$950,000

99

$930,000

$9,430

As outlined above, there is a vast range of values per apartment configuration type. This is primarily due to the individual attributes of each apartment type including internal size, internal configuration, aspect and view profile.

This is a summary only and is not to be relied upon for any purpose. The valuation assessment for this property is subject to the assumptions, conditions and limitations as set out in the accompanying full valuation report.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue, Edmondson Park NSW | 17 March 2026 Page i

Contents 1.

OVERVIEW ...................................................................................................................................................... 1

2.

DEVELOPMENT .............................................................................................................................................. 4

3.

MARKET SALES EVIDENCE ......................................................................................................................... 9

4.

MARKET COMMENT .................................................................................................................................... 22

1.

Overview

Location Map

Source: UBD

Road System & Access Situated

•

Situated on the eastern alignment of Somme Avenue with additional frontage to Benera Road, within Edmondson Park.

•

Approximately 34 radial kilometres south-west of the Sydney Central Business District (CBD).

Main Roads

•

Located within proximity of Camden Valley Way and Campbelltown Road.

Access

•

Access available via Somme Avenue, Benera Road and Passendale Road.

Photographs

Subject Property

Streetscape

Streetscape

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue, Edmondson Park, NSW | 17 March 2026 Page 2

Surrounding Development Surrounding development provides for predominantly rural land holdings, land subdivision developments, residential dwellings and apartment developments varying in age.

Source: Nearmap

Surrounding Amenity Public Transport

Education

•

Located within proximity of Edmondson Park Railway Station.

•

Bus stop located within proximity at Edmondson Park Station, Stand A.

•

Located within proximity of Edmondson Park Public School, Bardia Public School, St Francis Catholic College, Edmondson Park and Dalmeny Public School.

•

Located within proximity of Western Sydney University Campbelltown Campus and TAFE Miller.

Parks and Recreation

•

Forest Lawn Memorial Park, located within proximity to the subject property to the west.

•

Macquarie Links International Golf Club, located within proximity to the subject property to the south.

•

Edmondson Regional Park, located within proximity to the subject property to the south-west.

Retail Amenity

•

Ed. Square Shopping Centre is located in proximity to the subject to the south.

Services All usual urban services are connected or available to be connected to the subject property.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue, Edmondson Park, NSW | 17 March 2026 Page 3

2.

Development

Development Overview Overview The subject property benefits from Development Consent (DA-1320/2021) for the two lot Torrens Title subdivision and construction of three residential flat buildings ranging from three to six-storeys comprising 137 flats and basement car parking with associated Strata subdivision, site preparation works, civil works, and landscaping.

Also, the subject property benefits from Development Consent (DA-171/2024) to amend three residential flat buildings approved under (DA-1320/2021) to accommodate an additional 41 Apartments including 27 Affordable Housing apartments under the provisions of State Environmental Planning Policy (Housing) 2021. The amendments including an increase in gross floor area by 30% with Building A increased to four storeys, Building B increased to six and eight storeys, and Building C increased to eight storeys.

Also, the subject property benefits from Section 4.55 Modification Approval (DA-171/2024/A) for the modification to Development Consent DA-171/2024 under Section 4.55 (1A) of the Environmental Planning and Assessment Act 1979, to update stamped drawings, housekeeping of conditions, and update to the description of development.

Also, the subject property benefits from Section 4.55 Modification Approval (DA-171/2024/B) for the modification to Development Consent DA-171/2024 Under Section 4.55 (1A)of the Environmental Planning and Assessment Act 1979.

Also, the subject property benefits from Development Consent (DA-454/2025) for two lot Torrens title stratum subdivision of a proposed approved lot containing approved residential flat buildings in the course of construction.

Also, the subject property benefits from Section 4.55 Modification Approval (DA-171/2024/C) for the modification to DA-171/2024 under Section 4.55(1A) of the Environmental Planning and Assessment Act 1979. The modification seeks to complete the proposed development over 2 stages. The staging of the development consists of: •

Stage 1: Two Torrens title subdivision compromising of Lot 1 for the construction of residential flat building A and B with associated strata subdivision, site preparation works, civil works and landscaping. Additionally, Lot 2 consists of the construction of residential flat building C, including associated strata subdivision, site preparation works, civil works, landscaping and local road construction, to be undertaken as Stage 2 of the development.

•

Stage 2: Construction of residential flat building C on Lot 2, including associated strata subdivision, site preparation works, civil works, landscaping and road construction of Passendale Road and Road 1.

Upon the completion of all road construction in accordance with Development Consent DA-1320/2021, the roads are to be dedicated to Council prior to the issue of an occupation certificate for Building C

Development Summary No. of Apartments

61.

No. of Levels

Seven.

Architect

Stanisic Architects.

Drawing Number

Multiple references.

Date of Plans

Multiple dates.

Endorsed

Liverpool City Council.

Proposed Construction Details Floors

Suspended concrete slab floors with a combination of carpet and tile floor coverings.

Roof

Concrete

External Walls

Rendered concrete.

