No 1 dossier

No.1

Prepared byMARCH 2015

Last Updated 23/03/2015 This document has been prepared by Pacific East Coast Pty Limited (PECPL). The information including all estimates, calculations, opinions or recommendations contained in this document have been provided in good faith and have been based on information received from sources PECPL has accepted in good faith. No warranty is made as to the accuracy or reliability of any information contained in this document and neither PECPL nor any persons involved in the preparation of this document accept any form of liability for its content. All images in this document are for general information only and do not constitute any representation to be relied on. All interested parties must make their own enquiries and obtain independent advice. This document is not to be reproduced in any part without the explicit permission of PECPL and all copyright remains with PECPL. Any person or entity wishing to use all or part of this document must contact PECPL to gain permission.

FORTITUDE VALLEY

TABLE OF CONTENTS

KEY POINTS OVERVIEW_________________________________________________

LOCATION________________________________________________________________

ARTIST IMPRESSIONS___________________________________________________

MASTER PLAN___________________________________________________________

LEVEL PLANS____________________________________________________________

FLOOR PLANS____________________________________________________________

SPECIFICATIONS_________________________________________________________

DEVELOPER PROFILE____________________________________________________

INDICATIVE DEPRECIATION_____________________________________________

RENTAL APPRAISAL______________________________________________________

GENERIC CASH FLOWS___________________________________________________

1-8

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27-30

KEY POINTS OVERVIEW

• The median value of houses and apartments in Fortitude Valley is $972,000 and $450,000 respectively• Apartments comprise 82% of all dwellings in Fortitude Valley• 69% of Fortitude Valley residents are renting• Fortitude Valley is Brisbane’s No.1 regeneration project with over $19 billion in infrastructure projects in

the pipeline for the suburb and surrounding areas• The median apartment price in Fortitude Valley has increased by 8.6% over the past year• 22,000 new residents are expected in Fortitude Valley by 2031• Apartments in the Fortitude Valley Catchment (FVC) have registered median rental growth of 4.6%,

5.0% & 5.4% per annum for 1,2 & 3 bedroom apartments respectively in the 10 year period to March 2014, resulting in estimated rentals for one bedrooms from $400- $550 per week and two bedrooms from $500- $740 per week

• The median resident age in Fortitude Valley is 31 years which is considered to be the ideal rental demographic

• 70% of the population in Fortitude Valley are aged between 25- 40 years and 39% aged between 20-29 years

• The average personal income of residents in the FVC is $67,971 which is 31% higher than Brisbane LGA

SOURCE: Residex ,Urbis, brooklynonbrookes.com.au,Realestateinvestar.com

PAGE 1

THE SNAPSHOT

THE MARKET

The last release in Gurner’s FV landmark development, No.1 will set a new benchmark in luxury living and design. The sculptural residential glass tower will be known for its striking facade and its unparalleled level of amenity and service.

No.1 offers a high level of luxury in apartment living with attention to detail and intelligent use of space. Designed by Elenberg Fraser, residences feature light sophisticated palettes with high quality timber and stone. Balconies and winter gardens maximise sunlight, air and spectacular views across the city, river, bay and mountains.

Residents will have exclusive access to The Platinum Club, a 6-star amenity, encompassing the rooftop Cloud Club with two large pools, spas and private areas; Business Club with lounge and private dining on level 5, and will share the world class amenity of the FV Private Club, set on an elevated podium in Flatiron offering an unparalleled lifestyle within the FV precint. In addition, No.1 will offer the high-level service of a six-star hotel with concierge services and Lobby Bar.

No.1 will have the benefit of access to all aspects of city life with excellent connectivity to major employment and leisure nodes, whilst set amongst the sophisticated fashion and cafe culture of Alfred, Brunswick and James Streets - an ideal investment location.

TM

KEY POINTS OVERVIEW

• reverse cycle heating and cooling to living zones and bedrooms• stainless steel appliances including dishwasher• reconstituted stone bench top and splashback• 2pac joinery units• tiles to kitchen /living and bathroom, carpet to bedrooms• double glazed floor to ceiling windows• audio and video intercom• secure car park with internal access• concierge services and lobby bar• upgrade options available at purchaser cost- please refer to specifications in dossier

Residents have exclusive access to the Platinum Club which includes:

• rooftop Cloud Club with curved skyline pool, two private spa areas with BBQ, bar & lounge areas and an array of lounge & dining areas

• level 5 Business Club with conference centre, board room, library, private dining room, lounge area and bar

Residents will share the world-class amenity of the FV Private Club, set on an elevated podium, including Health Club, skyline pool and bar, moonlight cinema, dining areas, lounges and gardens

PAGE 2

late 2015 early 2018 6 August 2020 No expiry

$950 - $2,000 $860 $4,100 - $6,600

Strata Titled Apartments

Gurner Multiplex Elenberg Fraser 360 Degrees

Developer: Builder: Architect / Interior Design: Landscape Architect:

Estimated Commencement DateEstimated Completion DateSunset Clause:Bank Guarantee expiry date:

Building Depreciation Rate: Building Depreciation: Equipment Depreciation:

2.5% $276,920 $40,310

Investment StructureOff-the-plan

Key Dates

Estimated Depreciation (One bedroom plus study)

Estimated Outgoings (per annum)

Council Rates:Water Rates:Owners Corp Levies:

Development Team

THE FINISHES

THE SUMMARY

KEY POINTS OVERVIEW

PAGE 3

POPULATION GROWTH

The FVC median apartment sale price ended March Quarter 2014 was $449,000 based on a total of 165 settled transactions. Apartment sales have registered an annual capital growth of 3.8% per annum in the ten year period from March 2004. Potential capital growth offered by a regenerating precinct paired with the regions strong gross rental yield is likely to drive the potential investment opportunity within Fortitude Valley. SOURCE: URBIS & RP DATA

