Valuation Report
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VALUATION REPORT Property known as: “Wagtail Park” Stockdill Drive Belconnen ACT 2616 Prepared for: G.J. & G.M. TREVASKIS 170 Osburn Drive Macgregor ACT 2615 Purpose: Evidence of Value of the whole and a number of parts of the property and compensation for a proposed easement. Date of Valuation: 21 September 2015 “Wagtail Park”, Stockdill Drive Belconnen ACT, 2616 21 September 2015 Shearing Shed on the property Typical Landform view to south east from centre of block 2 SVS “Wagtail Park”, Stockdill Drive Belconnen ACT, 2616 21 September 2015 Contents Page 1. EXECUTIVE SUMMARY .......................................................................... 4 2. INTRODUCTION .................................................................................... 6 3. LAND DETAILS ....................................................................................... 8 4. TOWN PLANNING ............................................................................... 10 5. SITE DETAILS ....................................................................................... 11 6. IMPROVEMENT DETAILS ..................................................................... 14 7. SALES EVIDENCE ................................................................................. 16 8. MARKET OVERVIEW ........................................................................... 21 9. VALUATION ......................................................................................... 22 10. Contact Details ................................................................................... 37 Assumptions, Disclaimers, Limitations & Qualifications ................................ 38 Annexures Annexure I Instruction Annexure 2 Crown Lease Annexure 3 Location Map Annexure 4 Certificate of Title Annexure 5 Aerial Photograph Annexure 6 Block 1601 Consolidation Plan 3 SVS “Wagtail Park”, Stockdill Drive Belconnen ACT, 2616 21 September 2015 1. EXECUTIVE SUMMARY Instructing Party: G.J & G.M TREVASKIS. 170 Osburn Drive Macgregor ACT 2615. Property Address: “Wagtail Park”, Stockdill Drive Belconnen ACT Legal Description: Blocks 1601 & 1602 District of Belconnen Property Description: ACT Rural Leasehold property situated on the western fringe of Belconnen close to the Molonglo Water Treatment Works. Improved with a three stand Shearing Shed and farm/horse buildings and improvements. Property is developed for sheep and cattle grazing. Site Area: 327.28 hectares Date of Inspection: 21 September 2015 Significant Issues: • Rural ACT location • Proximity to Canberra CBD • Basic Farm improvements • No residence but single dwelling right Valuation Approach: Direct Comparison with sales. Date of Assessment: 21 September 2015 Valuations: 1. Switching Station Site $190,000 2. Water Reservoir Site $130,000 3. Easement for Power Lines $268,500 4. Whole 327.28 ha $2,460,000 5. Block 1602 – 12.98 ha $195,000 4 SVS “Wagtail Park”, Stockdill Drive Belconnen ACT, 2616 21 September 2015 6. Pt 1602 – 6,000 sqm site $25,000 NB: The above assessments are GST exclusive. D.P.LOVELL F.A.P.I. CPV B.A, B.Bus. NSW Reg. Valuer No. 474 “Liability limited by a scheme approved under Professional Standards Legislation” Specialised Valuation Services Pty Ltd ACN 138601279 PO Box 206 Hall ACT 2618 Tel: 0408624020 Fax: 0262302003 5 SVS “Wagtail Park”, Stockdill Drive Belconnen ACT, 2616 21 September 2015 2. INTRODUCTION 2.1 Instructions We refer to email instructions received from Tom Gordon of the Land Development Agency (LDA) dated 19 October 2015 to provide a valuation report for the property known as “Wagtail Park” 1601 Stockdill Drive Belconnen ACT. The LDA proposes to acquire a number of interests in the land up to and including the whole. These interests are summarised below. The report is to be comprised of a number of separate valuations as follows: 1. Land for a Switching Station Site- 4 ha; 2. Land for a Water Reservoir Site – 2 ha; 3. An Easement for Powerlines – Plans to be provided, area subJect to survey, estimated 6 ha; 4. The whole of the property i.e. Blocks 1601 & 1602 – 327.28 ha; 5. Land being Block 1602 – 12.98 ha vacant block; 6. Land being Part Block 1602 – 6,000 square metre site for dog kennels; NB: the assessments are to exclude all items of stock and plant situated on the property and deemed to be removable. In respect of the assessments we are specifically instructed to have regard to the compensation principles set out in Part 5 of the Lands Acquisition Act 1994 and other Sections as applicable to ensure that all Landowner entitlements are accounted for. We are further instructed to assume an acquisition by agreement in terms of Section 32 of the Act. A copy of the email Instruction is included at Annexure 1 We confirm that Specialised Valuation Services has undertaken the assessment based on the assumptions outlined, and our inspection of the property. 