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CBA.0517.0135.1437
INDEPENDENT PROPERTY ADVISORS
Rural Herron Todd White Pro-forma Report
Client/Instructing Party: Commonwealth Bank of Australia
Business Unit/Address: Risk Management Property Consultants (Qld) Tel: Fax: 07 3237 3043 GPO Box 1423, Brisbane 4000
For Attention: Alec Crombie
Borrower/Applicant: Comanche Grazing Co Pty Ltd Reference/Job No. 11020223
Instructions: To assess the market value of "Lake Learmonth" for mortgage security purposes on behalf of Commonwealth Bank of Australia.
1. PROPERTY SUMMARY Lake Learmonth Type of Property: Freehold/Leasehold - Grazing
Address: 18IiPP»BKplii^ Yaamba
Real Property Description: Freehold and leasehold land as described on the attached schedule.
Title Details: Comprising twelve (12) freehold parcels and one (1) special lease parcel, held under thirteen (13) separate titles in the Counties of Liebig and Livingston.
Lot Parish Tenure Title Reference Owner Area (ha)
Lake Freehold Comanche Grazing Company Pty Ltd 242.8110 Learmouth as Trustee Lake Freehold Comanche Grazing Company Pty Ltd 302.3000 Learmouth as Trustee Lake Freehold Comanche Grazing Company Pty Ltd 472.6730 Learmouth as Trustee Lake Freehold Comanche Grazing Company Pty Ltd 430.5860 Learmouth as Trustee Lake Freehold Comanche Grazing Company Pty Ltd 308.3700 Learmouth as Trustee Lake Freehold Comanche Grazing Company Pty Ltd 2,151.1340 Learmouth as Trustee Lake Freehold Comanche Grazing Company Pty Ltd 403.4720 Learmouth as Trustee Lake Freehold Comanche Grazing Company Pty Ltd 258.9990 Learmouth as Trustee Lake Freehold Comanche Grazing Company Pty Ltd 480.7670 Learmouth as Trustee Lake Freehold Comanche Grazing Company Pty Ltd 517.9980 Learmouth as Trustee Yaamba Freehold Comanche Grazing Company Pty Ltd 517.9980 as Trustee Yaamba Freehold Comanche Grazing Company Pty Ltd 282.4710 as Trustee Yaamba Speacial Comanche Grazing Company Pty Ltd 94.8990 Lease as Trustee Total Area 6,464.4780
Special Lease Details: Term: 20 years commencing 1 July 1992 Expiry: 30 June 2012 Purpose: Grazing only Conditions: Standard / Restrictive Location: On the eastern boundary over laneway access to an original Camping and Water Reserve on the Fitzroy River. Description: Timbered, mostly flood affected forest and swamps onto permanent water.
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Encumbrances/ Restr'ns: None detrimental to title as revealed on the Title Searches. Copies are annexed to this report.
Note: We are advised that:-
An "Area Management Advice" from Queensland E^PA that unexploded ordnance exists in^^^^^^^^^Hand (total area about 2554ha) in the north western corner of the property. This is undulating mostly rung forest country including the timbered Sugarloaf Mountain^^^H
We are aware that exploded and unexploded ordnance has been located and reported in the past and that cost to have the area cleared to remove the advice is prohibitive.
The advice effectively prohibits subdivision for resale in small blocks.
Conclusion: While retained in use for non intensive grazing as part of the aggregation we do not consider the declaration reduces grazing value of this useful forest country.
Assumptions And Qualifications: ■ Clear chemical residue status. ■ The Vendor has not been served with a compliance notice or a show cause notice under the Vegetation Management Act 1999. ■ This valuation is assessed on an improved basis/bare of livestock, plant and equipment and GST exclusive. ■ The farm centre pivot irrigation scheme is operating efficiently to water the four circles.
Land Area: Freehold 6,369.5ha Leasehold 94.9ha
Total Approx. 6464.0ha
Zoning: Rural. LGA: Rockhampton Regional Council.
UCV: Not available - amalgamated with other land.
Business Operation: Grazing on native and improved pastures with irrigation assistance.
Carrying Capacity or Productivity: Assessed at 2,440AE (l-2.65ha) with irrigation assistance.
Grazing area: 6,464 hectares.
Area Under Cultivation: 320ha centre pivot area (not worked at inspection)
General Country Type: A balance of good quality forest onto the river frontage and fair forest into ridges providing a balance of flood free high land.
Fencing: In fair stock proof condition, predominantly 4 wires mostly 4 barb. Some plain wires in part reinforced by old electric fencing, subdivided into 17 paddocks
Waters: 21km frontage to permanent water in the Fitzroy River, scattered permanent and semi permanent lagoons. Stock and domestic pumping scheme at the homestead and 1 equipped bore.
Water Entitlement: 1,378MI Medium Priority Allocation^^^^^^^^^^^J
Climate & Seasonal Conditions: 830mm rainfall district. Seasonal conditions are currently fair after recent rain and a good winter season. Pastures in the closer in / superior country are generally eatened down requiring spelling to regenerate.
2. RISK ASSESSMENT SUMMARY Lending Cautions: Marketability: □ Good 0 Average □ Moderate □ Poor Organic status and contract to supply ACC to be retained to hold value. High Average Low Quality: O 1 02 03 04 05
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3. VALUATION & ASSESSMENTS SUMMARY
Interest Valued: Unencumbered Fee Simple In possession.
Mortgage Security Value: $9,800,000 (Nine Million, Eight Hundred Thousand Dollars) Net of GST
Assessed Land Value: $7,401,280 Adopted hectare rate: $1,145
Added Value of Improvements: $398,000 Animal Area Rate: $3,035AE
Added Value of Allocation: $1,998,100 ($1,450/ML)
Contract of Sale: None Replacement Insurance: $650,000 Recommended Documents to Sight: Nil. This valuation is current as at the date of valuation only. The value assessed herein may change significantly and unexpectedly over a relatively short period (including as a result of general market movements or factors specific to the particular property). We do not accept liability for losses arising from such subsequent changes in value. Without limiting the generality of the above comment, we do not assume any responsibility or accept any liability where this valuation is relied upon after the expiration of three (3) months from the date of the valuation, or such earlier date if you become aware of any factors that have any effect on the valuation. I hereby certify that I have personally inspected the above property and carried out the above valuation and assessment. This valuation has been prepared in accordance with the terms of instructions provided by Commonwealth Bank of Australia. Neither I, nor any member of this firm, has no interest, financial or otherwise in the property subject to appraisal or with the parties with whom the Bank is dealing; is independent to the lending transaction involved; and confirms the valuation has been prepared for mortgage lending purposes. The property has been identified by registered plan and/or cadastral mapping and the improvements appear to be within site boundaries. This report is for the use only of the party to which it is addressed and its mortgage insurers for mortgage purposes and is not to be used for any other purpose. No responsibility is accepted or undertaken to third parties in respect thereof. This report does not constitute a site or structural survey.
Inspection Date/Valuation Date: 18 April 2011 Valuation Reference No: ROK054095 WM:mc CBA Valuer Code: Q058
Valuer's Signature: Valuer/Qualifications/Reg.# W JC McLAY API Qld Registration No. 3055 Firm: Herron Todd White (Central Queensland) Pty Ltd ...... Address: PO Box 379, Rockhampton, Qld 4700 GW Litherland, Director Phone: Fax: E-Mail: The counter signatory verifies that this report is genuine and endorsed by Herron Todd White. The opinion of value expressed in this report has been arrived at by the primary signature alone.
4. THE PROPERTY 4.1 The Land Zoning Effect: Complies with the provisions of the zoning.
Location: 12.5km to Yaamba State Primary School, Store and Hotel. 50km north of Rockhampton. Access is good by the Bruce Flighway (3.5km frontage).
Locality: This is an established grazing / rural residential district.
Services: Power and telephone are connected. Mail service and school bus services are available.