The QLD Government project that the Fortitude Valley Catchment (comprising Fortitude Valley, Newstead & Bowen Hills) will increase by around 19,003 new residents by 2031, equating to a 4.8% annual increase. The population growth that is expected in Brisbane’s Inner City Suburbs will likely drive an increased demand for accommodation in these premium locations. Combined with large scale infrastructure spending and excellent connectivity to major employment and leisure nodes throughout Brisbane, is likely to drive continued growth in the area. SOURCE: URBIS

MEDIAN SALES PRICE AND GROWTH

KEY POINTS OVERVIEW

PAGE 4

The economic well being of Fortitude Valley Catchment (FVC) residents is outperforming that of Brisbane LGA residents. Information from the 2011 Census indicates that the population in FVC has an average personal income of $67,971 which represents a premium of $15,955, or 31% higher when compared to Brisbane LGA, who have an income of $52,061.

SOURCE: URBIS & AUSTRALIAN BUREAU OF STATISTICS

Fortitude Valley is surrounded by 4 of the top 10 highest house price suburbs:

NEW FARM - undergone an urban resurgence with the development of new apartments and commercial spaces for restaurants, cafes and boutiquesNEWSTEAD - the Gasworks is part of a broader cultural change in the Newstead community. It will feature 20,000sqm retail, 60,000sqm of commercial and around 900 residential apartmentsSPRING HILL - is a commercial, institutional and residential area that has undergone substantial growthTENERIFFE - transformed from post-industrial sites to busy contemporary environments

PERSONAL INCOME

BRISBANE’S TOP MEDIAN HOUSE PRICE SUBURBS

KEY POINTS OVERVIEW

PAGE 5

INFRASTRUCTURE & EMPLOYMENT OVERVIEW

MAJOR EMPLOYMENT

KEY POINTS OVERVIEW

PAGE 6

PRICE MATRIX

Over 50% of the FVC is aged between 20 and 35 years of age, a proportion almost 40% higher than the greater Brisbane LGA population. Australia’s two largest demographic markets will be the primary driver in Brisbane’s dwelling demand over the next 5 years as both Gen Y and Baby Boomers look to benefit from Brisbane’s continued urbanisation. The FVC is well placed to capitalise on these demographic changes offering an ideal location in close proximity to major employment precincts, social hubs and accessibility to vehicular and pedestrian corridors.

SOURCE: URBIS & ABS

*indicative figures onlyPrices correct at time of project releaseRental source: Urbis

AGE DISTRIBUTION

KEY POINTS OVERVIEW

PAGE 7

JOBS IN 2012

1MJOBS IN 2031

1.5M

EMPLOYMENT With a diversified mix of industries spanning mining technologies to health services, Brisbane has positioned itself as Queensland’s largest employment centre.Employment growth has resulted in commercial office space extending beyond the boundaries of the Brisbane CBD in all directions. The city has continued to attract leading national and multinational firms and their workforces will form a major driver for the local residential markets.

Prepared by Urbis; Source:

ECONOMIC FUNDAMENTALSBy 2031, Brisbane has a vision to be positioned as a top-ten lifestyle city and global hub for resource and related service industry businesses, with strong business and cultural links with Asia. As Brisbane continues to grow, underpinned by strong economic fundamentals and ongoing investment, this will provide a foundation for Brisbane’s real estate markets.

Prepared by Urbis; Source: ABS, Brisbane Marketing

ECONOMY BY 2031a 60% increase

$217BINTERNATIONAL VISITORS YEARLY

900,000+

120,000+UNIVERSITY STUDENTSwithin 3km of Brisbane CBD

3,300+FLIGHTS PER WEEK

to 32 international & 44 domestic destinations

$97.7BTRANSPORT

$3BHEALTH

$1.5BWATER

$16BCOMPLETED

$6.8BEDUCATION & TRAINING

$5.4BENERGY

$3.8BCOMMUNITY

SERVICES

$134.2BTOTAL

INFRASTRUCTUREBrisbane is set to benefit from an extensive infrastructure spending program, including major projects driven by both public and private sector investment. The Queensland Infrastructure Plan has committed over $134.2 billion in infrastructure spending for South East Queensland by 2031, with Brisbane as the centre of this region.

Brisbane projected to see 50 per cent growth in employment

by 2031

14,000NEW RESIDENTS

PER ANNUM2014-2031

POPULATION GROWTHThe Brisbane Local Government Area (LGA) is projected to increase by nearly 14,000 new residents per annum between now and 2031. The majority of this population growth is expected to be concentrated within Brisbane’s inner city suburbs as these areas are the location of choice for most new residents who seek to be close to major employment and education nodes, together with a greater offering of amenity.

Brisbane LGA is forecast to experience long-term

population growth of nearly 240,000

residents by 2031

BRISBANEAUSTRALIA

QLD

Prepared by Urbis; Source: ABS, Brisbane Marketing

Prepared by Urbis; Source: Department of Infrastructure & Transport

6 URBIS MARKET OUTLOOK AUSTRALIA© URBIS.COM.AU

BRISBANE INVESTMENT FUNDAMENTALS

KEY POINTS OVERVIEW

PAGE 8

RESIDENTIAL ANALYSISWithin Brisbane’s evolving residential landscape, apartments are commanding more attention than ever. The change in preference towards apartments can be linked to affordability, with the median price for apartments being more affordable than houses. Brisbane has one of the largest Apartment vs House Price gaps on the eastern seaboard of Australia. This is driven by the affordable apartment median price in comparison to an increasingly high median house price. The September quarter 2014 for the Brisbane Local Government Area (LGA) registered median prices of $582,000 for houses and $420,000 for apartments, respective growth of 8.2 per cent and 3.2 per cent over twelve months.