Internal Walls

Painted plasterboard.

Ceilings

Painted plasterboard.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 5

Access and Services Pedestrian Access

Via Passendale Road, Bernera Road and Somme Avenue.

Vehicle Access

Via Passendale Road.

Lift

Multiple lifts available from basement to top floor.

Car Parking

Multiple levels of basement parking with parking available to all apartments.

Development Mix No. Units

% of Total

Average Internal Area (m2)

One Bedroom

14

23%

55

One Bedroom plus Study

5

8%

69

Two Bedroom

34

56%

81

Three Bedroom

8

13%

99

Total

61

100%

76

Unit Type

Residential Accommodation One Bedroom Living Area Range

51m²

to

Average Living Area Private Open Space Range

61m² 55m²

8m²

to

Average External

17m² 10m²

One Bedroom plus Study Living Area Range

67m²

to

Average Living Area Private Open Space Range

70m² 69m²

12m²

to

Average External

17m² 13m²

Two Bedroom Living Area Range

77m²

to

Average Living Area Private Open Space Range

89m² 81m²

10m²

to

Average External

32m² 15m²

Three Bedroom Living Area Range

91m²

to

Average Living Area Private Open Space Range

105m² 99m²

16m²

Average External

to

65m² 24m²

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 6

Fixtures and Fittings We highlight that the level of finishes for the completed development has the potential to significantly impact the achievable sale prices. In undertaking our valuation, we have assumed that the proposed development will incorporate a good level of finishes.

We have assumed the proposed development will provide for a suitable level of accommodation consistent with current market demands and for a reasonable level of utility. Our valuation assumes that the proposed development is to be completed in a good workmanlike manner in accordance with all relevant statutory requirements. We have provided further detail in regard to the proposed level of finishes below: Kitchen

Specifications

Appliances

Fisher and Paykel oven.

Fisher and Paykel cooktop.

Fisher and Paykel rangehood.

Fisher and Paykel dishwasher.

Benchtop

Stone.

Floor

Tile.

Splashback

Stone.

Bathrooms

Specifications

Floor

Tile.

Shower Screen

Semi-frameless glass.

Tapware

Metal.

Living and Dining Rooms

Specifications

Floor

Tile.

Bedrooms

Specifications

Floors

Carpet.

General

Specifications

Heating/Cooling

Ducted air conditioning.

We consider the proposed finishes to be appropriate for the subject property’s market.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 7

Photographs

Standard Kitchen

Standard Kitchen

Standard Bathroom

Standard Bathroom

Standard Laundry

Standard Bedroom

Standard Bedroom

Standard Living/Dining

Standard Living/Dining

Standard Balcony

View Profile

Parking

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 8

3. Market Sales Evidence

Market Sales Evidence Subject Development Presales Marketing for the subject development commenced circa October 2024. We note that a total of 51 contracts relating to residential apartments have exchanged as at the date of valuation, equating to $39,040,850.

“The Edmondson Collection” Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue , Edmondson Park NSW Currently under-construction and being marketed “off the plan” this development is situated on the eastern alignment of Somme Avenue with additional frontage to Benera Road, within Edmondson Park.

The subject property benefits from Development Consent (DA-1320/2021) for the two lot Torrens Title subdivision and construction of three residential flat buildings ranging from three to six-storeys comprising 137 flats and basement car parking with associated Strata subdivision, site preparation works, civil works, and landscaping.

Also, the subject property benefits from Development Consent (DA-171/2024) to amend three residential flat buildings approved under (DA-1320/2021) to accommodate an additional 41 Apartments including 27 Affordable Housing apartments under the provisions of State Environmental Planning Policy (Housing) 2021. The amendments including an increase in gross floor area by 30% with Building A increased to four storeys, Building B increased to six and eight storeys, and Building C increased to eight storeys.

Also, the subject property benefits from Section 4.55 Modification Approval (DA-171/2024/A) for the modification to Development Consent DA-171/2024 under Section 4.55 (1A) of the Environmental Planning and Assessment Act 1979, to update stamped drawings, housekeeping of conditions, and update to the description of development.

Also, the subject property benefits from Section 4.55 Modification Approval (DA-171/2024/B) for the modification to Development Consent DA-171/2024 Under Section 4.55 (1A)of the Environmental Planning and Assessment Act 1979.

Also, the subject property benefits from Development Consent (DA-454/2025) for two lot Torrens title stratum subdivision of a proposed approved lot containing approved residential flat buildings in the course of construction.

Also, the subject property benefits from Section 4.55 Modification Approval (DA-171/2024/C) for the modification to DA-171/2024 under Section 4.55(1A) of the Environmental Planning and Assessment Act 1979. The modification seeks to complete the proposed development over 2 stages. The staging of the development consists of: •

•

Stage 1: Two Torrens title subdivision compromising of Lot 1 for the construction of residential flat building A and B with associated strata subdivision, site preparation works, civil works and landscaping. Additionally, Lot 2 consists of the construction of residential flat building C, including associated strata subdivision, site preparation works, civil works, landscaping and local road construction, to be undertaken as Stage 2 of the development.