Vegetation Management Status: Our valuation assumes that all clearing completed on the property complies with current tree clearing policies for leasehold and freehold land under The Vegetation Management Act 1999 and that the owner advises that he has not been served with a Compliance Notice to (a) stop committing an offence; or (b) stop committing an offence and rectify the matter; or (c) rectify the matter.
Chemical Residue Status: The property is Cattle Care accredited and has "Australian Certified Organic" compliance. The owners advise the property has clear status. The valuation assumes this to be correct.
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Land Description: This is a good forest property benefited by 21 kilometre frontage to the Fitzroy River, a balance of country types from flooded flats to ridges incorporating significant areas of flats and swamps suitable for ponded pastures or fodder crops with irrigation assistance. We estimate a total area about 2,200 hectares is affected by major flooding in the Fitzroy River but only lower terrace flats on the river and creek frontages are subject to regular flooding.
Our classification of broad country types includes:-
2,200ha Flood affected coolibah/blue gum/box/oak flats along the river, Sheepwash and Bonnie Doon / Rocky Ford / Canoona Creek frontages extending into poplar gum, paperbark, titree swampy flats, broken by runners, Pink Lily, Canoona and Lake Learmonth lagoons and areas of ironbark, box, moreton bay ash, low sand ridges. Principally grey/brown alluvial clays broken by clay loam ridges.
Includes centre pivot areas 1 and 2 located on a clay loam, coolibah/box flats.
500ha Higher frontage sandy loam forest flats, broken by broad gullies and flood runners in the western part, extending on to the Wattlebank boundary including centre pivot areas 3 and 4 sandy loam soils, originally timbered with narrowleaf ironbark, box, moreton bay ash containing quinine, myrtle and softwood influence, also coolibah and gum along watercourses.
500ha High sand ridge and red loam forest ridge on the Wattlebank boundary, originally densely timbered with ironbark, gum, bloodwood, lantana, quinine and bitterbark.
2,700ha Undulating easy to moderately sloping brown and grey soil, part stony forest broken by Third Sugarloaf Range and scattered serpentine ridges as well as soft hollows and creek frontages. Originally timbered with narrowleaf and broadleaf ironbark, bloodwood and gum with quinine, wattle, titree influence and bluegum, box, oak and coolibah on creek frontages.
404ha Remnant timber / green areas on the Vegetation Management Map - undulating to easy to moderately sloping forest timbered with serpentine and narrowleaf ironbark, gum and wattle.
160ha Sugarload Mountain - timbered high ridge. 6,464ha Total Area
Summarised as: 3200ha (49.5%) superior forest 2700ha (42%) fair forest 564ha (8.5%) inferior forest
Land Development: 320ha (4 x 80ha) centre pivot cultivation areas irrigated by 2 x 10 tower T and L pivots - not used at inspection. Not cropped at the time of inspection.
260ha Banked swamps and flats, stick raked or open, originally established with para and couch grass ponded pasture including 160ha supplemented by irrigation at the homestead. Balance area at the Farm is flooded by natural runoff. Some aleman and hymenachne pasture in areas.
120ha Partly timbered flats and swamps east of the homestead, partly banked and ponded, originally established with paragrass, now native pastures. Some regrowth shade.
700ha intensive development
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2,000ha Flooded flats, swamps, sand ridges and forest rises, cleared to an open to lightly shaded standard including areas stick raked or cultivated, mostly native pastures with seca stylo in higher sandy soils. Some rhodes and green panic established.
500ha Sand and red soil ridge now part scrubby wattle, bitterbark, ironbark and lantana regrowth - no regchained and mostly stickraked.
l,800ha Undulating ironbark forest slopes onto low hills, broken by black soil flats along creeks and gullies, rung or tordon poisoned, now open to shaded, mostly native spear grass pastures with seca stylo established. These areas have since been rechained and mostly stickraked. Now in clean condition.
5,000ha Approximate Total Area Treated (About 77%)
l,464ha Approximate timbered slopes and flats onto ridges including about 564ha remnant vegetation including 95ha Special Lease.
6,464ha Total Area
Land Development Contd: Note: Some weed infestations after the January/December floods. Possibly some areas of Gaint Rats Tail remaining post 2006 purchase, however none sighted on inspection.
Fencing: The property is enclosed on 3 sides and part of the river frontage by generally 3 and 4 wire timber post suspension and conventional fences maintained in good to poor stock proof condition. There are some new sections about 7km of round bush timber post 4 barb wire fencing on the northern boundary. About 3km of old 2 barb 1 plain wire suspension fencing on the eastern boundary requires renovation and about 4km of very old 2 barb 2 plain wire fencing on the western boundary needs to be replaced.
Internal - the property is adequately subdivided into 11 larger grazing paddocks and 6 small paddocks about ponded pastures, the homestead and farm yards. The 4 centre pivot pads are fenced into 4 areas. Internal fences are generally mixed description 3 or 4 barb wire conventional fences maintained in fair to sound condition.
Overall fencing on the property is adequate for present development but not in good condition requiring renovation when fully stocked by the purchasers.
Water: Natural - this is a feature of the property as permanent stock water is available along the 21km river frontage as well as in Learmonth, Canoona and Pink Lily Lagoons. In average seasons water is also available along Canoona Creek and in ponded swamps.
Improved
(1) The homestead supply from Canoona Lagoon which is supplemented by pumping from the river is equipped with 50mm electric centrifugal pump delivering supply via a 10.8 kilometre 63mm blueline underground pipeline to a 10,000 gallon poly tank, reticulated to all buildings, yards, feedlot and seven troughs and three tanks in surrounding paddocks.
(2) Sheepwash Bore: Reported a good supply, equipped with a 12 x 35 Southern Cross mill, very old 20,000 gallon corrugated galvanised iron concreted tank, two concrete troughs and one round concrete trough in Rockyford Paddock.
(3) Farm Bore: Adjacent to irrigation area. Reported a good supply, equipped with a 12 x 35 Southern Cross mill on four post galvanised tower, 20,000 gallon corrugated galvanised iron concreted tank and one concrete trough (not in use).
Dams include 7 newly constructed open earth waters between 3,000 and 8,000 cubic yards.
Generally the property is in adequately watered to maximise grazing use and carrying capacity of the back country, as presently developed.
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Water Contd: IRRIGATION SCHEMES
(a) The Farm
A brief outline of the installation includes:-
About 1,600m x 300mm Class 9 PVC main from the pump site on the river to the top of the high bank. The pumping plant includes a Deuatz 6 cylinder diesel engine (replaced on insurance after flood), direct drive to a 250 x 250 - 400 Hydro Titan centrifugal pump on a mobile trailer. Pumping capacity approximately 13MI per day (1501/sec), Approximately 4,000m x 250mm/300mm Class 6 underground PVC mainlines to:-
• 4 centre pivot pads constructed in 4 x 80ha irrigation circles. • Nos. 1 and 2 downstream on superior clay loam soil flats. • Nos. 3 and 4 slightly upstream on sandy loam forest flats.
Watered by two T and L diesel hydraulic, 10 tower drop spray, high volume, low pressure (20psi) pivots, about three years old.
A spare 100mm hydrant is located between Pad Nos. 2 and 3 to allow an off-take mainline or channel supply for ponded pasture.
This scheme was not operating at inspection and has not been used for some time. These improvements are reported to be operational. Note: The valuation assumes this to be correct.
(b) Homestead Ponded Pasture Scheme
Original irrigation scheme prior June 1992.
About 500m x unknown diameter steel main line to twin bubblers on the high bank from where water is supplied by open channel to ponded pasture areas west and east of the Canoona Lagoon.
Pumping plant includes a six cylinder 354 Perkins water cooled diesel engine (reported unserviceable - to be replaced on insurance) with Kenran engine protection gear, equipped with five V-belt pulley drive to a hydro Titan 250 x 250 - 400 centrifugal pump. The plant is mounted on a transportable heavy steel sled base.
Plant capacity is unknown but is thought to be about 13MI/day.