Brisbane is now the most affordable major capital city for investment, prompting interstate investors to show greater interest in investment property within Brisbane. The Brisbane LGA apartment market is projected to register increased sales activity in 2015, with a particular focus on Inner Brisbane suburbs. This period is set to be characterised by increased confidence, new projects coming to market, interstate developers launching projects in Brisbane, and high demand for new apartments. As a more emerging market than Sydney or Melbourne, Brisbane represents a significant opportunity for investors, with continued population growth and strong rental yields providing solid investment fundamentals.

RENTAL ANALYSISIt must be noted that the affordability of the apartment market is not the only factor supporting the demand for this type of dwelling. The shifting age demographic, with emphasis placed on urbanisation, work-life balance, and proximity to amenity and infrastructure will be key to future demand. The Brisbane market is already experiencing the beginning of this shift – a desire for accommodation that maximises quality of life while minimising the costs of living, as evidenced in solid rental market performance.

Brisbane has provided the highest return for investors in the September 2014 period, at an indicative 5.1 per cent for gross rental yield. Whilst this takes into account all stock transacted, not just new stock to market, these measures are valid indicators for increased investor demand in Brisbane. The apartment vacancy rate was recorded at 2.3 per cent in September 2014; making it the second lowest vacancy rate recorded of any Australian capital city. As illustrated above, the opportunity exists within the current market to capitalise on competitive apartment prices and continuing strong rental yields.

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DIFFERENCE BETWEEN HOUSE VS. APARTMENTS BRISBANE LGA

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BRISBANE LGA 30 YEAR APARTMENT SALES CYCLE

Prepared by Urbis; Source: RPData

APARTMENT VS HOUSE PRICE CAP

Prepared by Urbis; Source: RPData Sep 2014

Prepared by Urbis; Source: REIA Sep 2014, RP Data Suburb Scorecard Sep 2014

$582KMEDIAN

SALE PRICE

$450MEDIAN

WEEKLY RENT

4.0%GROSS

RENTAL YIELD

$420KMEDIAN

SALE PRICE

$410MEDIAN

WEEKLY RENT

5.1%GROSS

RENTAL YIELD

Brisbane has the most affordable apartment market on the east coast of Australia

© URBIS.COM.AUURBIS MARKET OUTLOOK AUSTRALIA 7

BRISBANE RESIDENTIAL

ANALYSIS

LOCATION

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191 Brunswick Street, FORTITUDE VALLEY

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a connected cityThe CBD has grown along the curves of the spectacular Brisbane River and offers residents easy access to parks, museums, hospitals and schools as well as many inner-city entertainment and cultural precincts. FV is only 400 metres to the Brisbane CBD, 1km to the rivers edge, walking and bike paths and only 130 metres from Fortitude Valley train station. Residents will have the benefit of access to all aspects of city life.

brisbane cbd

RestauRants

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3 Bacchus Rooftop Bar

4 Esquire

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RetaIL

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8 Louis Vuitton, Chanel, Dior

9 Queen Street Mall

!0 QueensPlaza

CuLtuRe

!1 The South Bank Arbour

!2 Botanical Gardens

!3 Casino

!4 Lyric Theatre/QPAC

!5 QAGOMA

!6 Queensland Museum

!7 Brisbane Arts Theatre

eDuCatIOn

!8 Griffith University

!9 QUT

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@0 Brisbane Private Hospital

