2021-09-13 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING AGENDA   13 SEPTEMBER 2021




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GENERAL COMMITTEE MEETING AGENDA                                                                             13 SEPTEMBER 2021

       Valuation Considerations
       We have had regard to the following attributes in determining an appropriate rate per square metre for the proposed lots:
       .     The proposed lots are located within the established suburb of Noosaville, located approximately 137 kilometres by road north of
             the Brisbane CBD and 7.1 kilometres by road south-west of the Hastings Street tourist and retail precinct. Surrounding
             development comprises industrial uses, residential dwellings, Noosa National Park and the Noosa Civic sub-regional shopping
             centre, which is located immediately to the west.
       °     The proposed lots are located within easy access to main roads with the parent parcel having frontage to Walter Hay Drive, Eenie
             Creek Road and Hoffmann Drive.
       .     Proposed Lots 2 and 22 will be located at the entrance of the Noosa Civic Shopping Centre and will receives good exposure to
             passing traffic.
       .     The proposed lots vary in size from 3,831 square metres to 9,550 square metres and are generally near level.
       .     In regard to Proposed Lot 22, the lot will be encumbered by a 745 square metre access easement which provides access to the
             adjoining allotments, however access for a proposed development will also be gained via the same easement. We have therefore
             applied a 50% discount to the easement area associated with Proposed Lot 22.
       .     The proposed lots are subject to an Infrastructure Agreement between Noosa Shire Council and Mirose Pty Ltd dated 3 October
             2003. The infrastructure agreement related to the original approval for Noosa Civic where 12.63 hectares of open space was
             dedicated with a further 2.39 hectares maintained as private open space, as well as the upgrade of Eenie Creek Road and
             associated roadworks. The Infrastructure Agreement states that any applications for development approvals in respect to future
             stages shall be immune from conditions requiring. We note that the Infrastructure Agreement states that the infrastructure charges
             are transferrable to an incoming purchaser, however do not include water and sewerage charges.

       Valuation Calculations — Scenario 1 (Noosa Plan 2006)
       Based on the available evidence, we have assessed the following values for the proposed lots:

       Lot               Area   Usable Site Area      Assessed Rates       Low Range       High Range      Mid-Range           Adopt
       2                9,550             9,550      $700       $750       $6,685,000       $7,162,500      $6,923,750      $6,925,000
       22               3,831             3,086      $950     $1,050       $3,285,575       $3,501,050      $3,393,313      $3,400,000

       In regard to Proposed Lot 22 we have applied a 50% discount to the above adopted rate per square metre range for the easement area.

       Based on the above we have adopted a combined value of $10,325,000 for Proposed Lots 2 & 22.

       Valuation Calculations — Scenario 2 (Noosa Plan 2020)
       Based on the available evidence, we have assessed the following values for the proposed lots:

       Lot               Area   Usable Site Area      Assessed Rates       Low Range       High Range       Mid-Range          Adopt
       2                9,550             9,550      $700       $750       $6,685,000       $7,162,500      $6,923,750    $6,925 ,000**
       22               3,831             3,086      $500       $550       $1,729,250       $1,902,175      $1,815,713      $1,820,000

       In regard to Proposed Lot 22 we have applied a 50% discount to the above adopted rate per square metre range for the easement area.

       **In regard to proposed Lot 2, any purchaser would need to obtain development approval for a showroom/office development given the
       zoning requires an impact assessable development application to be submitted and any settlement would most likely be subject to this.
       As a result, there would be an increased timeframe associate with settlement with most buyers requiring 12-months for obtaining
       development approval.

       We have therefore undertaken a present value calculation of the Scenario 1 assessment of Proposed Lot 2 for a 12-month period utilising
       a 7.00% rate and the resultant value is $6,471,963. We have therefore adopted a rounded value of $6,470,000 for internal reporting
       purposes.

       Based on the above we have adopted a combined value of $8,290,000 for Proposed Lots 2 & 22.
       Page 6
  Document Set ID: 21593272
  Version: 1, Version Date: 24/08/2021

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