05. Town Planning Report · MCU10/2127

Rana

Viridian Noosa Pty Lid
Research Paper
Advisory

November 2010

Methodology and Approach

In order to estimate how many of the 38 units within Viridian Resort are likely be occupied on a
permanent basis! (i.e. as the owner’s principal place of residence), if permanent occupancy was
allowed, the following approach was adopted:

1. The Noosa short-term, strata titled accommodation market was reviewed, this included:

(a)

(b)

(©)

the analysis of a variety of Noosa resorts, with respect to their comparability to
the Viridian Resort. Key characteristics, which assisted in defining comparable
resorts included:

e — strata-titling of the resort:

e ability to permanently live in the dwelling (both by zoning restrictions and
facilities of the dwellings);

e location to Hastings St;

e level of finishes;

e resort facilities and size; and

e age of the resort

consulting with the managers of the resorts identified in part 1(a) as being
comparable (questionnaires were conducted over the phone, see

Appendix — Resort Questionnaire for pro-forma questionnaire), to determine the
individual resort’s level of permanent occupants (consultation was conducted

during April/May 2010 and has not been updated for changes since this date), and

cross checking the findings from part (b) with local Noosa real estate agents
responsible for holiday letting.

2. In order to gather relevant competitive data, key strata titled resorts of similar nature to
Viridian Resort located in the broader east coast resort market (i.e. Gold Coast, Northern
NSW, and Port Douglas/Palm Cove) were also analysed. This analysis followed the same
steps in part 1 (a) — (b):

(a)

an assessment of a variety of resorts within the Gold Coast, Northen NSW and
Port Douglas/Palm Cove with respect to their comparability to the Viridian
Resort. Key characteristics, which assisted in defining comparable resorts
included:

e  strata-titling of the resort or at least the specific product that was analysed
within the resort;

1 For the purposes of this research report, “Permanent basis” is defined as an owner that resides at the dwelling
permanently, for 6 months or longer.

10216437_1 - 17 November 2010 3

© 2010 KPMG, an Australian partnership and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

All rights reserved.
KPMG and the KPMG logo are registered trademarks of KPMG International.
Liability limited by a scheme approved under Professional Standards Legislation.