@1 St. Vincents Hospital

@2 Central Station

@3 Story Bridge

@4 The Wheel of Brisbane

@5 Queensland Parliament

spORts

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fortitude valley

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@7 Alfred & Constance

@8 Cru Bar

@9 Elixir Bar

#0 Emporium

#1 Limes Hotel

RetaIL

#2 James Street Market

#3 James Street

#4 Lamborghini Dealership

#5 McWhirters Building

#6 Mercedes Dealerships

CuLtuRe

#7 Chinatown

#8 Victoria Park

busIness

#9 Cardno Eppell Olsen

$0 Green Square Commercial Tower

eDuCatIOn

$1 Brisbane Girls Grammar School

$2 Brisbane Grammar School

LanDmaRks

$3 Royal International

Convention Centre

$4 Bowen Hills Medical Centre

spORts

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brisbane cbd

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RetaIL

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CuLtuRe



!3 Casino


!5 QAGOMA



eDuCatIOn


!9 QUT

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@2 Central Station

@3 Story Bridge



spORts

@6 Suncorp Stadium

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@8 Cru Bar

@9 Elixir Bar

#0 Emporium

#1 Limes Hotel

RetaIL


#3 James Street




CuLtuRe

#7 Chinatown

#8 Victoria Park

busIness



eDuCatIOn



LanDmaRks


Convention Centre


spORts



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brisbane cbd

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1 Aria

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4 Esquire

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RetaIL

7 Apple Store


9 Queen Street Mall

!0 QueensPlaza

CuLtuRe



!3 Casino


!5 QAGOMA



eDuCatIOn


!9 QUT

LanDmaRks



@2 Central Station

@3 Story Bridge



spORts

@6 Suncorp Stadium

fortitude valley

baR anD RestauRants


@8 Cru Bar

@9 Elixir Bar

#0 Emporium

#1 Limes Hotel

RetaIL


#3 James Street




CuLtuRe

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#8 Victoria Park

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eDuCatIOn



LanDmaRks


Convention Centre


spORts



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Roads

Railway

CBD

Ferry Line

Park


brisbane cbd

RestauRants

1 Aria

2 Bacchus


4 Esquire

5 Stokehouse

6 South Bank

RetaIL

7 Apple Store


9 Queen Street Mall

!0 QueensPlaza

CuLtuRe



!3 Casino


!5 QAGOMA



eDuCatIOn


!9 QUT

LanDmaRks



@2 Central Station

@3 Story Bridge



spORts

@6 Suncorp Stadium

fortitude valley

baR anD RestauRants


@8 Cru Bar

@9 Elixir Bar

#0 Emporium

#1 Limes Hotel

RetaIL


#3 James Street




CuLtuRe

#7 Chinatown

#8 Victoria Park

busIness



eDuCatIOn



LanDmaRks


Convention Centre


spORts



1

78

9

10

5

6

2

11

1221

13

14

15

17

18

19

20

22

23

2425

26

2728

29

30

31

3233

34

35

36

37

3839

40

41

42

45

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16

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FORtItuDe VaLLeY

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INNER CITY BYPASS

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SOUTH BANKSTATION

400m

800m

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legends

Train Station

Ferry Stop

Roads

Railway

CBD

Ferry Line

Park


brisbane cbd

RestauRants

1 Aria

2 Bacchus


4 Esquire

5 Stokehouse

6 South Bank

RetaIL

7 Apple Store


9 Queen Street Mall

!0 QueensPlaza

CuLtuRe



!3 Casino


!5 QAGOMA



eDuCatIOn


!9 QUT

LanDmaRks



@2 Central Station

@3 Story Bridge



spORts

@6 Suncorp Stadium

fortitude valley

baR anD RestauRants


@8 Cru Bar

@9 Elixir Bar

#0 Emporium

#1 Limes Hotel

RetaIL


#3 James Street




CuLtuRe

#7 Chinatown

#8 Victoria Park

busIness



eDuCatIOn



LanDmaRks


Convention Centre


spORts



LOCATION

PAGE 10

AERIAL IMAGE

WALK SCORE MAP

The location of No.1 has scored a 99 out 100 for walkability - “A Walkers Paradise” - daily errands do not require a car. This is the 2nd highest score in Brisbane behind only the CBD.

ARTIST IMPRESSIONS

PAGE 11

View from Barry Parade

Rooftop Cloud Club

ARTIST IMPRESSIONS

PAGE 12

Typical apartment layoutUpgrade scheme shown

Typical kitchen / diningNatural scheme with upgrade floor shown

Typical kitchenNatural scheme with upgrade floor shown

Typical bathroomUpgrade scheme

ARTIST IMPRESSIONS

PAGE 13

Lobby Bar

VIP LoungePart of The Business Club

Rooftop Cloud Clubshowing curved pool & spa

Typical bathroomUpgrade scheme

MASTER PLAN

PAGE 14

N

BARRY PARADE

ALFRED STREET

BRUNSWICK STREET

STAGE 1 - FLATIRON

STAGE 2 - VALLEY HOUSE

STAGE 2 - NO. 1

LEVEL PLANS

PAGE 15

LEVELS 7 - 10

LEVEL� 07–10

.09TYPE B12 BEDROOM / 1 BATHROOMTOTAL APARTMENT AREA 71m2 764.2ft2

.08TYPE A21 BEDROOM / 1 BATHROOM / STUDYTOTAL APARTMENT AREA 53.8m2 579.1ft2





.10TYPE A3

1 BEDROOM / 1 BATHROOM / STUDYTOTAL APARTMENT AREA 55.6m2 598.2ft2

.11TYPE A2


.12TYPE A1


.01TYPE A1.07–A1.10*

1 BEDROOM / 1 BATHROOM / STUDYMINIMUM APARTMENT AREA 50.7m2 545.3ft2

MAXIMUM APARTMENT AREA 54.0m2 581.3ft2

.02TYPE A2.07–A2.10*



.03TYPE A3


1

1

1

1

1

1

1

1

1

1

1

1

* See individual floorplans for area information relative to level.

MOUNTAINS/NORTH NORTHSUNSET/MOUNTAINS

Scale: Not to scale. All dimensions are approximate.Floorboard upgrade shown.1 Enclosed area.

Sliding doors.

DISCLAIMER Any dimensions, layout, design features, views, areas, photographs and artist’s impressions are for presentation purposes and indicative only. They are also subject to change in accordance with the contract of sale. All internal/external furniture (including study desks and planter boxes) and whitegoods are not included in the price. Floorboard upgrade shown. Any dimensions or areas may differ from surveyed areas due to the different methods of measurement. Final product may differ from that described. Purchasers should check the plans and specifications included in the terms of the contract of sale carefully prior to signing the contract.

RIVER/SUNRISE SUNRISE/RIVER

F V / N O . 1 / 1 2 5

N

LEVEL PLANS

PAGE 16

LEVELS 11-16

LEVEL� 11–16







.09TYPE A3


.10TYPE A2


.11TYPE A1


.01TYPE C1/C1.11/C1.12*



.02TYPE C2

2 BEDROOM / 2 BATHROOMTOTAL APARTMENT AREA 83.1m2 894.6ft2

1

1

1

1

1

1

1

1

1

1

1




Sliding doors.



1 2 6 / F V / N O . 1

N

LEVEL PLANS

PAGE 17

LEVELS 17 - 28

LEVEL� 17–28







.09TYPE C2


.10TYPE C1/C1.24–C1.28*



.01TYPE C1


.02TYPE C2


1

1

1

1

1

1

1

1

1

1




Sliding doors.



F V / N O . 1 / 1 2 7

N

LEVEL PLANS

PAGE 18

LEVELS 29 - 30

LEVEL� 29–30






.08TYPE D2 / D2.29

3 BEDROOM / 3 BATHROOMMINIMUM APARTMENT AREA 153.1m2 1648ft2


.01TYPE C1


.02TYPE D1


1

1

1

1

1

1

1

1



Sliding doors.