Stage 2: Construction of residential flat building C on Lot 2, including associated strata subdivision, site preparation works, civil works, landscaping and road construction of Passendale Road and Road 1.

Upon the completion of all road construction in accordance with Development Consent DA1320/2021, the roads are to be dedicated to Council prior to the issue of an occupation certificate for Building C A summary of the sales achieved to date within the proposed development may be summarised as follows:

Apartment No.

Level

No. Beds

Sale Date

Sale Price

Internal Area (m2)

Rate ($/m2)

B001

LG

1

Feb-25

$590,000

56

$10,536

B002

LG

3

Jan-25

$900,000

95

$9,474

B003

LG

1+S

Feb-25

$595,000

67

$8,881

B101

1

3

Dec-24

$920,000

105

$8,762

B102

1

2

Feb-25

$810,000

89

$9,101

B103

1

2

May-25

$750,000

82

$9,146

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 10

Apartment No.

Level

No. Beds

Sale Date

Sale Price

Internal Area (m2)

Rate ($/m2)

B104

1

2

Aug-25

$745,000

78

$9,551

B107

1

2

Apr-25

$735,000

77

$9,545

B108

1

2

Jul-25

$765,000

83

$9,217

B109

1

2

Aug-25

$755,000

78

$9,679

B110

1

2

Apr-25

$735,000

81

$9,074

B201

2

3

Feb-25

$900,000

105

$8,571

B202

2

2

Apr-25

$795,000

88

$9,034

B203

2

2

Jul-25

$760,000

82

$9,268

B204

2

2

May-25

$755,000

78

$9,679

B205

2

1

Apr-25

$640,000

51

$12,549

B206

2

1+S

Jun-25

$685,300

70

$9,790

B208

2

2

May-25

$735,000

77

$9,545

B209

2

2

Jul-25

$770,000

83

$9,277

B210

2

2

Sep-25

$760,000

77

$9,870

B211

2

2

Nov-24

$715,000

80

$8,938

B301

3

3

Mar-25

$905,000

105

$8,619

B302

3

2

Feb-25

$795,000

88

$9,034

B303

3

2

Feb-25

$760,000

82

$9,268

B304

3

2

Apr-25

$760,000

78

$9,744

B305

3

1

Sep-25

$645,000

51

$12,647

B308

3

2

Mar-25

$743,250

77

$9,653

B309

3

2

Aug-25

$775,000

83

$9,337

B310

3

2

Jul-25

$765,000

78

$9,808

B311

3

2

Feb-25

$720,000

80

$9,000

B401

4

3

Feb-25

$910,000

105

$8,667

B402

4

2

May-25

$800,000

88

$9,091

B403

4

2

Jan-25

$765,000

82

$9,329

B404

4

2

Mar-25

$760,000

78

$9,744

B405

4

1

Sep-25

$650,000

51

$12,745

B406

4

1+S

Jun-25

$695,000

70

$9,929

B408

4

2

May-25

$745,000

77

$9,675

B409

4

2

Jul-25

$780,000

83

$9,398

B410

4

2

Sep-25

$771,000

77

$10,013

B411

4

2

Jan-25

$725,000

80

$9,063

B501

5

1

Feb-25

$660,000

56

$11,786

B502

5

2

Jun-25

$755,000

77

$9,805

B503

5

2

Jun-25

$785,000

83

$9,458

B504

5

3

Sep-25

$920,000

91

$10,110

B602

6

2

Aug-25

$760,000

77

$9,870

B603

6

2

May-25

$791,300

83

$9,534

B604

6

3

Jun-25

$925,000

91

$10,165

B701

7

1

Dec-25

$670,000

56

$11,964

B702

7

2

Mar-25

$770,000

77

$10,000

B703

7

2

Mar-25

$795,000

83

$9,578

B704

7

3

Mar-25

$925,000

92

$10,054

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 11

A summary of the sales achieved to date within the proposed development is outlined below: Apartment Type

No. Apartments

Average Internal Area (m²)

Minimum Value

Maximum Value

Average Value

Average Rate ($/m²)

1

6

54

$590,000

$670,000

$642,500

$12,009

1+S

3

69

$595,000

$695,000

$658,433

$9,543

2

34

81

$715,000

$810,000

$761,928

$9,441

3

8

99

$900,000

$925,000

$913,125

$9,259

Total

51

80

$590,000

$925,000

$765,507

$9,614

Analysis Forms the presales achieved to date as part of the subject development.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 12

Sales Evidence – Off the Plan Apartments Sales “Arlington Apartments, Ed Square” Soldiers Parade and Campbelltown Road, Edmondson Park NSW Currently under-construction and being marketed “off the plan” this development is located on the corner position of Soldiers Parade and Campbelltown Road, within Edmondson Park.

We note that the property benefits from Development Consent for the construction of the Edmondson Park Town Centre which includes 26,000 square metres of retail space containing specialty shops, mii majors and food tenancies. Construction of an 8,000 square metre cinema, construction of 309 units in four residential blocks ranging from 5 to 13 stories and construction of 60,000 square metre car park.

