IM - 311 The Horsley Drive, Fairfield

INFORMATION MEMORANDUM

FAIRFIELD 311 THE HORSLEY DRIVE

1

311 THE HORSLEY DRIVE, FAIRFIELD

311 THE HORSLEY DRIVE, FAIRFIELD

CONTENTS Executive Summary 4 Development Highlights 6 The Property & Location

8

Planning Review 14 Concept Plan 16 The Sales Process 18

2

INFORMATION MEMORANDUM

UNDER INSTRUCTIONS FROM RECEIVER AND MANAGER

Site boundary is indicative only 3

311 THE HORSLEY DRIVE, FAIRFIELD

CLICK HERE FOR PROPERTY VIDEO

Site boundary is indicative only

EXECUTIVE SUMMARY

Site bou

LEGAL DESCRIPTION Lot 6 DP868809 SITE AREA*

28,760m2 * All sizes, areas and measurements are approxim LOCAL GOVERNMENT AUTHORITY Fairfield Council HEIGHT AND FLOOR SPACE RATIO No prescribed development standards apply ZONING The property is subject to a mixture of land use zonings: Predominantly B6 Enterprise Corridor; SP2 Infrastructure; plus

4

E2 Environmental conservation

INFORMATION MEMORANDUM

CONCEPT PLAN DA AND STAGE 1 WORKS A Concept Plan development application has been lodged with Council that provides for 3 development lots and 5 buildings across the site. Based on Urban Design studies, the application shows the site achieves a Floor Space Ratio (FSR) of 3:1 and Gross Floor Area (GFA) of 86,180m2 that is configured into 950 apartments and approximately 3,000m2 of ground floor retail, commercial and retail accommodation. The proposal provides for an efficiently designed carpark for 1,223 carspaces on the ground and upper levels.

The shoptop housing concept plan application sets out building envelopes, heights, FSR, road layouts, concept landscaping design, in principle tree removal and concept concept civil works.

The Concept Plan is accompanied by a Stage 1 concurrent DA for a 4-lot subdivision (3 development lots and 1 residual), demolition of existing structures, road dedications and construction, open space dedication adjacent to the riparian corridor as well as infrastructure works associated with the site.

The Concept Plan and Stage 1 DA was lodged in August 2021 by the Vendor and forms part of the Due Diligence material that is available upon request.

EXISTING IMPROVEMENTS The site consists mainly of hard stand area and industrial facilities.

HOLDING INCOME Rear Warehouse leased for 2 years at $231,750 pa gross expiring 13 June 2021 with an option for a further 2 years. Current holding over provisions apply.

undary is indicative only

Yard 1, 2, and the Eastern Warehouse is leased at $375,000 pa gross until 30 November 2023 with no further options.

Redevelopment clauses apply to each of the leases.

METHOD OF SALE Expressions of Interest closing Thursday 7th October at 3.00pm AEDT.

mate.

EXCLUSIVE SELLING AGENTS

ANDREW GRAHAM 0412 448 455 andrew.graham@colliers.com

GUILLAUME VOLZ 0404 887 717 guillaume.volz@colliers.com

MATTHEW MEYNELL 0413 988 878 matthew.meynell@colliers.com

FRANK OLIVERI 0419 018 356 frank.oliveri@colliers.com

5

311 THE HORSLEY DRIVE, FAIRFIELD

DEVELOPMENT HIGHLIGHTS

311 THE HORSLEY DRIVE, FAIRFIELD PROVIDES AN IDEAL OPPORTUNITY TO ACQUIRE A WELL-POSITIONED SITE WITH POTENTIAL FOR A LARGE-SCALE MIXED-USE DEVELOPMENT A significant infill site in Sydneys growing Western Suburbs and close to key infrastructure. The site offers a blank canvas to provide a staged landmark project.

The principal development highlights include: •

Predominantly Zoned B6 Enterprise Corridor under the Fairfield LEP 2013

•

The site does not have a set Height or FSR controls however is identified as a “key site” in the Fairfield City Centre Urban Design Study.

• A Concept Plan DA has been lodged that provides for 3 super lots and 5 buildings across the site.

•

The concept plan achieves an FSR of 3:1 and Gross Floor Area of 86,180m2 that is configured into 950 apartments and approximately 3,000m2 of ground floor retail commercial/retail accommodation. The proposal provides a efficiently designed carpark for 1,223 carspaces on the ground and upper levels.