A series of diversion channels and pondage banks in swamps diverts and holds water extending into the banked swamp in Pink Lily Paddock on the eastern boundary.
CROP REQUIREMENTS
Linder the current Fitzroy Basin Resource Operations Plan, the water entitlement security performance indicator for medium priority water allocations are within the range of 82% to 88%. This means that in the in 82% - 88% of years, the full amount of a particular supplemented allocation is available. We note that all storages on the Lower Fitzroy Water Supply Scheme remain at 100% capacity providing good short term water security.
Based on information published by the Department of Environment and Resource Management for the Central Queensland area, irrigation potential would exist for the following, assuming full utilisation of the 1,378ML supplemented allocation.
Crop Water Use fML/ha) Potential Irriqated Area (ha}
Cotton 8 172 Sorghum Forage 7 196 Sorghum Grain 6 229 Wheat 4 344 Leuceana 3.5 393
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Site Environmental Hazards: The property contains a cattle dip which would contain contaminants. The present use of the property for grazing cattle is not affected by the presence of a dip. However in the event that the land use was required to be changed or the dip was shown as harming the environment the area of the dip and its surrounding land may require remediation.
Note: Both cattle dips are railed out of contact with stock inside the two yards.
An assessment of the subject property's liability under the EPA can only be undertaken by specialist environmental consultants and you should make independent investigations with respect to environmental issues. If you become aware that the property does not meet the Act specifications or requires licensing or further approval under the EPA, this valuation should be referred to the valuer for comment.
Note: EPA/Area Management Advice - Unexploded Ordnance - we are advised that this is not a contaminated site, or probable site under the Act.
4.2 Building Improvements
Homestead: A Queensland style residence of timber construction about 76 years old / renovated interior within the last 10 years.
Floor Areas: Main 190 square metres Open Verandah 61 square metres Total 251 square metres
Construction: Generally timber piers and pine floors, weatherboard walls, corrugated galvanised iron roof, pine and masonite linings, and timber framed and louvre windows.
Accommodation: 3 bedrooms, office, entry kitchen, dining room, lounge, sleepout, bathroom / toilet and laundry under.
Condition: Appears structurally sound for age. Internal paint and floor covering in good condition. External painting required.
Ground Improvements: Automatic electric pressure system on rainwater storage from tanks at the shed, reticulated lagoon supply, rotary clothes hoist, small shed, detached garage. Replacement Value: $300,000 Added Value: $175,000
Cottage: An onground contemporary style residence of masonry block construction.
Floor Areas: Main 100 square metres Attached Carport / Laundry Skillion 31 square metres Total 131 square metres
Construction: Generally reinforced concrete foundations and floor, masonry block walls, corrugated galvanised iron roof, masonry block and fibro linings, and aluminium framed windows.
Accommodation: 2 bedrooms, kitchen/dining/lounge, bathroom / toilet, laundry.
Condition: Appears structurally sound. Fair to poor paint and floor coverings.
Ground Improvements: Rotary clothes hoist, concrete paths, reticulated rainwater and lagoon water supply.
Replacement Value: $140,000 Added Value: $75,000
Machinery Shed: 270 sqm covered area, 4.65m height, steel frame, totally enclosed with trimdek on 3 sides, gravel floor. Power connected. 5000 gallon corrugated galvanised iron tank on low stand, 6000 poly tank, automatic electric pressure system to homestead and cottage.
Replacement Value: $40,000 Added Value: $35,000
New Garage/Storage Room: 96.5 sqm covered area including 12.5 sqm totally enclosed with colorbond. Steel and timber framing, colorbond roof. Replacement Value: $15,000 Added Value: $13,000
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Sundry: Old enclosed garage. $3,000
Old enclosed storeroom. $2,000
Old horse yards / cow bail No Value Replacement Value: $21,500 Added Value: $5,000
Main Homestead Yards: These yards about 16 years old are well constructed with heavy round bush timber posts and rail panels, 1.8 metres high and five bar hardwood capped yard gates. The yards remain in good condition and contain a total about 170 panels and gates. Principal components include:-
• 70 panel, four round bush timber rails • 47 panel receiving yard, round bush timber posts, three round bush timber rails and two cables, four single hardwood gates, eight double hardwood gates • three panel timber calf race with three small gates and calf branding cradle on slab under corrugated galvanised iron cover. • three panel four rail race with two steel sliding gates to steel/timber veterinary crush with head bale undercover and two hardwood gate outshoot race. • six way drafting pound including 12 panels and gates • three panel four rail earth rise loading ramp with two panel race, one sliding gate and two panel forcing yard • four panel four rail working race under high corrugated galvanised iron cover with elevated timber walkways along two sides and two sliding gates. • one panel gated race to covered concrete plunge dip with masonry block splash walls, corrugated galvanised iron roof and 15 panel and gate double draining pens. The dip is dry and not in use although the draining pen panels retain some value (railed out). • one concrete water trough
Replacement Value: $72,500 Added Value: $55,000 Excluding the Dip
Farmyards at Centre Pivot Irrigation / Cultivation Also constructed about 16 years ago with heavy round bush timber posts and rails and some galvanised cables. The yards remain in condition and contain a total of approximately 170 panels and gates. Principal components include:-
• 21 panels, two round bush timber rails and three cables • 24 panels, four round bush timber rails • 27 panels, one round bush timber cap and four cables • 11 single gates, two double gates • 3 panel four rail race to timber/steel veterinary crush with head bale / weigh crate and digital scales • five way drafting pound constructed with eight panels and gates • three panel four rail loading ramp with three panel race and two sliding gates • 38 panel receiving yard constructed with one round bush timber cap and four cables, and 14 low three rail panels and 6 gates • concrete plunge dip with single draining pen constructed with seven four rail panels. The dip is dry and not in use but some of the panels retain value (fenced out). • 12 old four rail panels and gates in the dip race remain in use to partition main yards. • two wire coolers
Replacement Value: $51,000 Added Value: $35,500 Excluding the Dip
Feedlot / Weaner Yards At the Homestead Reported 720 head capacity. Six pens constructed with split post four cable panels, serviced by three concrete water troughs but no feed troughs installed only six concrete pads for transportable feeders. Not shaded. Basic.
Replacement Value: $10,000 Added Value: $5,000
TOTAL STRUCTURES Replacement Value: $650,000 Added Value: $398,000
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4.3 Business Operation Currently "Lake Learmonth" is used in conjuction with other properties owned by the Farmer Family, to breed and grow young cattle.
5. PROPERTY RISK ASSESSMENT
Anticipated demand for the property: Average to good - due to current market conditions.
Estimated selling period (combined with a professional marketing campaign): 6 to 9 months.
Likely buyer profile includes: Corportate or larger family in aggregation. Alternatively the property would appeal to family/lifestyle buyers if offered on a piecemeal basis in three parcels.
Anticipated increase in value over the next 2 to 3 years: Limited - Market easing form historical highs.
Positive attributes include: ■ Flighway location 50km from Rockhampton. ■ Numerous freehold titles. ■ 21km frontage to the Fitzroy River. ■ 1378MI irrigation allocation. ■ Good quality forest frontage. ■ Balance of flooded and dry land. ■ Permanent natural water.
Negative attributes include: ■ Military ordinance area. ■ Weed infestations in the river country after the December/January floods.
Cash Flow Profile: ■ In line with district standards for an operation of this nature.
Asset Management: ■ In line with district standards.
6. MARKET DATA AND INDICATORS Sales Evidence
a) Larger Cental/Coastal Forest Grazing Sales
Property Sale Date Sale Price Area (ha) / Improved Ex. Structures Tenure ($/ha) ($/BAV) ($/ha) ($/BAV) 1. "Gelobra" 15km W of Bajool October $2,500,000 5,304 $471 $2,326 $463 $2,284 2010 Bare Freehold Comments: The proerpty comprised about 50% harder ironbark spotted gum ridges, into softer areas of broadleaf ironbark and gum undulating forest which has been well maintained and improved. Well subdivided into 17 main paddocks plus smaller holding paddocks and laneway system. Water by permant surface provisions in all paddocks plus dams and yards. There were no structures on the property other than an set of reasonable timber and steel yards. Listed for sale for about two years and originally asking $3.5M with good marketing.