We have been unable to obtain the individual sales details of each apartment however the marketing agent advised us of the following average sales prices: Apartment Type

Average Sale Price

Average Internal Area (m²)

Average Rate ($/m²)

1 Bedroom

$600,000

60

$10,000

2 Bedroom

$700,000

80

$8,750

3 Bedroom

$875,000

103

$8,495

Analysis Larger scale mixed-use development located in a superior position. Similar internal areas and level of finishes to be provided. Consider the prices achieved as being below those applicable to the subject apartments. We note that these sale prices were achieved from the start of 2022 to mid-2023.

“Clifton Apartments, Ed Square” Soldiers Parade and Campbelltown Road, Edmondson Park NSW Currently under-construction and being marketed “off the plan” this development is located on the corner position of Soldiers Parade and Campbelltown Road, within Edmondson Park.

We note that the property benefits from Development Consent for the construction of the Edmondson Park Town Centre which includes 26,000 square metres of retail space containing specialty shops, mii majors and food tenancies. Construction of an 8,000 square metre cinema, construction of 309 units in four residential blocks ranging from 5 to 13 stories and construction of 60,000 square metre car park.

We have been unable to obtain the individual sales details of each apartment however the marketing agent advised us of the following average sales prices: Apartment Type

Average Sale Price

Average Internal Area (m²)

Average Rate ($/m²)

1 Bedroom

$535,000 - $620,000

53 - 57

$10,094 - $10,877

2 Bedroom

$725,000 - $770,000

81

$8,951 - $9,506

2 Bedroom plus Study

$730,000 - $790,000

85 - 88

$8,588 - $8,977

3 Bedroom

$950,000 - $975,000

115

$8,261 - $8,478

Analysis Larger scale mixed-use development located in a superior position. Similar internal areas to the subject one-bedroom and two-bedroom apartments and larger internal areas for the three-bedroom apartments with a similar level of finishes to be provided. Consider the prices achieved as being broadly indicative of those applicable to the subject two-bedroom and three-bedroom apartments and the prices achieved as being below those applicable to the subject one-bedroom apartments.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 13

“Mayfair” 160-172 Lord Sheffield Circuit, Penrith NSW Currently under-construction and being marketed “off the plan” this development is located on the corner position of Lord Sheffield Circuit, within Penrith.

The subject property benefits from Development Consent (DA22/1086) which provides for the construction of ten (10) storey mixed use commercial and residential development including two (2) storey podium containing 14 ground floor retail premises and first floor commercial floor space, two (2) x eight (8) storey residential towers containing 287 residential apartments (east tower - 152 units; west tower - 135 units), rooftop communal open space, three (3) levels of basement car parking and public domain works.

Furthermore, the subject property benefits from Section 4.55 Modification Approval (MOD24/0059) for the modifications to DA22/1086 for mixed use commercial and residential development including amendments to ground floor level for new pedestrian entrance via Lord Sheffield Circuit, amendments to ground floor basement level for removal of heavy vehicle turntable, amendments to level one eastern podium commercial floor space for additional outdoor space, division of level one commercial floor space into four (4) tenancies, new retail tenancy at basement level one and addition of fourth basement level for car parking.

A summary of the sales achieved to date within the proposed development may be summarised as follows: Apartment Type

No. Apartments

Average Internal Area (m²)

Minimum Value

Maximum Value

Average Value

Average Rate ($/m²)

1 AH

5

55

$467,110

$511,177

$484,737

$8,846

1+S AH

5

62

$555,244

$555,244

$555,244

$8,985

2 AH

49

79

$669,818

$731,512

$699,496

$8,903

2+S AH

7

85

$749,139

$802,019

$771,802

$9,050

3 AH

10

100

$890,153

$907,780

$897,204

$9,008

1

17

55

$467,110

$640,000

$574,614

$10,492

1+S

3

62

$555,244

$555,244

$555,244

$8,956

2

83

77

$669,818

$840,000

$742,124

$9,620

2+S

7

86

$749,139

$802,019

$779,356

$9,092

3

14

107

$890,153

$1,005,000

$928,666

$8,668

Total

200

78

$467,110

$1,005,000

$726,686

$9,289

Analysis Larger mixed-use development located within proximity of the subject property in an inferior location. Similar internal areas for the one-bedroom and two-bedroom apartments, smaller internal areas for the one-bedroom plus study apartments and larger internal areas for the three-bedroom apartments with a similar level of finishes to be provided. Consider the prices achieved as being below those applicable to the subject onebedroom, one-bedroom plus study and two-bedroom apartments and broadly indicative of those applicable to the subject three-bedroom apartments.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 14

Sales Evidence – Existing Apartments Sales 361-363 Bernera Road, Edmondson Park NSW Forms a circa August 2021 completed residential development situated on the corner position of Bernera Road and Costello Lane, within Edmondson Park.