•

The Concept Plan is also companied by a Stage 1 concurrent DA for a 4-lot subdivision (3 development lots and 1 residual), demolition of existing structures, road dedications and construction, open space dedication adjacent to the riparian corridor and as well as infrastructure works associated with the site.

•

The property generates a short-term holding income of $606,750 pa gross which is available from two tenants.

•

The site is located in convenient proximity to arterial roads, providing access to Sydney CBD (27 kilometres), Parramatta CBD (approx 9 kms) and Liverpool CBD (approx 9kms). Both gateway CBD’s lead you to the rapidly growing west and south west regions. Sydney’s second International Airport (Nancy Bird Walton) is 27 kilometres to the west and due for completion in 2026.

•

Fairfield is one of the popular and well-established residential suburbs in Western Sydney and is within the identified western growth corridors.

•

Surrounding amenity includes Fairfield Town Centre and Retail Precinct, which is approximately a 400 metre walk, Neeta City Shopping Centre (approx 300m) and Fairfield Railway Station (850m approx.).

•

Walking distance to numerous primary and secondary schools.

6

INFORMATION MEMORANDUM

INDICATIVE CGI IMAGES FROM CONCEPT PLANS 7

311 THE HORSLEY DRIVE, FAIRFIELD

THE PROPERTY LOCATION The site is located approximately 27 kilometres from Sydney CBD and is situated east of the Cumberland Highway. Parramatta CBD is approximately 9 kilometres from the site and is located only five stops from Fairfield Railway Station providing direct access to this significant employment and retail precinct.

The property itself is east of The Horsley Drive with predominantly north facing aspect over the Fairfield High School playing fields.

The site is well accessed by services such as road, rail and bus transport with the Fairfield Train Station and Bus Terminal located within easy walking distance. Several educational institutions are in the immediate area including Fairfield High School and Patrician Brothers College.

In summary, the site, located at the gateway to Fairfield CBD is well served by:

Retail, including the Core Retail Precinct of Neeta City Shopping Centre, only 300 metres dinstant Various major commercial office buildings Leisure and sporting amenities Excellent road links and public transport links International Airport (Nancy Bird Walton) is 27 kilometres to the west and due for completion in 2026

8

Fairfield Train Station 850m

INFORMATION MEMORANDUM

Fairfield CBD

Fairfield Forum Shopping Centre

Neeta City Shopping Centre 300m

Fairfield High School The Horsley Drive

311 THE HORSLEY DRIVE

Fairfield High School Playing fields

Prospect Creek and associated open space land Site boundary is indicative only Overview of site location Site boundary is indicative 9

311 THE HORSLEY DRIVE, FAIRFIELD

OVERVIEW OF SITE LOCATION CL MAP TO COME

10

INFORMATION MEMORANDUM

11

311 THE HORSLEY DRIVE, FAIRFIELD

CURRENT IMPROVEMENTS & HOLDING INCOME Current Improvements •

Concrete tilt panel and metal clad workshop, with large adjacent awning, containing a kitchen joinery manufacturer;

• Brick and metal clad building containing an old

mechanic workshop in the south-east of the site; •

Two concrete tilt panel and metal clad workshops;

•

Concrete hardstand utilised for truck parking and tyre storage.

PUBLIC TRANSPORT

Holding Income Lease (Prime Joinery): Rear Warehouse leased for 2 years at $231,750 pa gross expiring 13 June 2021 with an option for a further 2 years. Annual 3% increases. A six-month demolition clause applied during the option period.

• Bus services to Liverpool CBD on doorstep of site • Fairfield Train Station 450m* • Hume Highway 2.7km* • Cumberland Highway 4.1km*

Lease (Double X Trucking Group): Yard 1, 2, and Warehouse. Lease term commencing 1 June 2021 and expiring 30 November 2023 (no further options). A 3-month break clause can be implemented after 1 September 2022. Annual rental of $375,000 pa gross with annual 3.5% increases.