Carrying Capacity:l,070 Adult Equivalents (AE) @ 1AE: 4.95 hectares Comparison: A far inferior range grazing properpty. This sale establishes the lower range for forest breeder blocks in the current Central Queensland market. Overall the applied rate to the valuation is appropriately well above this sale, which is inferior in all respects.______2. "Derrandloc" /"May Downs" August 2010 $13,100,000 11,320 $1,157 $3,639 $1,112 $3,496 aggregation, 30km E Middlemount Bare 2 x Freehold
Comments: An aggregation of two freehold properties (6,169ha and 5,151ha) located about 30km east of Middlemount. The land comprised a principal mix of brigalow/blackbutt scrub coutry with about 2,000 hecatres of blacksoil downs, partly cultivated. Both properties are well watered from dams and reticulation schemes plus a water harvest licence from Rolf Creek. Fair fencing with adequate internal subdivision. Extensive structures including two homestead, sheds and yards. Purchased by an established grazier.
Carrying Capacity:3,600 Adult Equivalents (AE) @ 1AE: 3.14 hectares Comparison: Overall our applied rates are broadly inline with this sale, which remains one of the only sales in the CQ area about $8M in the last 18 month period. Including the intensively developed areas on "Lake Learmonth" the valuation recognises slightly higher $/ha and $/AE rates than this sale. Superior overall due to size.______3. "Lurline" 9km N of Comet April 2010 $5,250,000 1,965 $2,672 - $2,672 Bare Freehold and 77.8ha TL Comments: Located at the junction of the Comet and Nogoa Rivers, the block formed part of a larger aggregation owned by an established district farmer. The purchaser originated from North Queensland and is intending to use the property to grow corn and peanuts. No structural improvements Carrying Capacity:l,924 Adult Equivalents (AE) @ 1AE: 2.55 hectares Comparison: A superior quality scrub block with Fitzroy River frontage. Superior quality land in an inferior location and considered inferior by $/ha comparison.
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a) Larger Cental/Coastal Forest Grazing Slaes
Property Sale Date Sale Price Area (ha) / Improved Ex. Structures Tenure ($/ha) ($/BAV) ($/ha) ($/BAV) 4. "Bar H" Ogmore, 150km nroth of May 2010 $8,500,000 5,795 $1,450 $4,542 $1,397 $4,372 Rockhampton $8.4M Bare 1 x GHPL Ex. Plant and Equip. 3 x FH Comments: Comprising a mojority of brigalow, belah and softwood scrub flats, with a balance area of about 1,400 hectares of gum, bloodwood forest, into some rosewood and ironbark ridges. The property is well fecnced and watered by sight dam and four bores. Structural improvements are sound and comprise a large highset home, four bay steel shed and two bay garage. Two sets of stock yards. About $100,000 worth of plant and equipent was included in the sale.
Carrying Capacity:l,850 Adult Equivalents (AE) @ 1AE: 3.13 hectares Comparison: A superior quality scrub block. Both our applied $/ha and $/AE rates are appropriateley below this sale which was considered high at the time. Superior by grazing comparison.______5. "Fitzroyvale Station" 20km east of October $16,600,000 8,156 $1,784 $4,014 $1,705 $3,837 Rockhampton (adjoins) 2009 $14.55M Bare 24xFH Comments: Located 20 kilometres east of Rockhampton and comprising about 7,500 hectares of coastal floodout and lagoons and swamps. Balance areas of forest ridges and flats. Well improved with good waters form 12 dams, three bores and nature swamps and waterholes. Fenced into 18 main paddocks. Extensive structural improvements with a main homestead plus supporting accomodation buildings, sheds and new stockyards. Purchased at auction with good market exposure.
Carrying Capacity:3,625 Adult Equivalents (AE) @ 1AE: 2.25 hectares Comparison: A superior quality alluvial river block. Extensively developed pondage areas of a comparative nature to "Lake Learmonth". Superior over and by unit comparison.______6. "Belbroughton", Bruce Hwy, October $6,000,000 5,792 $1,036 $4,610 $984 $4,329 Marlborough 2009 Bare Freeho|d
Comments: Located about 75 kilometres north of Rockhampton with Bruce highway frontage. Comprises about 50% open plain black self mulching soil grassed with native spear and blue grass. About 1/3 has been improved with unica stylo, aztez atro and callide rhodes. Fenced into 35 paddocks with central laneway system. Well watered with 13 equipped bores and 2 good dams. Stuctural improvements include lowset timber homestead, sheds and yards all in good condition. Sold after auction to a local buyer.
Carrying Capacity: 1,300 Adult Equivalents (AE) @ 1AE: 4.45 hectares Comparison: An inferior quality grazing property. We have applied higher $/ha rates to "Lake Learmonth", recognising its superior land and improvements. This sale was considered high at the time, which is evidenced by the resulting high beast areas values. Inferior to "Lake Learmonth" in all regards.
b) Local Rockhampton Irrigation/Grazing Sales (Relevant to Peicemeal Sale Assessment)
Property Sale Date Sale Price Area (ha) / Improved Ex. Structures Tenure ($/ha) ($/ha) 1. "Glendon" The Caves, 25km N of Janruary $2,200,000 249 $5,774 $4,250 R'ton 2011 $1.435M Freehold x 2 ex. water, including irrigation infrustructure ex. water entitlements Comments: Located north of Rockhampton and comprising gently sloping alluvial flats, originally timbered with coolibah, box and brigalow on heavy clay soils. Irrigation development included 50ha under centre pivot, plus a further 20 hectares available to hydrants with hand shift irrigators. The sale included unsupplemented and supplemented irrigation entitlements (calculated to 555ML annual security availability), with pumping infrustructure located at the Fitzroy River via an access easement. Fences improvements were in fair only condition. Structures were in sound condition with extensive sheds which were formally utilised for dairying/lucearne farming. Sold after an extended marketing campaign. Comment: Supporting values to smaller irrigated Rockhampton district block with riparian water access. The analysis of this sale supports the applied values to the "Lake Learmoth" Flomestead and Farm blocks. 2. Benedict Rd, Stanwell 40km W of September $1,095,000 1,341 $817 $809 R'ton 2010 Bare Freehold Comments: Comprising an aggregation of 11 freehod titles the land was undulating in nature running into rugged hills and escarpment country. Only miner areas of the block were cleared and balcance areas were severaly affected by rubbervine and lantana infestations. Basic waters (dams and creek only), poor quaility fences. No structural improvements execpt for old timber yards in poor condition. Sold at auction with good conpetition to a local land holder.
Comment: Underpins values for rural blocks handy to Rockhampton, accessable to lifestyle buyers. This sale provides sound support to the "Lake Learmonth" Mt Elsa block, which is superior overall due to size and riparian access.
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b) Local Rockhampton Irrigation/Grazing Sales
Property Sale Date Sale Price Area (ha) / Improved Ex. Structures Tenure ($/ha) ($/ha) 3. "Mary's Block" Fairfield Rd, March 2010 $1,500,000 1,303 $1,151 $1,140 Morinish, 50km E R'ton Bare Freehold Comments: The land comprises a gently undulating forest of mixed broad and narrow leaf ironbark, bloodwood, gum with scatterings of suckery box, sally wattle and corkwood wattle. Some brigalow camps in the softer country. Soils tend from puggy clays to stony/gravelly red earth on the low rises. Balance areas comprise about 200 hectares of soft creek alluvials and about 100 hectares of harder escarpment ridges. Fences are adequate and include a plain wire electric 'cell' subdivision. Well watered by dam and pipeline scheme. There are no structures except a set of timber cattle yards. Carrying capacity is assessed at 335 Adult Equivalents (or 255 breeders). Purchased by an adjoining owner and considered to reflect an "adjoining owner" premium of about 15%.