1 2 8 / F V / N O . 1

N

LEVEL PLANS

PAGE 19

ROOFTOP (LEVEL 31) - CLOUD CLUB

AM

EN

ITY

LE

VE

L M

AS

TE

RP

LA

NIN

DIC

AT

IVE

DE

SIGN

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LY

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s, layo

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esig

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atu

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iew

s, are

as, p

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rap

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nd

artist’s im

pre

ssion

s are

for p

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nta

tion

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rpo

ses a

nd

ind

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e o

nly. T

hey a

re a

lsosu

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ct to

ch

an

ge in

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rdan

ce w

ith th

e c

on

tract o

f sale

. Fu

rnitu

re a

nd

eq

uip

men

tis sh

ow

n fo

r illustra

tive p

urp

ose

s on

ly a

nd

is sub

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ch

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ny d

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sion

s or

are

as m

ay d

iffer fro

m su

rveyed

are

as d

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the d

iffere

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eth

od

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ay d

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m th

at d

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ase

rs sho

uld

ch

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e te

rms o

fth

e c

on

tract o

f sale

care

fully

prio

r to sig

nin

g th

e c

on

tract. SUNSET DECK

URA POOL

REFLECTIVE POOL

BBQ AREA

SUNSET LOUNGE

OMNI SPA

MORNING DECK

SKYLINE POOL

SUNSET LOUNGE

SUNSET LOUNGE

BBQ AREA

AMBU SPA

UNDERWATER LOUNGE

THE CLOUD CLUB

Residents will have exclusive access to this state-of-the art amenityon the rooftop of No.1

FLOOR PLANS

PAGE 20

TYPE A1- One bedroom plus study / one bathroom

TYPE C2 - Two bedrooms / two bathrooms

TO

TA

L A

PA

RT

ME

NT

AR

EA

8

3m

2

89

3ft

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: N

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levels

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28

.

2 B

ed

ro

om

2

Bat

hr

oo

m

Figured dimensions take precedence to scale readings. Verify all dimensions on site.

Report any discrepancies to the Architect for decision before proceeding with the work.

SCALE@A3

Project Title

Client

Drawing Title

Project Number

Drawing Status

Drawing Number

Revision

LEVEL 3, 160 QUEEN STREET

MELBOURNE VICTORIA 3000 AUSTRALIA

TEL +61 3 9600 2260 FAX +61 3 9600 2266

EMAIL [email protected]

WWW.ELENBERGFRASER.COMABN 97 556 188 726

Rev No. Date Reason for issue Issued by Rev No. Date Reason for issue Issued by Rev No. Date Reason for issue Issued by

A 16.12.2014 ISSUE FOR FINAL COMMENTS SC

B 23.12.2014 FINAL MARKETING ISSUE SC

C 07.01.2014 FINAL MARKETING ISSUE SC

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Figured dimensions take precedence to scale readings. Verify all dimensions on site.

Report any discrepancies to the Architect for decision before proceeding with the work.

SCALE@A3

Project Title

Client

Drawing Title

Project Number

Drawing Status

Drawing Number

Revision

LEVEL 3, 160 QUEEN STREET

MELBOURNE VICTORIA 3000 AUSTRALIA

TEL +61 3 9600 2260 FAX +61 3 9600 2266

EMAIL [email protected]

WWW.ELENBERGFRASER.COMABN 97 556 188 726

Rev No. Date Reason for issue Issued by Rev No. Date Reason for issue Issued by Rev No. Date Reason for issue Issued by

A 16.12.2014 ISSUE FOR FINAL COMMENTS SC

B 23.12.2014 FINAL MARKETING ISSUE SC

C 07.01.2014 FINAL MARKETING ISSUE SC

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SPECIFICATIONS

PAGE 21

SPECIFICATIONS

FV NO.1 COLOUR PALETTE

NATURAL COLOUR PALETTE

KITCHEN/LIVINGSink Undermount stainless steelSink Mixer Rose gold mixer tapCook Top 60cm Miele gas cooktopOven 60cm Miele ovenRangehood 60cm Miele rangehoodDishwasher Miele integrated dishwasherSplashback Stone with LED strip lightingBench top StoneJoinery Units 2-PacCeilings Painted plasterboardFlooring Timber �ooring

BEDROOMSFlooring Plush carpetWalls & Ceilings Painted plasterboardSkirtings & Architraves Painted timber skirtings and architravesLighting Selected low voltage recessed downlightsMaster Robes Mirrored robesRobes (other) Mirrored robes

BATHROOMBasin Solid surface basinBasin Mixer Rose gold mixerVanity Cabinets Mirror overhead cabinetJoinery Vanity Custom design piece with LED strip lightingToilet Suite Freestanding white ceramicMaster Ensuite Wall mounted shower head (rose gold �nish)Bathroom (other) Wall mounted shower head (rose gold �nish)Shower Screen Semi frameless shower screen to 2,100mm Mirror Overhead cabinet mirrorFloor & Wall Tile FV tile to shower recess and vanity wall to shower screen height Ceilings Painted plasterboardAdditional Toilet roll holder and towel rail Washing machine taps

GENERALWindows Double glazed Balcony Double sliding doors Terraces & Balconies Tile or screedSecurity Audio and video intercomHeating & Cooling Reverse cycle heating and cooling to bedrooms and living zonesCarpark Secure garage with internal access

OPTIONAL UPGRADES*Oven, Cook Top and Rangehood Miele appliancesDishwasher Miele integrated dishwasherTapware Rose Gold Co�ee machine Miele built in co�ee machine Wine fridge Built in wine fridgeKitchen Joinery So� close kitchen joinery LED strip lighting Reconstituted stone waterfall edge to kitchen islandWindow Furnishings Blinds to bedrooms and livingBathroom LED strip lighting Full height tileLiving/Kitchen/Dining Floor Floorboards