Finishes to the apartments are of an average standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Recent sales within the development may be summarised as follows:

Lot No.

Level

No. Beds

Sale Date

Sale Price

Internal Area (m2)

Rate ($/m2)

12

1

2

Nov-25

$735,000

78

$9,423

33

4

2

Mar-25

$710,000

77

$9,221

34

4

2

Mar-25

$690,000

75

$9,200

43

G

2

Oct-25

$720,000

79

$9,114

50

1

2

Sep-25

$750,000

82

$9,146

61

2

2

Nov-25

$710,000

80

$8,875

62

2

2

Oct-25

$737,500

80

$9,219

82

4

2

Sep-25

$730,000

81

$9,012

88

4

3

Mar-25

$820,000

96

$8,542

A summary of the recent sales achieved within the development is outlined below:

Apartment Type

No. Apartments

Average Internal Area (m²)

Minimum Value

Maximum Value

Average Value

Average Rate ($/m²)

2

8

79

$690,000

$750,000

$722,813

$9,150

3

1

96

$820,000

$820,000

$820,000

$8,542

Total

9

81

$690,000

$820,000

$733,611

$9,069

Analysis Forms a smaller scale residential development adjoining the subject property. Similar internal areas and level of finishes. Consider the prices achieved as being below those applicable to the subject apartments.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 15

1 Drinkwater Lane, Edmondson Park NSW Forms a circa 2018 completed residential development situated on the northern alignment of Drinkwater Lane, with an additional frontage to Camden Valley Way and Rynan Avenue, within Edmondson Park.

Finishes to the apartments are of an average standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry. The development comprises 48 residential apartments.

Recent sales within the development are summarised as follows:

Lot No.

Level

No. Beds

Sale Date

Sale Price

Internal Area (m2)

Rate ($/m2)

2

G

2+2P

Jan-25

$695,000

77

$9,026

26

2

2

Jul-25

$655,000

74

$8,851

35

3

2+2P

Jan-25

$658,000

77

$8,545

A summary of the recent sales achieved within the development is outlined below:

Apartment Type

No. Apartments

Average Internal Area (m²)

Minimum Value

Maximum Value

Average Value

Average Rate ($/m²)

2

1

74

$655,000

$655,000

$655,000

$8,851

2+2P

2

77

$658,000

$695,000

$676,500

$8,786

Total

3

76

$655,000

$695,000

$669,333

$8,807

Analysis Forms a smaller scale residential development located in a similar location. Similar internal areas and an inferior level of finishes. Consider the prices achieved as being below those applicable to the subject apartments.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 16

120 Passendale Road, Edmondson Park NSW Forms a circa August 2021 completed residential development situated on the corner position of Passendale Road and Costello Lane, within Edmondson Park.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Recent sales within the development may be summarised as follows:

Rate ($/m2)

Lot No.

Level

No. Beds

Sale Date

Sale Price

Internal Area (m2)

4

G

2

Feb-26

$715,0001

80

$8,938

5

G

1

Feb-26

$620,0001

54

$11,481

12

1

2

Aug-25

$700,000

74

$9,459

13

1

2

Aug-25

$725,000

77

$9,416

21

2

2

Mar-25

$710,000

83

$8,554

37

4

3

Apr-25

$780,000

106

$7,358

A summary of the recent sales achieved within the development is outlined below:

Apartment Type

No. Apartments

Average Internal Area (m²)

Minimum Value

Maximum Value

Average Value

Average Rate ($/m²)

1

1

54

$620,000

$620,000

$620,000

$11,481

2

4

79

$700,000

$725,000

$712,500

$9,076

3

1

106

$780,000

$780,000

$780,000

$7,358

Total

6

79

$620,000

$780,000

$708,333

$8,966

Analysis Forms a smaller scale residential development located in a similar location. Similar internal areas for the one-bedroom and two-bedroom apartments and larger internal areas for the three-bedroom apartments with a similar level of finishes. Consider the prices achieved as being below those applicable to the subject apartments.

1

Agents advice. We note that the property has exchanged with settlement pending.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 17

51-55 Hutton Road, Edmondson Park NSW Forms a circa 2021 completed residential development located on the western alignment of Hutton Road, within Edmondson Park.

Finishes to the apartments are of an average standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Recent sales within the development may be summarised as follows:

Strata Plan No.

Lot No.

Level

No. Beds

Sale Date

Sale Price

Internal Area (m2)

Rate ($/m2)

SP103670

20

1

2

Mar-25

$725,000

79

$9,177

SP103670

24

2

2

Oct-25

$715,000

76

$9,408

SP103670

26

2

2

Nov-25

$721,000

79

$9,127

Feb-26

1

$770,000

79

$9,747

SP103670

30

2

2

SP103670

35

G

2

Jun-25

$705,000

79

$8,924

SP106208

57

G

3

Nov-25

$850,000

106

$8,019

SP106208

74

1

2

Aug-25

$715,000

74

$9,662

A summary of the recent sales achieved within the development is outlined below:

Apartment Type

No. Apartments

Average Internal Area (m²)

Minimum Value

Maximum Value

Average Value

Average Rate ($/m²)

2

6

78

$705,000

$770,000

$725,167

$9,337

3

1

106

$850,000

$850,000

$850,000

$8,019

Total

7

82

$705,000

$850,000

$743,000

$9,093

Analysis Forms a smaller scale residential development located in a similar location. Similar internal areas for the two-bedroom apartments and larger internal areas for the three-bedroom apartments with a similar level of finishes. Consider the prices achieved as being below those applicable to the subject apartments.