Carrying Capacity:340 Adult Equivalents (AE) @ 1AE: 3.85 hectares Comments: Sound support to the values applied for Mt Elsa Block. Within this sale we note the premium paid by the adjoiing owner. Comparable overall after consideration to the premium included.______4. "Ashgrove" 58 Salsbury Rd, August 2009 $2,050,000 3,852 $532 $463 Bushley, 50km W of R'ton Bare 5 f/h - 3 ghpl
Comments: Comprising a large forest breeder block running into the Mt Morgan range located to the south of Stanwell. The property is benifitted by about 600 hectares of fair to good quility scrub and forest, now mostly severly infested with lantana. Water provisions are limeted and restricted to equipped creek waterholes and dams. Fences are sound to poor and generally comprise mixed older three and four barbed wires on steel post. Structures comprise two dwellings, two shed and two sets of timber stock yards. Carrying capacity is assesed at 460AE (about 370 breeders).
Carrying Capacity:460 Adult Equivalents (AE) @ 1AE: 8.38 hectares Comments: An inferior quality larger range holding in proximity to Rockhampton. Inferior on a $/ha basis to all of the "Lake Learmonth" blocks.
Sales Evidence - Water
We are not aware of any sales of medium security supplemented water within the Fitzroy Zone B above the Barrage Pondage; or any other recent stand alone sales on the lower Fitzroy system.
The following is the only known larger recent sale in the Fitzroy ROP, purchased on a separte contract in conjunction with the acquisition of "Lurline" scheduled above. Detaisl area as follows:
Sale Date: 13/08/2010 Sale Price: $900,000 Volume: 600 ML Location: Mackenzie N Prioroty Group: Medium $/ML $1,500/ML
In luie of weak available evidence for larger water transactions, we have scheduled below known sales of smaller holdings within Zone A (Barrage Pondage). The most recent are:-
Date: Volume (Ml): Purchaser: Price $/ML August 2008 25MI Pye $50,000 $2,000/Ml December 2008 41MI McLeod $82,000 $2,000/Ml May 2009 10MI Sparrow $30,000 $3,000/Ml April 2008 10MI Gemkid Pty Ltd $20,000 $2,000/Ml August 2006 100MI James $182,500 $1,850/MI May 2007 35MI O'Rouke $61,250 $1,750/MI
Our search of the Water Allocation Register at DNR 8tM reveals no other significant sales considered relevant to valuation.
Due to the above average rainfall received since November 2010, demand for water has been limited. In this regard we consider that the water on "Lake Learmonth" would have significantlyimproved market appeal if offered under drier seasonal conditions.
Given the current market conditions, we have applied a rate of $1,450/ML for the subject water.
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Market Comments
The volume of sales in the Central Queensland area has decreased significantly since the market peak about 2007/08. Many of the sales occurring this year to date have been under financial distress and have realised discounts from previous levels due to weak demand. The decrease in rural sale volumes in the Central Queensland area is highlighted by the following table:
Sale transactions (greater than l,000ha) by Local Government Area since 2007:
Year Central Highlands Regional Council Isaac Regional Council Rockhampton Regional Banana Shire Council Council
2007 28 (26.6%) 13 (28.3%) 7 (23.3%) 29 (37.6%)
2008 32 (30.7%) 14 (30.4%) 7 (23.3%) 18 (23.4%) 2009 28 (26.6%) 7 (15.2%) 6 (20.0%) 17 (22.1%)
2010 17 (16.1%) 12 (26.1%) 6 (20.0%) 13 (16.9%)
2011 (YTD) 0 (0.0%) 0 (0.0%) 0 (0.0%) 0 (0.0%)
Total 105 (100%) 46 (100%) 30 (100%) 77 (100%)
By comparison the 2010 year in the Rockhampton Regional Council area remained strong however this was largely contributed to by rural lifestyle purchases around Rockhampton at values generally below about $2M - $3M.
There is weak current demand for higher valued properties due principally to changes in bank lending policy resulting in a restricted rural lending market, which has limited the borrowing capacity of established family operators who have traditionally been the main participants in this market at values between $3M and $10M.
7. VALUATION APPROACH Valuation Rationale The property has been valued by direct comparison with the sales on the basis of analysed values per hectares and per beast. Carrying capacities are assessed at district standards determined by the nature of the country and prospects for sustained stocking under average seasonal conditions.
The use of beast area values interprets economic worth by relating improved land values to current productivity determined by recognition of achievable district standard use, i.e.: the carrying capacity assessed reflects our opinion of highest and best use and, multiplied by improved land values ex structures analysed from the basic sales, produces a value of that economic unit which we contend is a fair indicator of what the market is likely to pay for comparable property.
Although a more subjective number than analysed values per hectare, we accept the use of beast area values as a useful tool in rural valuation to establish relativity and support values determined by applied rates per hectare, providing the carrying capacities adopted are assessed consistently.
Sales Reconciliation "Lake Learmonth" In Aggregation: The available sales indicated a broad range in values from about: $450/ha and $2,300/AE area for inferior coastal range blocks, to; $1,700/ha and $3,800/AE for improved alluvial plains country (Fitzroy Vale). Sales relevant to the "Lake Learmonth" valuation in aggregation are summarised as follows:
Property Date Area (ha) Price Productivity Imp. $/ha Ex. $/ha Imp. $/BAV Ex. $/BAV 1. "Gelobra" October 2010 5,304 $2,500,000 1AE 4.95 ha $471 $463 $2,326 $2,284 2. "D'loc7"May Downs" August 2010 11,320 $13,100,000 1AE 3.14 ha $1,157 $1,112 $3,639 $3,496 3. "Lurline" April 2010 1,965 $5,250,000 1AE 2.55 ha $2,672 $2,672 -- 4. "Bar H" May 2010 5,795 $8,500,000 1AE 3.13 ha $1,450 $1,397 $4,542 $4,372 5. "Fitzroy Vale" October 2009 8,156 $16,600,000 1AE 2.25 ha $1,784 $1,705 $4,014 $3,837 6. "Belbrouqhton' October 2009 5,792 $6,000,000 1AE 4.45 ha $1,036 $984 $4,610 $4,329
"Lake Learmonth' Valuation - (ex. Pivots and Water) 6,464 $6,965,000 1AE 3.05 ha $1,078 $1,069 $3,288 $3,100
"Lake Learmonth' Valuation - (inc Pivots and Water) 6,464 $9,800,000 1AE 2.65 ha $1,516 $1,145 $4,016 $3,034
On this basis we have deemed land value at $1,145 per hectare for the property ex structures.
"LAKE LEARMONTH" 18 March 2011 ROK054095 "LAKE LEARMONTH". YAAMBA Page 13 of 38
Valuation Land Value - 6,464ha as cleared, fenced and watered
@ $1,145/ha / $3,034/AE $7,401,280 Plus added value of structural improvements Homestead and curtilage $175,000 Farm service buildings and yards $223.000 $398.000 Total $7,799,280 For practical real estate purposes Adopt 87,800,000 $1,206/ha / $3,196/AE Plus the value of the separately tradable Medium Priority Allocation 1378MI @ $1,450MI $1,998,100 Total Valuation $9,800,000
Forced Sale Assessment
The expression "forced sale" value is considered by the Australian Property Institute to be inconsistent with the concept of "market value" and represents expressions of property prices achieved under different selling conditions. Herron Todd White, have as such, considered market value where an immediate sale may be required, but also having regard to the mortgagee's duty of care.
Accordingly the current "forced sale" assessment provided is based on:
"a sale by the mortgagee at public auction or within a reasonable period after such auction having regard to the nature of the subject property, after full and proper marketing, and reflects the Valuer's view of the market conditions prevailing at the date of this report.