Estimated Outgoings

Per Annum Land Tax

$450,692.65

Council Rates

$173,365.00

Water Rates

$4,055.12

Total

$628,103.77

12

* Distances are approximations

EMPLOYMENT

• Liverpool Hospital upgrade which will generate 30,000 jobs by 2036 • Parramatta CBD 9km* • Western Sydney Airport (Nancy Bird Walton Airport) which will generate 35,000 jobs by 2036

INFORMATION MEMORANDUM

LOCAL AMENITY

RETAIL

• • • •

Neeta City Shopping Centre 300m* Smart Street Strip Retail 300m* Ware Street Strip Retail 450m* Fairfield Forum Shopping Centre 850m*

EDUCATION

• • • •

OPEN SPACES • • • •

Nelson Park 900m* Fairfield Park and Adventure Park 1.2km* Makepeace Oval 1.4km* Fairfield Heights Park 3.4km*

Fairfield High School 350m* Adjacent (north) Fairfield Public School 400m* Patrician Brothers College 600m* Our Lady of the Rosary Catholic Primary School 800m*

HEALTH • • • •

Liverpool Hospital 8.5km* Westmead Hospital 10km* Concord Repatriation General Hospital 19km* Royal Prince Alfred Hospital 26.6km*

13

311 THE HORSLEY DRIVE, FAIRFIELD

PLANNING REVIEW Land Zoning

Predominately Zoned B6 Enterprise Corridor with SP2 Infrastructure and E2 Environmental Conservation Zonings at the front and rear of the allotment

• To promote businesses along main roads and to encourage a mix of compatible uses.

Objectives of B6 Enterprise Corridor zoning

• To provide a range of employment uses (including business, office, retail and lig industrial uses).

• To maintain the economic strength of centres by limiting retailing activity.

• To provide for residential uses, but only as part of a mixed use development.

Permitted with consent of B6 Enterprise Corridor zoning

Bulky goods premises; Business premises; Community facilities; Garden centres; Hardware and building supplies; Hotel or motel accommodation; Kiosks; Landscaping material supplies; Light industries; Neighbourhood shops; Passenge transport facilities; Plant nurseries; Roads; Shop top housing; Take away food and drink premises; Timber yards; Vehicle sales or hire premises; Warehouse or distribution centres.

The Fairfield LEP 2013 defines ‘shop top housing’ as “one or more dwellings locat above ground floor retail premises or business premises”.

The Fairfield LEP 2013 does not provide a maximum floor space ratio applicable the subject site. However, any future development application for the site would need to demonstrate compliance with the objectives of Clause 4.4 Floor space ra which states: Floor Space Ratio

The objectives of this clause are as follows: a) to provide an appropriate density of development consistent with the establis centres hierarchy, b) to ensure building density, bulk and scale make a positive contribution toward desired built form as identified by the established centres hierarchy.

The Fairfield LEP 2013 does not provide a maximum building height applicable to the subject site. However, any future development application for the site would need to demonstrate compliance with the objectives of Clause 4.3 Height of buildings which states: Building Height

Fairfield City Centre Urban Design Study

14

The objectives of this clause are as follows: a) to establish the maximum height for buildings, b) to ensure that the height of buildings complements the streetscape and chara of the area in which the buildings are located, c) to minimise the visual impact, disruption of views, loss of privacy and loss of s access to existing development.

The site is located within the Fairfield City Centre Urban Design Study (FUDS) ar which was adopted by Council at its ordinary meeting on 27 March 2018. Under t FUDS, the site is known as George Weston Foods and is considered a ‘key site’.

INFORMATION MEMORANDUM

Parramatta CBD 9 kms

Westmead Hospital 10 kms

t

e

ght

Yennora Station 1.5 kms

er

ted

to

atio

shed

d the

o

acter

solar

rea the

15

Site boundary is indicative only

311 THE DRIVE, FAIRFIELD 311 HORSLEY THE HORSLEY DRIVE, FAIRFIELD

CGI IMAGES FROM CONCEPT PLAN DA

INDICATIVE CGI IMAGES FROM CONCEPT PLAN DA

16 16

INFORMATION MEMORANDUM

CONCEPT PLAN & STAGE 1 DA

The Vendor has prepared and lodged (August 2021) a Concept DA for a conceptual shop top housing development at the site.