1

Agents advice. We note that the property has exchanged with settlement pending.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 18

54-56 Soldiers Parade, Edmondson Park NSW Forms a circa July 2020 completed residential development situated on the corner position of Soldiers Parade and Henderson Road, within Edmondson Park.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry. The development comprises 73 residential apartments.

Recent sales within the development are summarised as follows:

Sale Price

Internal Area (m2)

Rate ($/m2)

Jan-26

$790,000

84

$9,405

Feb-26

$765,0001

86

$8,895

Jul-25

$750,000

83

$9,036

1

Jan-26

$590,000

58

$10,172

4

1

Nov-25

$580,000

53

$10,943

27

4

2

Aug-25

$760,000

83

$9,157

32

5

2

Oct-25

$770,000

88

$8,750

SP101384

35

5

2

Nov-25

$777,000

83

$9,361

SP101385

44

7

1

Jun-25

$605,000

58

$10,431

SP101385

47

7

2

Jan-26

$755,000

84

$8,988

SP101385

51

8

2

Jan-26

$775,000

80

$9,688

SP101385

82

12

2

Feb-26

$810,0001

86

$9,419

SP101385

88

12

2

Nov-25

$800,000

83

$9,639

Strata Plan No.

Lot No.

Level

No. Beds

SP101385

6

1

2

SP101385

18

4

2

SP101384

21

4

2

SP101385

25

4

SP101384

26

SP101384 SP101384

Sale Date

A summary of the recent sales achieved within the development is outlined below:

Apartment Type

No. Apartments

Average Internal Area (m²)

Minimum Value

Maximum Value

Average Value

Average Rate ($/m²)

1

3

56

$580,000

$605,000

$591,667

$10,503

2

10

84

$750,000

$810,000

$775,200

$9,229

Total

13

78

$580,000

$810,000

$732,846

$9,442

Analysis Forms a larger scale residential development located in a similar location, however superior position. Similar internal areas with an inferior level of finishes. Consider the prices achieved as being below those applicable to the subject one-bedroom apartments and broadly indicative of those applicable to the subject two-bedroom apartments.

1

Agents advice. We note that the property has exchanged with settlement pending.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 19

4 Fordham Way, Oran Park NSW Forms a circa May 2024 completed residential development situated on the western alignment of Fordham Way, within Oran Park.

Finishes to the apartments are of a good standard including stainless steel appliances, built in wardrobes, open plan living and dining together with internal laundry.

Recent sales within the development may be summarised as follows:

Lot No.

Level

No. Beds

Sale Date

Sale Price

Internal Area (m2)

Rate ($/m2)

1

G

2

Sep-25

$805,000

95

$8,474

4

G

1

Sep-25

$665,000

60

$11,083

1

5

G

2

Oct-25

$750,000

89

$8,427

8

G

2

Jul-25

$775,000

90

$8,611

21

2

2

Apr-25

$775,000

96

$8,073

26

2

2

Apr-25

$755,000

82

$9,207

31

3

2

Aug-25

$805,000

96

$8,385

55

5

2

Jun-25

$810,000

89

$9,101

A summary of the recent sales achieved within the development is outlined below:

Apartment Type

No. Apartments

Average Internal Area (m²)

Minimum Value

Maximum Value

Average Value

Average Rate ($/m²)

1

1

60

$665,000

$665,000

$665,000

$11,083

2

7

91

$750,000

$810,000

$782,143

$8,595

Total

8

87

$665,000

$810,000

$767,500

$8,809

Analysis Forms a smaller scale residential development located in an inferior location. Larger internal areas with a similar level of finishes. Consider the prices achieved as being broadly indicative of those applicable to the subject apartments.

1

Agents advice. We note that the property has exchanged with settlement pending.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 20

Conclusion Based on the sales evidence outlined above we are of the view that current value ranges for the various apartment configurations as part of “The Edmondson Collection” are as follows: Apartment Type

Minimum Value

Maximum Value

Average Internal Area (m2)

Average Value

Average Rate ($/m²)

One Bedroom

$630,000

$690,000

55

$650,000

$11,757

One Bedroom plus Study

$660,000

$700,000

69

$680,000

$9,798

Two Bedroom

$760,000

$810,000

81

$780,000

$9,665

Three Bedroom

$900,000

$950,000

99

$930,000

$9,430

As outlined above, there is a vast range of values per apartment configuration type. This is primarily due to the individual attributes of each apartment type including internal size, internal configuration and aspect.