Given the quality of the property and its location and scale handy to Rockhampton, we consider a discount of 10% to be appropriate, applied as:
Market Value as assessed above at $9,800,000 - discounted 10% $8,820,000
"LAKE LEARMONTH" 18 March 2011 ROK054095 "LAKE LEARMONTH". YAAMBA Page 14 of 38
"Lake Learmonth" Valuaiton by Piecemeal:
Current demand for rural lifestyle blocks in reasonable proximity to Rockhampton has been sound at values below about $3 - $4M. In consideration to this we believe that the aggregation would achieve a gross realisation above the valuation, if sold on a piecemeal basis.
With principal regard to the sales schedule in section b) of the Sales Evidence Seciton, we have applied the following values to "Lake Learmonth" on a piecemeal sale basis.
NB: Due to the current low volume of sales, a sale period of up to 18 months may be required for the market to absorb the three blocks.
Our apportionment is as follows:
'Lake Learmonth" - Homestead Block Land 2,557 ha @ $1,225/ha $3,131,840 Structures 398,000 Water 378 ML @ $1,450/ha $548,100 $4,077,940
Adopt $4,075,000
'Lake Learmonth" - Mt Elsa Block Land 2,151 ha @ $825/ha $1,774,686 Structures Nil $1,774,686
Adopt $1,775,000
'Lake Learmonth" - Farm Block Land 1,757 ha @ $1,865/ha $3,276,320 Structures Nil Water 1000 ML @ $1,450/ha $1,450,000 $4,726,320
Adopt $4,725,000
GROSS REALISATION by PIECEMEAL SALE $10,575,000
DISCLAIMER CLAUSES AND LIMITATION STATEMENTS This valuation is for the use only of the party to whom it is addressed and for no other purpose. No responsibility is extended to any third party who may use or rely on the whole or any part of the content of this valuation. Neither the whole nor any part of this valuation or any reference thereto may be included in any published documents, circular or statement, nor published in part or full in any way, without written approval of the form and context of which it may appear.
ANNEXURES 1. Photographs 2. Title Searches
3. Supplemented Water Allocation
4. Regrowth Vegetation Map
5. Property Map of Assessable Vegetation (PMAV)
6. Cadastral Map
7. Locality Map
8. Letter of Instruction
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Annexure 1 Protographs
Developed Frest Native forest pastures Developed forest into remnant forest
Pondage Pasture Centre Pivot Lake Leannonth
Workshop Machinery Shed Homestead Yards
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Annexure 2 Title Searches
CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072542 Search Date: 04/03/2011 09:07 Title Reference: Date Created: 11/11/1992
Previous Title: 30032165
REGISTERED OWNER
Dealing No: 20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT
ESTATE AND LAND
Estate in Fee Simple
County of LIEBIG Parish of LAKE LEARMOUTH Local Government: ROCKHAMPTON
EASEMENTS, ENCUMBRANCES AND INTERESTS
COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124
ADMINISTRATIVE ADVICES Dealing Type Lodgement Date Status VEG NOTICE 07/02/2011 12:34 CURRENT VEGETATION MANAGEMENT ACT 1999 UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Title Search **
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CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072483 Search Date: 04/03/2011 09:03 Title Reference: Date Created: 15/11/1933
Previous Title
REGISTERED OWNER
Dealing No: 20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT
ESTATE AND LAND
Estate in Fee Simple
County of LIEBIG Parish of LAKE LEARMOUTH Local Government: ROCKHAMPTON
EASEMENTS, ENCUMBRANCES AND INTERESTS
1. Rights and interests reserved to the Crown by
2. MORTGAGE No 20/12/2006 at 08:56 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124
ADMINISTRATIVE ADVICES Dealing Type Lodgement Date Status IVEG NOTICE 07/02/2011 12:34 CURRENT "vegetation MANAGEMENT ACT 1999 UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Title Search ***
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CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072589 Search Date: 04/03/2011 09:10 Title Reference: Date Created: 11/11/1992
Previous Title:
REGISTERED OWNER
Dealing No: 20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT
ESTATE AND LAND
Estate in Fee Simple
County of LIEBIG Parish of LAKE LEARMOUTH Local Government: ROCKHAMPTON
EASEMENTS, ENCUMBRANCES AND INTERESTS
1. Rights and interests reserved to the Crown by
2. MORTGAGE No 20/12/2006 at 08:56 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124
ADMINISTRATIVE ADVICES Dealing Type Lodgement Date Status VEG NOTICE 07/02/2011 12:34 CURRENT VEGETATION MANAGEMENT ACT 1999 UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Title Search ***
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CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072610 Search Date: 04/03/2011 09:11 Title Reference: Date Created: 9
Previous Title
REGISTERED OWNER
Dealing No: 20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT^
ESTATE AND LAND
Estate in Fee Simple
County of LIEBIG Parish of LAKE LEARMOUTH Local Government: ROCKHAMPTON
County of LIEBIG Parish of LAKE LEARMOUTH Local Government: ROCKHAMPTON
EASEMENTS, ENCUMBRANCES AND INTERESTS
1. Rights and interests reserved to the Crown by
(POR 2)
MORTGAGE No 20/12/2006 at 08:56 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124
ADMINISTRATIVE ADVICES Dealing Type Lodgement Date Status VEG NOTICE 07/02/2011 12:34 CURRENT VEGETATION MANAGEMENT ACT 1999 UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Title Search ***
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CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072668 Search Date: 04/03/2011 09:14 Title Reference: Date Created: 30/11/1939
Previous Title
REGISTERED OWNER
Dealing No: 20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT
ESTATE AND LAND
Estate in Fee Simple
County of LIEBIG Parish of LAKE LEARMOUTH Local Government: ROCKHAMPTON
For exclusions / reservations for public purposes refer to Plan
EASEMENTS, ENCUMBRANCES AND INTERESTS
1. Rights and interests reserved to the Crown by
2. MORTGAGE No 20/12/2006 at 08:56 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124
ADMINISTRATIVE ADVICES Dealing Type Lodgement Date Status VEG NOTICE 28/04/2010 13:47 CURRENT VEGETATION MANAGEMENT ACT 1999 VEG NOTICE 07/02/2011 12:34 CURRENT VEGETATION MANAGEMENT ACT 1999 UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Title Search ***
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CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072689 Search Date: 04/03/2011 09:15 Title Reference: Date Created: 13/04/1955
Previous Title: 30032159
REGISTERED OWNER
20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE
ESTATE AND LAND
Estate in Fee Simple
County of LIEBIG Parish of LAKE LEARMOUTH Local Government: ROCKHAMPTON
EASEMENTS, ENCUMBRANCES AND INTERESTS
. by
2. MORTGAGE No 20/12/2006 at 08:56 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124
ADMINISTRATIVE ADVICES Dealing Type Lodgement Date Status VEG NOTICE 07/02/2011 12:34 CURRENT VEGETATION MANAGEMENT ACT 1999 UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Title Search **
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CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072713 Search Date: 04/03/2011 09:16 Title Reference: Date Created: 13/04/1955
Previous Title
REGISTERED OWNER
20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT
ESTATE AND LAND
Estate in Fee Simple
County of LIEBIG Parish of LAKE LEARMOUTH Local Government: ROCKHAMPTON
For exclusions / reservations for public purposes refer to Plan I
EASEMENTS, ENCUMBRANCES AND INTERESTS
1. Rights and interests reserved to the Crown by
2 . MORTGAGE No 20/12/2006 at 08:56 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124