KITCHEN/LIVINGSink Above mount stainless steelSink Mixer Mixer tapCook Top 60cm stainless steel (gas)Oven 60cm stainless steel ovenRangehood 60cm stainless steel rangehoodDishwasher Stainless steel dishwasherSplashback Reconstituted stone naturalBench top Reconstituted stone natural Timber veneer waterfall edgesJoinery Units 2-Pac / melamineCeilings Painted plasterboardFlooring Selected tile naturalLighting 5-star ESD recessed downlights

BEDROOMSFlooring Carpet naturalWalls & Ceilings Painted plasterboardSkirtings & Architraves Painted timber skirtings and architravesLighting Selected 5-star recessed downlightsRobes Mirrored robes

BATHROOMBasin Solid surface basinBasin Mixer Single mixerVanity Cabinets Mirror overhead cabinetJoinery Vanity Custom made pieceToilet Suite Freestanding white ceramicMaster Ensuite Wall mounted shower headBathroom (other) Wall mounted shower headShower Screen Semi frameless shower screen to 2,100mmMirror Overhead cabinet mirrorFloor & Wall Tile Natural tile to shower screen heightCeilings Painted plasterboardAdditionals Toilet roll holder and towel rail Washing machine taps

GENERALWindows Double glazed Balcony Double sliding doors Terraces & Balconies Tile or screedSecurity Audio and video intercomHeating & Cooling Reverse cycle heating and cooling to bedrooms and living zonesCarpark Secure garage with internal access

* Optional upgrades items are subject to apartment selection and incur an additional cost. Please refer to your Sales Agent for further detail.

DEVELOPER PROFILE

PAGE 22

While cities such as London, New York and Tokyo have some of the most cutting edge urban developments, Australian cities are now becoming more sophisticated, responding to purchaser demands as Australia starts to embrace inner city living. GURNER™ firmly believes in ‘over-delivering’, enabled by their expertise in all facets of design and construction, and a clear knowledge of what makes an apartment highly desirable.

Tim Gurner has developed over 1,500 apartments in the last 10 years and he has delivered the FV project with an understanding of how people want to live; making this pivotal to his vision, with global standards. As well as engaging the finest architects and consultants, from both here and abroad, each step of the development process is finely tuned; from the initial site acquisition, to the meticulous overseeing of plans and specifications through to construction. This process delivers spaces that are efficient, as well as flexible with spacious, well thought out living areas ensuring they have efficient kitchens and bathrooms with generous storage. GURNER™ attention to detail sets a new benchmark in apartment living.

Tim GurnerGURNER™

24-28 Stanley St, Collingwood.

developer

A’Beckett Tower, Melbourne.Recent projects delivered by Tim Gurner.

“ at gurner™ it’s not about folloWing a prescribed formula. We create fine homes that go Well beyond four Walls, to the streets and communities surrounding them. the result is ‘living places’, that truly feel like home.”

F V / T H E T E A M / 1 6 31 6 2 / F V / T H E T E A M

INDICATIVE DEPRECIATION

PAGE 23

Estimate of Depreciation ClaimableTypical 1 Bedroom 1 Bathroom Apartment + Study

No.1, FORTITUDE VALLEY, QLD 4006

MaximumYear Plant &

EquipmentDivision 43 Total

1 8,319 6,923 15,2422 6,048 6,923 12,9713 4,511 6,923 11,4344 3,442 6,923 10,3655 3,059 6,923 9,9826 2,292 6,923 9,2157 2,479 6,923 9,4028 1,701 6,923 8,6249 1,202 6,923 8,125

10 886 6,923 7,80911 + 6,371 207,690 214,061Total $40,310 $276,920 $317,230

Comparison Yr 1-10 (Max & Min)

$0

$1,600

$3,200

$4,800

$6,400

$8,000

$9,600

$11,200

$12,800

$14,400

$16,000

1 2 3 4 5 6 7 8 9 10Years

Maximum Minimum

MinimumYear Plant &


1 6,807 5,665 12,4722 4,948 5,665 10,6133 3,691 5,665 9,3564 2,816 5,665 8,4815 2,503 5,665 8,1686 1,876 5,665 7,5417 2,029 5,665 7,6948 1,391 5,665 7,0569 984 5,665 6,649

10 725 5,665 6,39011 + 5,213 169,928 175,141Total $32,983 $226,578 $259,561

Cumulative Yr 1-10 (Min & Max)

$0

$10,400

$20,800

$31,200

$41,600

$52,000

$62,400

$72,800

$83,200

$93,600

$104,000

1 2 3 4 5 6 7 8 9 10Years

Maximum Minimum

* assumes settlement on 1 July in any given year.

This is an estimate only and should not be applied or acted upon. Depreciation of plant is based on the Diminishing Valuemethod of depreciation applying Low-Value Pooling. The Division 43 Write Off Allowance is calculated using 2.5%depending on the property type and date of construction. This estimate is based upon legislation in force at the date ofreport production.

This Estimate Cannot Be Used For Taxation Purposes

To discuss the contents of this report please contact Bradley Beer at BMT Tax Depreciation on 07 3221 9922

BMT Tax DepreciationQUANTITY SURVEYORS

Level 7, 320 Adelaide StreetBrisbane QLD 4000GPO Box 3229Brisbane QLD 4001t 07 3221 9922f 07 3221 9933

e [email protected] www.bmtqs.com.au

Australia Wide Service ABN 44 115 282 392

Maximising Property Tax Depreciation Deductions353461


PAGE 24

Estimate of Depreciation ClaimableTypical 2 Bedroom 1 Bathroom Apartment


MaximumYear Plant &


1 9,281 8,071 17,3522 6,617 8,071 14,6883 5,145 8,071 13,2164 3,900 8,071 11,9715 3,402 8,071 11,4736 2,556 8,071 10,6277 2,718 8,071 10,7898 1,884 8,071 9,9559 1,354 8,071 9,425