We have adopted the above-mentioned ranges having regard to: •

Located approximately 34 radial kilometres south-west of the Sydney CBD.

•

Positioned within short distance to Edmondson Park Railway Station.

•

Within proximity of Western Sydney University Campbelltown Campus and TAFE Miller.

•

Within close proximity of Edmondson Regional Park.

•

Ed. Square Shopping Centre is located in proximity to the subject to the south.

•

The project will incorporate a good level of finishes including Fisher and Paykel appliances.

•

Sizes of both internal and external areas for each apartment configuration is typical in the local market.

•

All of the apartments include external areas.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue,, Edmondson Park, NSW | 17 March 2026 Page 21

4.

Market Comment

Economy World Economy Global economic growth has been more resilient than expected over the past twelve months, with trade patterns adjusting rapidly to higher tariffs. Headline inflation in most advanced economies remains at or slightly above target and continues to be problematic in emerging economies. However, there is a degree of market uncertainty in early 2026 driven by geopolitical tensions in the Middle East, and ongoing trade policy adjustments. This environment has contributed to heightened volatility across equity markets and, notably, US Treasury yields. Oil prices are currently rising with impacts to cost of living. Continuing geopolitical instability may place upward pressure on inflation. Early evidence of tariff related inflationary pressure has been reported in the US and is expected to continue during 2026 as businesses pass on higher input and substitution costs. Australia’s economy remains exposed to the broader economic conditions, and the domestic market remains cautious as a consequence.

Australian Economy Indicator GDP

CPI Inflation

As at

Value

Annual Change

Comment

June Qtr. 2025

$664.21b

1.8%

Oxford Economics Australia are forecasting economic growth to continue growing at 2% over 2026 as the global economy faces uncertainty over potential US tariffs sparking a trade war.

September Qtr. 2025

143.6 (CPI value)

3.24%

The Consumer Price Index has increased by 1.3% over the last quarter to September 2025 compared to 0.71% increase in the June 2025 quarter. Inflation peaked in December 2022 but has dropped to be within the RBA’s margin.

Six Month Outlook

The Australian economy remains exposed to broader geopolitical tensions and the current tension in the Middle East may have an impact on inflation in coming months.

Unemployment Rate

December 2025

4.10%

0.1%

By state: NSW (4.0%), Vic (4.60%), Qld (4.1%), SA (4.0%), WA (4.3%), Tas (4.2%), NT (4.5%) and ACT (4.3%). The unemployment rate is expected to continue trending upward as inflation and the cash rate stabilise.

Cash Rate

February 2026

3.85%

25 bps

In February 2026, the RBA raised the cash rate by 25 basis points to 3.85%, signalling a firm stance on inflationary pressures. This decision follows three consecutive rate cuts of 25 basis points: to 3.6% in August, 3.85% in May, and 4.10% in February 2025. Despite inflation easing from its 2022 peak, a material uptick in the second half of 2025 has kept the RBA concerned about global economic uncertainty and tight labour markets.

Retail Turnover

June 2025

$37,906.6m

4.57%

Retail sales have been volatile over recent months. Retail turnover for the June 2025 year on year increased by 4.57%. National retail turnover is forecast to increase in 2025, with real household income and spending improving slightly post interest cut.

Average Weekly Earnings

May 2025

$1,541

4.26%

Wages growth has moderated in recent months, in response to the tight unemployment rate and inflation.

Consumer Sentiment (Index - net balance)

December 2025

94.5

1.83%

Sentiment has decreased by 9% from 103.8 in November. Despite the earlier positive reading, the Index has now fallen back to prepandemic levels, driven by concerns over inflation, interest rates, and broader economic and employment conditions.

Business Conditions (Index - net balance)

September 2025

-2.922

-7.41%

Business conditions trended down over 2025, driven by low profitability. Interest rate hikes are expected to affect the business outlook during 2026.

Population^

June 2025

27,614,411

1.50%

Australia’s population growth drives stronger investment, spending, and general economic growth.

Dwellings Approved

October 2025

15,832

-1.79%

Approvals have shown monthly fluctuations and are down 1.79% year on year. In the short term, approval numbers are expected to remain volatile.

10 Year Government Bond (original)

February 2026

4.76%

22.81%

Bond yields have increased by 0.45% over the quarter to February 2026 and are forecast to stabilise at a lower level over early 2026.

Source: ABS, RBA, NAB, Westpac – Melbourne Institute, Oxford Economics Australia, and M3 Property. Seasonally adjusted, except where stated. *Deviation from average. ^estimated population from Oxford Economics Australia.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue, Edmondson Park, NSW | 17 March 2026 Page 23

Domestic growth has recovered and is expected to stabilise from early 2026. Headline and underlying inflation have been revised higher, remaining above the 2–3% target until the second half of 2026 before returning to target in 2027. The labour market has eased slightly but remains tight, with unemployment forecast to stabilise around 4.5%. Global risks persist amid trade and policy uncertainty, though severe downside risks have lessened. Financial conditions have eased following earlier rate cuts, but the RBA remains cautious about lagged policy effects, persistent inflation, and uncertain demand.