ADMINISTRATIVE ADVICES Dealing Type Lodgement Date Status IVEG NOTICE 07/02/2011 12:34 CURRENT 'vegetation MANAGEMENT ACT 1999 UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Title Search **
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CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072730 Search Date: 04/03/2011 09:17 Title Reference: Date Created: 29/07/1949
Previous Title
REGISTERED OWNER
Dealing No: 20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT
ESTATE AND LAND
Estate in Fee Simple
County of LIEBIG Parish of LAKE LEARMOUTH Local Government: ROCKHAMPTON
EASEMENTS, ENCUMBRANCES AND INTERESTS
1. Rights and interests reserved to the Crown by
2. MORTGAGE No 20/12/2006 at 08:56 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124
ADMINISTRATIVE ADVICES Dealing Type Lodgement Date Status VEG NOTICE 28/04/2010 13:47 CURRENT VEGETATION MANAGEMENT ACT 1999 VEG NOTICE 07/02/2011 12:34 CURRENT VEGETATION MANAGEMENT ACT 1999 UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Title Search ***
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CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072769 Search Date: 04/03/2011 09:20 Title Reference: Date Created: 12/03/1940
Previous Title
REGISTERED OWNER
Dealing No: 20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT
ESTATE AND LAND
Estate in Fee Simple
County of LIVINGSTONE Parish of YAAMBA Local Government: ROCKHAMPTON
EASEMENTS, ENCUMBRANCES AND INTERESTS
1. Rights and interests reserved to the Crown by
2 . MORTGAGE No 20/12/2006 at 08:56 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124
ADMINISTRATIVE ADVICES Dealing Type Lodgement Date Status VEG NOTICE 07/02/2011 12:34 CURRENT VEGETATION MANAGEMENT ACT 1999 UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Title Search **
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CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072888 Search Date: 04/03/2011 09:28 Title Reference: Date Created: 2^^^^35
Previous Title
REGISTERED OWNER
Dealing No: 20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT
ESTATE AND LAND
Estate in Fee Simple
County of LIVINGSTONE Parish of YAAMBA Local Government: ROCKHAMPTON
For exclusions / reservations for public purposes refer to Plan
EASEMENTS, ENCUMBRANCES AND INTERESTS
1. Rights and interests reserved to the Crown by
2. MORTGAGE No ^^^^^^■20/12/2006 at 08:56 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124
ADMINISTRATIVE ADVICES Dealing Type Lodgement Date Status ^^^^^^^VEG NOTICE 07/02/2011 12:34 CURRENT VEGETATION MANAGEMENT ACT 1999 UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Title Search ***
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CURRENT TITLE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072914 Search Date: 04/03/2011 09:30 Title Reference: Date Created: 29/08/1972
REGISTERED OWNER
Dealing 20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT
ESTATE AND LAND
Estate in Fee Simple
County of LIVINGSTONE Parish of YAAMBA Local Government: ROCKHAMPTON
EASEMENTS, ENCUMBRANCES AND INTERESTS
1. Crown by
2. MORTGAGE No 20/12/2006 at 08:56 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 48 123 123 124
ADMINISTRATIVE ADVICES Dea^^ic^^ Type Lodgement Date Status VEG NOTICE 07/02/2011 12:34 CURRENT VEGETATION MANAGEMENT ACT 1999 UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Title Search **
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CURRENT STATE TENURE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072932 Search Date: 04/03/2011 09:31 Title Reference: Date Created: 22/10/1995
DESCRIPTION OF LAND
Tenure Reference:
County of LIVINGSTONE Parish of YAAMBA Local Government: ROCKHAMPTON
Area: 94.898800 Ha. (SURVEYED)
No Land Description
No Forestry Entitlement Area
No Future Conservation Area
Purpose for which granted: PRIMARY INDUSTRY (GRAZING)
TERM OF LEASE
Term and day of beginning of lease
Term: 20 years commencing on 01/07/1992
Expiring on 30/06/2012
REGISTERED LESSEE
Dealing No: 20/12/2006
COMANCHE GRAZING COMPANY PTY LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT
CONDITIONS
Cl The right of resuming the whole or any part of the leased land at any time on giving six (6) months notice and compensating for improvements only shall be reserved to the State.
C2 No compensation for improvements or developmental work shall be payable by the State at the expiration of the term of the lease but the lessee shall have the right to remove moveable improvements within a period of three (3) months provided all moneys due by the lessee to the State on any account whatsoever have been paid. However, should the land be again made available for lease or purchase, the former lessee will be entitled to receive payment for the value of the improvements or developmental work, in accordance with the principles set out in the Land Act 1962. Page 1/3
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CURRENT STATE TENURE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072932 Search Date: 04/03/2011 09:31 Title Reference: Date Created:
CONDITIONS
C3 The lessee shall not at any time destroy any tree upon the leased land without the prior permit in writing of an authorised officer responsible for the region or contrary to any of the terms and conditions of such permit.
C4 The lessee shall not interfere with any forest products or remove any quarry material (including any stone, gravel, sand, earth, soil, rock, guano or clay which is not a mineral within the meaning of the Mineral Resources Act 1989) or other material upon the leased land without the permission of the Minister administering the Land Act 1962 except under the authority of and in compliance in every respect with the requirements of a permit, license, agreement or contract granted or made under the Forestry Act 1959.
C5 The lessee shall allow any person authorised under the Forestry Act 1959 access to the leased land for the purpose of cutting and removing timber or removing other forest products, or quarry material, or other material from the leased land.
J7 The stocking of the leased land shall be managed by the lessee to the satisfaction of the Minister administering the Land Act 1962 and in such a manner as to ensure as far as reasonably possible that a reasonable body of pasturage is available to bona fide travelling stock.
K1 The lessee shall maintain the leased land free from noxious plants.
M76 The lessee shall use the leased land for primary industry (grazing) purposes only.
M76 The rent shall be paid yearly in advance and for the first period to expire 30 June 1993 shall be at the rate of $600.00 per annum.
M76 The annual rent for the remaining rental periods shall be determined in accordance with the provisions of the Land Act 1962.
M76 The lessee shall hold the leased land so that the same may be used for the public purpose for which it was reserved by Order in Council published in the Government Gazette of 18 March 1972 without undue interruption or obstruction.
M76 The lessee shall within two (2) months from the commencement of the term of the lease, at his own expense, provide, erect and maintain erected in prominent positions on the road frontages and at all points where roads enter the Reserve, notice boards to the satisfaction of the trustee of the Reserve stating clearly that the land is a Camping and Water Reserve and that travelling stock and the travelling public have the right to use the land for such purposes. Page 2/3
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CURRENT STATE TENURE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072932 Search Date: 04/03/2011 09:31 Title Reference: Date Created: 22/10/1995
CONDITIONS
M76 The lessee shall during the whole term of the lease maintain the existing fencing on the leased land in a good and substantial state of repair.