10 1,011 8,071 9,08211 + 7,812 242,124 249,936Total $45,680 $322,834 $368,514


$0

$1,800

$3,600

$5,400

$7,200

$9,000

$10,800

$12,600

$14,400

$16,200

$18,000

1 2 3 4 5 6 7 8 9 10Years

Maximum Minimum

MinimumYear Plant &


1 7,593 6,603 14,1962 5,414 6,603 12,0173 4,209 6,603 10,8124 3,191 6,603 9,7945 2,784 6,603 9,3876 2,092 6,603 8,6957 2,224 6,603 8,8278 1,542 6,603 8,1459 1,108 6,603 7,711

10 827 6,603 7,43011 + 6,392 198,102 204,494Total $37,376 $264,132 $301,508


$0

$11,900

$23,800

$35,700

$47,600

$59,500

$71,400

$83,300

$95,200

$107,100

$119,000

1 2 3 4 5 6 7 8 9 10Years

Maximum Minimum











PAGE 25

Estimate of Depreciation ClaimableTypical 2 Bedroom 2 Bathroom Apartment


MaximumYear Plant &


1 9,693 9,915 19,6082 7,807 9,915 17,7223 5,799 9,915 15,7144 4,574 9,915 14,4895 3,882 9,915 13,7976 2,906 9,915 12,8217 2,796 9,915 12,7118 2,201 9,915 12,1169 1,581 9,915 11,496

10 1,180 9,915 11,09511 + 9,133 297,484 306,617Total $51,552 $396,634 $448,186


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

1 2 3 4 5 6 7 8 9 10Years

Maximum Minimum

MinimumYear Plant &


1 7,931 8,113 16,0442 6,387 8,113 14,5003 4,745 8,113 12,8584 3,742 8,113 11,8555 3,176 8,113 11,2896 2,378 8,113 10,4917 2,288 8,113 10,4018 1,801 8,113 9,9149 1,293 8,113 9,406

10 966 8,113 9,07911 + 7,473 243,396 250,869Total $42,180 $324,526 $366,706


$0

$14,200

$28,400

$42,600

$56,800

$71,000

$85,200

$99,400

$113,600

$127,800

$142,000

1 2 3 4 5 6 7 8 9 10Years

Maximum Minimum










RENTAL ASSESSMENT- URBIS

PAGE 26

URBIS REP_28012015_FORTITUDE VALLEY - RENTAL ASSESSMENT V2 RENTAL APPRAISAL 9

4 Rental Appraisal The assumptions below have been taken into account in the rental assessment. In addition, the following premiums were identified and should be adopted within the provided rental ranges with regards to apartments within Fortitude Valley. These premiums are based on qualitative and quantitative research:

We have taken into account the internal/gross size of all apartments within the subject development in direct comparison to similar products within Inner Brisbane. Apartments which have notably larger gross floor area will obtain a premium.

Apartments will maintain a premium based on their level, with the higher floors providing increased aspect and therefore a higher premium. Generally, apartments with city and river views will maintain a premium over other facing apartments.

All apartments have substantial external amenity (retail, employment and public transport) and this has been taken into account in the rental assessment.

All apartments have substantial internal amenity (rooftop level communal facilities and podium facilities within stage 1) and this has been taken into account in the rental assessment.

Apartments within Inner Brisbane have on average generated a premium of between 10 to 12 per cent if they are furnished.

The following research methodology and rationales were established for the rental appraisal of apartments within Fortitude Valley:

Median rental data was gathered from the Residential Tenancies Authority (RTA) and compared to on the market rents. This process helped to identify the premium that new products are currently able to attain in the Fortitude Valley market.

Only apartments comparable to the subject site have been used for the on the market rental comparison, identified based on their location, apartment size, aspect and advertised weekly rents. Primary comparisons provide a good indication of what FV No. 1 may be capable of achieving if it was in today‟s market.

On the market rents were calculated based on rents advertised (at the time of writing) attained from realestate.com.au, domain.com.au and through primary research including building and property management surveys. It should be noted that these figures are advertised rents and do not necessarily represent what the market has paid for the properties.

FV Stage 3 - FV "No.1" - Fortitude ValleyWEEKLY RENT

Apartment Product Total LevelsNo. Min Max Min Max Min Max

1 Bed, 1 Bath, No Car 1 6 47 47 51 51 $385 $3851 Bed, 1 Bath, Study, No Car 52 6 to 30 48 52 54 71 $395 $4651 Bed, 1 Bath, Study, Car 93 15 to 30 46 52 50 66 $430 $5152 Bed, 1 Bath, Car 48 6 to 30 65 65 71 71 $520 $5852 Bed, 2 Bath, Car 31 6 to 28 71 76 83 103 $585 $6902 Bed, 2 Bath, Study, Car 32 11 to 30 70 76 74 84 $585 $7003 Bed, 3 Bath, 2 Car 4 29 to 30 138 147 153 161 $1,600 $1,900Total 261Source : Urbis

Apartment Size (Gross Sqm) Unfurnished Weekly Rent ($)Apartment Size (Internal Sqm)

GENERIC CASHFLOW at 4.75% interest rate

PAGE 27

Pacific Eastcoast Pty Ltd - South Yarra

PROPERTY INVESTMENT ANALYSIS (DESCRIPTIVE)23-Mar-2015

Prepared for: "No.1" - generic cashflow onlyConsultant: Brunswick Street, Fortitude Valley

Property: One bedroom / one bathroomDescription: Purchase price $450,000 at 80%LVR at 4.75% interest

SUMMARY

Assumptions Projected results over 5 yrsProperty value $450,000 Property value $602,202Investment $111,197 Equity $242,202Gross yield 5.38% After-tax return /yr 20.00%Net yield 3.38% Net present value $113,002Growth rate 6.00% IF SOLDInflation rate 4.00% Selling costs & CGT $54,329Interest rate 4.75% Equity $187,873Marginal tax rate 39.00% After-tax return /yr 14.54%