The Concept DA establishes:

•

5 building envelopes across 3 development lots with podiums ranging from 2 to 5 storeys and towers ranging from 14 to 29 storeys;

•

Maximum FSR of 3:1 based on current site area / 4.11:1 for future stages A to C only (excludes stage 1 lot);

• A proposed Gross Floor Area (GFA) of 86,180m2 configured as 950 apartments and 3,000m2 of retail/commercial space Residential GFA – Maximum 82,030m2 that

is configured into 950 apartments; •

Indicative road layout;

•

At-grade and above-ground parking for 1,233 car parking space;

•

Masterplan landscape design at the ground plane, podium and rooftop spaces and stormwater drainage and flood mitigation measures.

The concept DA is accompanied by a stage 1 concurrent DA.

The stage 1 works involve:

•

Subdivision into 4 lots being 3 development lots and stage 1 and removal/ relocation of easements as required;

•

Demolition of existing site structures;

•

Dedication to Transport for NSW (TfNSW) 915m2 of land for road widening on The Horsley Drive. This is indicated on Council’s Land Acquisition Map in the FLEP;

•

Construction of the southern road (3,412m2) to Council’s standards and subsequent dedication to Council;

•

Embellishment and dedication of public open space (3,477m2) adjacent to Prospect Creek; and

•

Flood mitigation measures, earthworks and stormwater drainage for stage 1.

17 17

311 THE HORSLEY DRIVE, FAIRFIELD 311 THE HORSLEY DRIVE, FAIRFIELD

THE SALES PROCESS INSPECTIONS

By Appointment EOI PROCESS 311 The Horsley Drive, Fairfield is being offered for sale by Expressions of Interest (EOI) closing Thursday 7th October 3pm (AEDT) The EOI is not required to be lodged in any prescribed form, however as a minimum, must include the following information: • • • •

• •

•

The name of the interested party and if a private corporation, the directors of the entity.

Purchase price and deposit amount.

Advice as to date of proposed completion.

Any conditions of purchase, including due diligence requirements and period, approval processes i.e. Foreign Investment Review Board Purchaser’s solicitor.

Proposed funding source including any conditions relating to debt financing and/or equity raising; and Any requested changes to the contract provided

Prospective purchasers are requested to submit their offers in writing and/or via email addressed to the exclusive agents. An assessment will then be conducted by the Vendor followed by the selection of a preferred party/parties.

DUE DILIGENCE The Vendor has provided a comprehensive property data room which can be accessed by prospective purchasers by request and execution of a confidentiality agreement.

EXPRESSIONS OF INTEREST The Vendor reserves the right not to consider or accept any offer and, without limitation, the Vendor is not obliged to accept the offer with the highest consideration or any offer.

The Vendor may, in its absolute discretion, suspend or vary the sale process, negotiate with any party who submits an EOI or with any other person, enter into a binding contract with any party on any terms at any time after the closing of the stated EOI closure date and/or, at any time prior to exchange of binding contracts and may withdraw the property from sale.

No person is entitled to any redress against the Vendor if the Vendor exercises such discretion.

The Vendor is not responsible for any costs or expenses incurred by any party in preparing and lodging an EOI or in taking part in the above process, whether or not the party is successful or whether or not the Vendor terminates, varies or suspends that process or takes any action available to the Vendor.

No offer will be deemed or regarded to be accepted, unless and until a binding contract for sale is entered into by the Vendor with the relevant party.

18

INFORMATION MEMORANDUM

Artistist impression, indicative only and subject to change

EXCLUSIVE SELLING AGENTS

ANDREW GRAHAM 0412 448 455 andrew.graham@colliers.com MATTHEW MEYNELL 0413 988 878 matthew.meynell@colliers.com GUILLAUME VOLZ 0404 887 717 guillaume.volz@colliers.com FRANK OLIVERI 0419 018 356 frank.oliveri@colliers.com

19

311 THE HORSLEY DRIVE, FAIRFIELD

The opinions, estimates and information given herein or otherwise in relation hereto are made by Colliers International and affiliated companies in their best judgment, in good faith and as far as possible based on data or sources which are believed to be reliable.

The material contained herein is not intended to substitute for obtaining individual advice from Colliers International or another advisor able to provide the services of a qualified professional person.

Colliers International, its officers, employees and agents expressly disclaim any liability and responsibility to any person whether a reader of this publication or not in respect of anything and of the consequences of anything done or omitted to be done by any such person in reliance whether wholly or partially upon the whole or any part of the contents of this publication.

Copyright Colliers International 2021 all rights reserved No part of this work may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying, recording, recording taping, or information retrieval systems) without the written permission of Colliers International.

20