Key Economic Indicators Population – NSW vs Australia

8.511m

27.309m

Sep-24

Sep-24

8.390m

26.825m

Sep-23

Sep-23

ABS Unemployment Rate NSW Australia

4.20% 1.44%

Unemployment rate Mar-25

NSW growth 2023-24

4.10% 0.40% Annual Change

Unemployment rate Mar-25

0.20% Annual Change

NSW

Australia

3.80%

3.90%

Source: ABS, M3 Property

Sydney Residential Market Overview Outlook Six Month Outlook

Factor

Comment

Dwelling Supply

Housing Australia forecast net dwelling completions in NSW to total 22,800 for 2025 (compared to 24,500 in 2024) as new house and land sales as well as dwelling approvals materialise into supply completions.

Over the medium-term, dwelling completions are forecast to remain low in 2026 at 22,980 dwelling completions, before increases from 2027. Over the longer term, completions are expected to increase to reach 28,100 completions by 2030. However, supply completions are likely to continue to be impacted by elevated construction costs, labour and materials shortages, and tightening credit conditions.

Dwelling Demand

Approvals are likely to continue facing increased challenges due to decreasing dwelling prices, construction cost blow-outs and the prospect of lengthy project delays.

Median Unit Price

Unit prices are expected to stabilise over 2025. Unit growth will benefit from worsening housing affordability as buyers look to purchase more affordable apartments or townhouses rather than houses.

Prior to the interest rate cuts in February 2025, Oxford Economics Australia were forecasting units would experience a modest increase of 2.5% for FY2025. The recent interest rate cut is likely to provide a modest boost to the market, and we now expect there to be slightly higher growth than this forecast during 2025. Medium term Oxford is forecasting that unit prices will increase by 7.8% per annum in 2026 and 5.5% per annum in 2027.

Median House Price

The Sydney market recovery slowed through the first half of 2024 and prices have seen a slight decline over the last three months. Prior to the interest rate cuts in February 2025, Oxford Economics Australia were forecasting a modest decline of -1.0% for FY2025. However, the recent interest rate cut is likely to provide a modest boost to the market, and we now expect there to be nominal growth during 2025. Medium term Oxford is forecasting that house prices will increase by 7% per annum in 2026 and 4.7% per annum in 2027.

Vacancy Levels

The vacancy rate is expected to remain around current levels over the short-term. Increasing population growth and affordability constraints in the purchaser market will continue to contribute to a strengthening in rental demand.

Unit Rents

Rental growth is likely to continue over the coming year, being driven by a forecast continued tightening of the vacancy rate. Oxford Economics Australia are forecasting two-bedroom unit rents to increase by 4.0% in 2025.

House Rents

House rents are forecast to continue growing, albeit at a more modest pace than the last few years, being driven by the tight vacancy rate and rising affordability constraints in the owner occupier market.

According to Oxford Economics Australia, median rents for three-bedroom houses are expected to increase by 3.9% in 2025.

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue, Edmondson Park, NSW | 17 March 2026 Page 24

Local Market Subject Locality The Liverpool City Council is a Local Government Area (LGA) in the south-west of Sydney, covering part or all of the suburbs of Ashcroft, Austral, Badgerys Creek, Bonnyrigg, Bringelly, Busby, Carnes Hill, Cartwright, Casula, Cecil Hills, Cecil Park, Chipping Norton, Cobbitty, Denham Court, Edmondson Park, Elizabeth Hills, Green Valley, Greendale, Hammondville, Heckenberg, Hinchinbrook, Holsworthy, Horningsea Park, Hoxton Park, Kemps Creek, Len Waters Estate, Leppington, Liverpool, Luddenham, Lurnea, Middleton Grange, Miller, Moorebank, Mount Prichard, Pleasure Point, Prestons, Rossmore, Sadleir, Silverdale, Voyager Point, Wallacia, Warwick Farm, Wattle Grove and West Hoxton.

Median Unit Price Increases

The suburb of Edmondson Park median unit price was at $736,000 recording a 5.4% increase for the 12 months to December 2025.

Liverpool LGA and Edmondson Park $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00

Edmondson Park Liverpool LGA

Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25

•

The Liverpool LGA median unit price was at $577,000 recording a 4.9% increase for the 12 months to December 2025.

Median Unit Price (millions)

•

Source: Domain Group – Pricefinder.

Vacancy Rate Increases Vacancy across the Liverpool residential market increased to 1.2% over the 12 months to January 2026.

•

Vacancy is equal to the National Vacancy of 1.2%.

•

The vacancy rate is below the equilibrium vacancy rate of 3.0% where supply equals demand.

4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0%

Residential Vacancy Rate Equilibrium

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26

•

Sydney

National

Liverpool

Source: SQM Research, M3 Property

“The Edmondson Collection”, Building B in Lot 101 in Deposited Plan 1267563, Somme Avenue, Edmondson Park, NSW | 17 March 2026 Page 25