COMPUTER PROJECTIONS

Projections over 5 yearsInvestment AnalysisEnd of year Property value Purchase costs Investments Loan amount Equity Capital growth rate Inflation rate (CPI)Gross rent /weekCash deductions Interest (I/O) Rental expensesPre-tax cash flowNon-cash deductions Deprec.of building Deprec.of fittings Loan costsTotal deductionsTax credit After-tax cash flowRate of return (IRR)Pre-tax equivalent

Your cost /(income) per week

2015 1yr 2yr 3yr 4yr 5yr$450,000 477,000 505,620 535,957 568,115 602,202

$16,425$111,197$360,000 360,000 360,000 360,000 360,000 360,000

$90,000 117,000 145,620 175,957 208,115 242,2026.00% 6.00% 6.00% 6.00% 6.00% 6.00%4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

$475 24,206 25,174 26,181 27,228 28,318

4.75% 17,100 17,100 17,100 17,100 17,10036.45% 9,004 9,364 9,739 10,128 10,533

$-111,197 -1,898 -1,290 -658 0 684

2.50% 6,923 6,923 6,923 6,923 6,923$0 8,319 6,048 4,511 3,442 3,059

$4,772 954 954 954 954 95442,300 40,390 39,227 38,548 38,570

39.00% 7,057 5,934 5,088 4,414 3,998$-111,197 5,159 4,644 4,430 4,415 4,683

20.00%32.79% (99) (89) (85) (85) (90)

Disclaimer: Note that the computer projections listed above simply illustrate the outcome calculated from the input values and the assumptions contained in the model. Hence the figures can be varied as required and are in no way intended to be a guarantee of future performance. Although the information is provided in good faith, it is also given on the basis that no person using the information, in whole or in part, shall have any claim against Pacific Eastcoast Pty Ltd - South Yarra, its servants, employees or consultants. This document has been prepared by Pacific East Coast Pty Limited (PECPL). The information including all estimates, calculations, opinions or recommendations contained in this document have been provided in good faith and have been based on information received from sources PECPL has accepted in good faith. No warranty is made as to the accuracy or reliability of any information contained in this document and neither PECPL nor any persons involved in the preparation of this document accept any form of liability for its content. The projections and calculations provided in this document are of a general nature only and do not take into account personal circumstances of any party. Interest rates used are current standard variables only and all purchasers should talk to their Advisers about future interest rate projections .


PAGE 28




Property: One bedroom / one bathroomDescription: Purchase price $450,000 at 80%LVR at 5.75% interest

SUMMARY





2015 1yr 2yr 3yr 4yr 5yr$450,000 477,000 505,620 535,957 568,115 602,202

$16,425$111,197$360,000 360,000 360,000 360,000 360,000 360,000

$90,000 117,000 145,620 175,957 208,115 242,2026.00% 6.00% 6.00% 6.00% 6.00% 6.00%4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

$475 24,206 25,174 26,181 27,228 28,318

5.75% 20,700 20,700 20,700 20,700 20,70036.45% 9,004 9,364 9,739 10,128 10,533

$-111,197 -5,498 -4,890 -4,258 -3,600 -2,916

2.50% 6,923 6,923 6,923 6,923 6,923$0 8,319 6,048 4,511 3,442 3,059

$4,772 954 954 954 954 95445,900 43,990 42,827 42,148 42,170

39.00% 8,461 7,338 6,492 5,818 5,402$-111,197 2,963 2,448 2,234 2,219 2,487

18.37%30.12% (57) (47) (43) (43) (48)



PAGE 29




Property: Two bedroom / two bathroomDescription: Purchase price $640,000 at 80%LVR at 4.75% interest

SUMMARY





2015 1yr 2yr 3yr 4yr 5yr$640,000 678,400 719,104 762,250 807,985 856,464

$24,075$154,645$512,000 512,000 512,000 512,000 512,000 512,000$128,000 166,400 207,104 250,250 295,985 344,464

6.00% 6.00% 6.00% 6.00% 6.00% 6.00%4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

$645 32,869 34,184 35,551 36,973 38,452

4.75% 24,320 24,320 24,320 24,320 24,32035.05% 11,756 12,226 12,715 13,224 13,753

$-154,645 -3,207 -2,362 -1,484 -570 380

2.50% 9,916 9,916 9,916 9,916 9,916$0 9,693 7,807 5,799 4,574 3,882

$2,570 514 514 514 514 51456,199 54,783 53,264 52,547 52,384

39.00% 9,098 8,034 6,908 6,074 5,434$-154,645 5,892 5,672 5,424 5,504 5,813

20.03%32.84% (113) (109) (104) (106) (112)



PAGE 30




Property: Two bedroom / two bathroomDescription: Purchase price $640,000 at 80%LVR at 5.75% interest

SUMMARY





2015 1yr 2yr 3yr 4yr 5yr$640,000 678,400 719,104 762,250 807,985 856,464

$24,075$154,645$512,000 512,000 512,000 512,000 512,000 512,000$128,000 166,400 207,104 250,250 295,985 344,464

6.00% 6.00% 6.00% 6.00% 6.00% 6.00%4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

$645 32,869 34,184 35,551 36,973 38,452

5.75% 29,440 29,440 29,440 29,440 29,44035.05% 11,756 12,226 12,715 13,224 13,753

$-154,645 -8,327 -7,482 -6,604 -5,690 -4,740

2.50% 9,916 9,916 9,916 9,916 9,916$0 9,693 7,807 5,799 4,574 3,882

$2,570 514 514 514 514 51461,319 59,903 58,384 57,667 57,504

39.00% 11,095 10,030 8,905 8,071 7,430$-154,645 2,769 2,548 2,301 2,380 2,690

18.38%30.13% (53) (49) (44) (46) (52)


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