Stage 1 Request to Extend Relevant Period

2. BACKGROUND


By way of background, a development approval was issued over the land on 13 December 2007 for a Material
Change of Use for Visitor Accommodation (Type 4) being 21 dwellings, commonly referred to as Beach Road
Retreats Stage 1.


Subsequently the global financial crisis struck in late 2008 and severely impacted the property market, with the
impacts of this crisis prevailing for a lengthy period of time. A Request for Extension to the Relevant Period was
approved and the current lapsing date of the approval is 13 December 2015 (refer Condition 24).


It is considered that the lapsing date of the relevant period for the Material Change of Use is approaching which
is the motivation for this request.


3. REQUEST TO EXTEND RELEVANT PERIOD


Under Section 383 of SPA, an extension to the relevant period of forty-eight (48) months is requested.


Whilst we acknowledge the relevant period is referenced in Condition 24 this request is taken to not be a request
to change the condition for the following reasons:
   Section 3 of the Development Permit concerns the Relevant Period of the Approval, and states that the
    relevant period is set out in the conditions.
   An extension to the ‘Relevant Period’ is required to be made in accordance with s383 of the SPA.
   A previous request was made in accordance with this provision of the SPA and duly accepted and processed
    by Council.


The facts and circumstances in support of the requested extension are as follows:
   A previous extension was initiated by the appointed receivers in order to provide sufficient time for the site to
    be reconciled and properly put to market for sale. For various reasons, this marketing and sale process took
    longer than expected and our client only acquired the site in early 2013.
   Our client has a committed interest in completing the project, and an extension to the relevant period is
    necessary to provide sufficient time to obtain the subsequent approvals necessary to deliver the project.
   Though economic conditions have improved in recent years, visitor accommodation projects maintain a
    reasonably high risk profile, and require ideal market conditions. The requested extension will allow for this
    development to be completed within an acceptable economic and market cycle
   Finally, the proposal remains consistent with the current planning scheme which supports visitor
    accommodation on land in the Visitor Mixed Use Zone.
WOLTER CONSULTING GROUP                                                                                PAGE 2