Stage 2 Request to Extend Relevant Period

2. BACKGROUND


By way of background, a development approval (preliminary approval) was issued over the land on 20 June 2011
for a Material Change of Use for Visitor Accommodation (Type 4) being 20 dwellings, commonly referred to as
Beach Road Retreats Stage 2. The current lapsing date of the approval is 6 June 2015 (refer Condition 4).


The application had been properly made in October 2008. Not long after lodgement of the development
application, the global financial crisis struck and severely impacted the property market, with the impacts of this
crisis prevailed for lengthy period of time.


It is considered that 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 twenty-four (24) months is requested.


Whilst we acknowledge the relevant period is referenced in Condition 4 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 with respect to Beach Road Retreats Stage 1, 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:
   The appointed receivers were tasked with advancing this development application, and ultimately obtained
    a preliminary approval in June 2011, such that the site could be properly put to market for sale with this
    approval in place. 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 a development permit consistent with this preliminary approval,
    and 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.
WOLTER CONSULTING GROUP                                                                               PAGE 2