2.2 Date of Inspection and Valuation 21 September 2015 2.3 Market value definition Market Value is defined by the International Valuation Standards Council as follows: “Market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing, wherin the parties had each acted knowledgeably, prudently and without compulsion.” This is the definition adopted by the Australian Property Institute. 6 SVS “Wagtail Park”, Stockdill Drive Belconnen ACT, 2616 21 September 2015 Within the Lands Acquisition Act 1994 it is defined at Section 46 as follows: For this division, the market value of an interest in land at a particular time is the amount that would have been paid for the interest if it had been sold at that time by a willing but not anxious seller to a willing but not anxious buyer. The definitions are consistent with each other. 2.4 Valuers Certification The Valuer undertaking this valuation certifies that he is authorised under law to do so and further confirms that he has no past present or future contemplated interest in the property which would conflict with its proper assessment in the terms of the instructions. The valuation has been prepared in accordance with Australian Property Institute standards. 2.5 Extension of Liability and Third Party Reliance This report is only for the party to whom it is addressed and for the purpose outlined in the instruction. Use or reliance on the report by third parties is not authorised and Specialised Valuation Services is not liable for any loss arising from such unauthorised use or reliance . Under no circumstances is the report to be used for mortgage security purposes . 7 SVS “Wagtail Park”, Stockdill Drive Belconnen ACT, 2616 21 September 2015 3. LAND DETAILS 3.1 Legal Details Crown Lease granted pursuant to the provisions of the Land (Planning and Environment) Act 1991 and Regulations thereunder. Sections 167 & 186 C & D of the Land Act apply. Real Property Description (Leasehold) Blocks 1601 and 1602 District of Belconnen Site Area Block 1601 314.30 hectares Block 1602 12.98 hectares Total 327.28 hectares Registered Proprietors (Crown Lessee) Graeme John and Glenis Margaret Trevaskis. As Joint tenants Unexpired Term As 87 years of an original 99 year term commencing on 10 th November 2003. Purpose Clause To use the premises only for the purpose of agriculture not including the agistment of horses and ancillary thereto keeping a maximum of eight (8) horses for personal use and one (1) dwelling. No building shall be erected within the Lower Molonglo Water Quality Control Centre 1 kilometre clearance zone. Annual rent 5 cents per annum if and when demanded. We have been provided with a Title Search of the property and the Crown Lease and have also relied upon information sourced from Local Authority databases. A copy of the Certificate of Title (Annexure 4) and Crown Lease (Annexure 2) are attached. 8 SVS “Wagtail Park”, Stockdill Drive Belconnen ACT, 2616 21 September 2015 3.2 Encumbrances The following notations appear on the Certificate of Title as at 22/10/2015: • Original title is Volume 1680 Folio 9 • Purpose Clause : Refer Crown Lease • Easement in Crown Lease: Current • S.167(5) Land Act 1991: REFER 3(B) OF CROWN LEASE • S.186C & D Land Act 1991: Applies for Term of Lease • EASEMENT IN GROSS: Created by TG 1193041 • Easement in Gross (continued by S.91A/91B/91C Land Titles Act 1925) • Mortgage to COMMONWEALTH BANK OF AUSTRALIA (continued by S.91A/91B/91C Land Titles Act 1925) Our valuation ignores any mortgages or other financial charges which may affect the land. To the extent that any leases, easements or covenants impact on the land they have been considered in the valuation. Sections 186C & D relate to the management of and dealing with rural leases. Section 167 (5) relates to the eligibility to hold rural leases. We note that the “windfall gains” requirements associated with the granting of 99 year rural leases no longer apply to the property. We note that under Deposited Plan 9609 & 9992 there is a 15.61 metre wide and variable width easement for access and maintenance through the centre of Block 1601. There is also a proposed easement for powerlines under DP6946 91.5 metres wide for transmission line. (See Consolidated Block Plan for block 1601 at Annexure 6 3.3 Territory Owned Improvements The Crown Lease identifies that the Territory owned improvements of timber treatment apply on the hachured section of the land shown on the Crown Lease. This comprises around 32.52 hectares and is of practical consequence only in the event of compulsory