ENCUMBRANCES AND INTERESTS
1. Rights and interests reserved to the Crown by Lease No.I
2 . MORTGAGE No 20/12/2006 at 08:56 COMMONWEALTH BANK OF AUSTRALIA A.B.N 48 123 123 124
ADMINISTRATIVE ADVICES - NIL UNREGISTERED DEALINGS - NIL
Caution - Charges do not necessarily appear in order of priority
** End of Current State Tenure Search **
Information provided under section 34 Land Title Act(1994) or section 281 Land Act(1994)
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CURRENT RESERVE SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request No: 11072952 Search Date: 04/03/2011 09:32 Title Reference Date GAZETTED 04/02/1950 PAGE 576
Opening Ref Purpose CAMPING AND WATER Sub-Purpose Local Name Address PINK LAGOON County (R) No R89 LIVINGSTONE File Ref
TRUSTEES
ROCKHAMPTON REGIONAL COUNCIL GAZETTED ON 04/02/1950 PAGE 576
LAND DESCRIPTION
GAZETTED ON 18/03/1972 PAGE 1315 County of LIVINGSTONE Parish of YAAMBA Local Government: ROCKHAMPTON
Area: 94.899000 Ha. (SURVEYED)
EASEMENTS AND ENCUMBRANCES
1. STATE LEASE No 29/05/2000 at 10:28 A State Lease has been created see Title Reference 17738054
ADMINISTRATIVE ADVICES - NIL UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not necessarily appear in order of priority
** End of Current Reserve Search **
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Annexure 3 Supplemented Water Allocations
CURRENT WATER ALLOCATION SEARCH ENVIRONMENT AND RESOURCE MANAGEMENT, QUEENSLAND Request NO: 11069818 Search Date: ui/u3>2ull 15:^>7 Title Reference: ■■■■§ Date Created: 06/06/2006
Previous Title
DESCRIPTION OF ALLOCATION
Allocation Type: ROL WATER ALLOCATION - RESOURCE OPERATIONS LICENCE
Allocation No
Resource Operations Plan: FITZROY BASIN RESOURCE OPERATIONS PLAN
Location: ZONE FITZROY B
Re source Operations Licence: LOWER FITZROY WATER SUPPLY SCHEME
Nominal Volume: 1378.000 Megalitres
Priority Group: MEDIUM
Purpose: AGRICULTURE
Other Conditions: NIL
REGISTERED ALLOCATION HOLDER
Dealing No: 20/12 /2006
COMANCHE GRAZING COMPANY PnC LTD A.C.N. 104 266 784 TRUSTEE UNDER INSTRUMENT^®
ENCUMBRANCES AND INTERESTS
1. MORTGAGE No 20/12/2006 at 08:57 COMMONWEALTH BANK OF AUSTRALIA A.B.N. 4S 123 123 124
ADMINISTRATIVE ADVICES - NIL UNREGISTERED DEALINGS - NIL
CERTIFICATE OF TITLE ISSUED - No
Caution - Charges do not net^essanly appear in order of priority
** End of Current Water Allocation Search **
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Page 1/1
Printed by Espreon 03/03/2011 16:27 PM AEST For: WM Ref: WM Page 1/1
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Annexure 4 Regrowth Vegetation Map
REG ROWTH VEGETATION MAP - Version 2.0
HB97I Vugatation Managamant Ant EgRantial Ragrowth Libels for Vegetation Management Act Essential Ragrcvwth Habltu Habitat with erample label number am sen trad on the subject bL LsMeconaUib to the label n«id in fi? attached eannial Grrwl Barrier Reef Wot larvf Protection Arne rotptnrth habitat database. High value regrowth vegetotion containing □ The high value rogrowth, rogrowth watarcouraa, other watarcouao, Endangered regional ecosystems Great Barrier Reef wetland protection area end eeaarrtiel ragrowth □ High value ingrowth vegetation containing hobitat data shown on tiia mop are rspreaentabanaotthe preinvnary OF Concern regional ecosystems data. □ High value regrowth vagstation that la a Some watarccursa iiaa are derived from QeoScience Australia Lemrt Concern regional ecosystem 1fl60 0DO mapptag.
Remnant Vegototion For fuller Intormolon goto tin webette: (Refer to the Vegetation Management Ad Regional hllpaMwawjdsrm^Mgov-aii or contact Vegetation Management, Ecosystem and Remnant Map also available from the Department of Envtonmeni and Fissures Management Department of Environment and Resource Management website for further information on these areas] Non-remnant PMAV Category X area Queensland -v Regrowth watercourse I St ns am order shown as black number against stream) Other watercourse (St ream order shown as black number against stream where available) A/ Street Lot /V Roads * Mapinfo Australia Pty Ud 2009 Areas covered by a Property Map of Assessable A/ Cadastral line Vegetation (PMAV) ana represented on the map Property boundaries shown are attached as Page 2 to this Regrowth vegetation provided as a locational aid only. Map and pravnad with It. • Towns
Horizontal Datum: Gooctntrie Daunt of Australia 1904(GDA94> * TheSttafl of Quoamtand. Ml 1
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Annexure 5 Property Map of Assessable Vegetation (PMAV)
Property Maps of Assessable Vegetation (PM AVd the pmav dan ah own on rhtara spare a representation ©ifwdati used Data: 03 Mur 11 Tima 17.10.0+ tocrealSGerttnad PMAVs. Variations may OGSirbetawn PMAV boundaries and cadastral boundaries. PMAV dak tattraoratoecadastral Centered on Lot on Plan: boundary data u at tie time of wfifieaKon of the FWAV.The cadastral boundaries shown an tNsmap may hava shifted relatvs to Ihfl PMAV boundortaa u mora accixata cadutal boundary dots hava become available. All datasets are updated as hey beconis auaitatfe lop rawW»tH»most r Category A area arrant I ntormaUcai on ditto dam drown on this map. I J Category 0 area For firttar Irrbrmatfon go a tia wobshs: Category C area http:AVrww.clerm.qM jg ov -aurtw gota don/tadex. hurt or contact Vegetation Managamant, Departmental EnVranmant I I Category X area and Headrace Management Area that i& subject to other PMWa or, if no AV odata, a regional ecosystem map, remriBnt map or regrowth vegetation map A/ Subject Lot A/ Hoads * Map Info Australia Pty Ltd 200& A-/ Codoetrol lino Property boundaries shown are provided as a locational aid only • TRjwng
aClM____ 0______JOiKlm
Horizontal Datum:Geocentric Datun of Auatnlle 1994 (QDAS4I * tfOuMndmi am
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Annexure 6 Cadastral Map
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Annexure 7 Locality Map
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Annexure 7 Property Map
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Annexure 8 Letter of Instruction
ComiWiweaHLi Bank ABM 4B 123123 124 Risk Management Property Consultancy (Qld) Level'll GPO Bra 1423 TeJep bona 240QueBnS1 Brisbane Qd 4001 Facsimile [07) 3237 3043 Brisbane OLD 4000 Australia
Job No: 11020223 Date: 3/02/2011 Herron Todd White (Rockhampton) PO Box 379, Rockhampton,QLD 4700 Refer: Will SVlcLay Please undertake a valuation on behalf of the Commonwealth Bank of Australia for mortgage security purposes. You are to record in your report the instructing party as being the:
Manager (Qld) Commonwealth Bank Risk Management Property Consultancy (QLD) Level 8. 240 Queen St Brisbane, Qld 4000
Refer: Alec Crombie
On behalf of: Commonwealth Bank of Australia Agribusiness Queensland Reference: Shane Sisson Phone Number: Property details are: Customer Name: Graeme Farmer Property Address: "Lake Learmonth", Property Suburb: Morlnish via Rockhampton Qld. Property Description: Refer attached. Contact Name: Graeme Farmer Contact Number Fee: $5,500.00 Inclusive of all costs including GST. Date Required: 25/02/2011 Report Type: Full Rural Report Special Instructions: Please provide an "in Use" and "Alternate Use" mortgage security valuation report of the above irrigation property. Commentary is required on the following items:- 1. the extent of water available for irrigation purposes, 2. and its adequacy for the amount of developed land available 3. The percentage reliability adopted in your valuation 4. The amount of green hectares available given the current licencing arrangements and storage volumes. In addition, you are to provide a valuation of the property assuming it has been subdivided into 3 tots An In Use and Alternate Use value is required for the portion containing the Water Alienations and irrigation land
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Annexure 8 Letter of Instruction
Contents of the report should, as appropriate, be to the API Model Instructions to Valuers and the CBA Instructions as outlined in your letter of appointment to conduct valuations for the CBA.
Please also include in your report the followings: - statement to the effect that the valuer producing the valuation has no direct, indirect or financial interests, or otherwise in the property described in the report; - statement to the effect that the valuation has been undertaken in terms of instruction provided by the CBA.
In terms of arrangements, payment of our agreed fee will be made following delivery of 3 copies of the report to this office. (Residential short report to be faxed only}.
Your invoice with both your invoice number and valuers reference number must be included with the reports. We wifi then forward the report (after review) to the above Branch/Business Banking Unst.
NB. Any delays or problems you may envisage should be notified to RMPC (our reference) as soon as possible. The estimated value andfor a copy of the valuation report should NOT be directly forwarded to the Branch without RMPC confirmation.
Yours sincerely,
AJec Crombie Agribusiness Consultant Risk Management Property Consultancy
Attachments: Real Property Description
Notice of Confidential Information This facsimiled Utter Is Intended only for the use Of the addressee, if you are not the addressee, you are requested not to distribute or photocopy this ■facsimile, If you have received this facsimile/letter in error, please immediately notify the sender and destroy the original message.
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