Albany IM A1

INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTRELandmark Albany Development SiteBlock A1, Albany City Centre, AucklandBruce Whillans Kathy Ying Whillans Realty Group Limited Whillans Realty Group Ltd. (REAA 2008)M: (021) 985 619 M: (027) 805 1528 Level 3, The AnnexP: (09) 304 1453 P: (09) 304 1453 41 Shortland StreetE: [email protected] E: [email protected] Auckland 1010

BLOCK A1

INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTREContents 1-2 3-401 Introduction 5-602 Block A1 - Executive Summary 7-803 Block A1 - Zone Summary 9-1404 Location 15-1605 Development Concepts 17-1806 Subdivision Concepts 19-2007 Location - Development Underway 21-2208 Estate Zoning 2509 Block A1 Title 2610 Sales Process and Contact11 Disclaimer

BLOCK A1 Westield Albany Albany Lakes Reserve Proposed CountdownPark & Ride Station Carl’s Jr / KFC

INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTRE PAK’n SAVE Massey University North Harbour StadiumRosegarden Apartments The Foundation

01 Introduction One of the last signiicant commercial/mixed use land blocks on Auckland’s North Shore.Ray White Commercial, as master agent, are pleased to offer the freeholdinterest in Block A1, located in the Albany City Centre; one of New Zealand’s Flexible mixed-use zone with huge scope for amost strategically positioned land holdings and a key growth area for new landmark retail and apartment development.Auckland. Surrounded by world class infrastructure andLocated 20 kilometres (20 minutes drive) north of the Auckland CBD, in one of the country’s fastest public transport, and a rapidly growing anddeveloping regions, the entire Albany estate is being developed into a mix of retail, ofice, residential and wealthy population base.other commercial activities. Coveted retail Auckland precinct, home toHome to major retailers including The Warehouse, Pak’n Save, Mitre10 Mega, and one of the largest Westield, Pak’n Save, Mitre10, and TheWestield shopping centres in the Southern Hemisphere, Albany City Centre has become a pre-eminent Warehouse.retail destination in Auckland, drawing from a catchment which includes some of the country’s wealthiestand fastest growing suburbs. Several hundred million dollars worth of development planned and underway by GoodmanAs a prime 3.1702 hectare development site, Block A1 presents investors with a blank canvas to develop Group and Progressive Enterprises.a high proile mixed-use scheme next to State Highway One (SH1). Beneitting from it’s lexible mixed-usezone, Block A1 can accommodate ofices, retail shops, entertainment facilities and apartments. -1-Block A1 is the last development site within the Albany Estate that is available through the original developer.It offers investors incredible scope to create a new landmark mixed-use development on Auckland’s northerngateway.Bruce Whillans Kathy YingManaging Director - Ray White Commercial Commercial Broker

INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTREConcept Scheme Artist Impression -2-

02 Block A1 - Executive SummaryBlock A1Address 98 McClymonts Road, Albany City Centre, AucklandLand Area (ha) 3.1702 ha (freehold)CV 2014 $21,400,000The Opportunity Beneiting from a mixed use zone, Block A1 is the only available site in the estate that is not subject to a Westield land use covenant. This allows Block A1 to be developedCurrent Zoning as a shopping mall with associated department stores.Site Background Enjoying wide exposure to the Northern Motorway and opposite Progressive Enterprises proposed Countdown development, Block A1 has had previous resource consent to build a 35,000m2 mixed-use shopping centre and ofice complex. With Auckland and the North Shore both facing a shortage of new housing, Block A1 also offers the potential for a high-rise apartment development. 11A 'Main Street Focus' Zoned 11A under the North Shore City District Plan, permitted activities include ofices, residential apartments, retail, cafes, restaurants and entertainment uses. In July 2009 land use consent was granted to develop a multi-level 35,150m2 bulk retail development, with provision for 2,600m2 of ofice space and 856 carparks. The site plan of the development from Ignite Architects (opposite), depicts a central retail mall surrounded by a cluster of major bulk retailers. This consent is subject to lapse in 2019, 10 years after the original consent was granted. Floor plan of approved ofice/mall/bulk retail development -3-

INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTREBLOCK A1 -4-

03 Block A1 - Zone SummaryZone 11A ‘Main Street Focus’ Basic Floor Area 4 to 1 RatioActivities Activities within the Business 11A zone should support the Max Floor Area 6 to 1 Ratio development of a vibrant main street that encourages daytime and Building Coverage Unlimited Parking On-sites in the Business 11A zone fronting the local street (main evening use of the area through a mix of activities that includes street) or collector (main) street there shall be no parking between any building and the street. Parking shall be located to the rear of, within or retail, cafes, restaurants, cinemas, ofices and above ground loor under the buildings. residential apartments.Minimum Apartment Minimum unit sizes shall be as follows:Sizes i) Studio/one bedroom unit =40m2 ii) Two bedroom units =55m2 iii) Three or more bedroom units =70m2 provided that no more than 30% of the units within a development shall be less than 55m2.Maximum Height There is a height limit of 30 metres, with control lexibility to an unlimited height, when speciic assessment criteria are met. This lexibility allows for high intensity development on Block A1. However, NOTE: The above zone and development control summary are intended as a guide only and should not be relied upon as a statement of fact. We recommend that all parties seek buildings should be designed to avoid, remedy or mitigate adverse independent planning advice before submitting an offer on the property. effects on public open space and residential development on the eastern side of State Highway 1 (namely shadowing and wind tunneling effects). This is likely to restrict the ultimate height of buildings within certain parts of the zone. It should be noted that under the proposed unitary plan Block A1 will have a 72.5m height limit. -5-

INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTRE GILLS RD 100 50 0 Metres JOY ST MEDALLION DRV 1:7,0LI0VI0NG ST REAM RD MASONS RD ST MILLS LANE GOLD OTEHA VALLEY RD ELLIOTT ROSE AVE LIS MORE WAY CORNERSTONE DRV APPIAN CORBAN AVE CARROWMO SPENCERBLOCK A1 WAY RD RE ALBANY HWY CIVIC CR STATE HWY 1 COLISEUM DRV DON CORINTHIAN DRV MCKINNON DRBLOCK A1 STATE HWY 17 MERCARI WAY BUSHLANDS PARK DRV GREVILLE RD BUSH RD PUKATEA AVE SOPHORA WAY VILLANOVA PL CLEMOWS LANE EXCELSA PL TAWA DRV PL Legend MIRO recreation zones primary axis arterial local street (public) civic precinct secondary axis local street (public / private) proposed reserves collector (commercial) pedestrian and / or cycle routes APPENDIX 10 collector (mainstreet) landmark collector (civic crescent) squares local street (commercial) local street (mainstreet) NORTH SHORE CITY DISTRICT PLAN ALBANY CENTRE - structure plan -6-

04 Location WhangaparaoaAlbany is situated approximately 20 kilometres north of Key Albany City Developments NSH-1Auckland’s Central Business District in North Shore City. Thisarea, together with the adjacent Rodney District and Waitakere • The Sydney based Goodman Group have begun promoting Albany CityCity is currently undergoing rapid population growth with an their 12.1ha Orchard Park development at the southernestimated 200,000 new residents forecasted to reside here over end of Albany City. Their intention is to replicate the Takapunathe next 20 years (Statistics NZ medium projection). standard they have set at Highbrook, with the development CBD of ofice buildings up to four storeys and loor plates ofApproximately 10 years ago North Shore City Council (NSCC) 500-600m².identiied that North Shore City was primarily a residential region Refer: www.orchardpark.co.nz / www.highbrook.co.nzand had limited land zoned for business use. This had becomea key contributing factor to employment leaving the region, • In June 2012 Auckland Transport doubled the parkingwith approximately 40% of North Shore City residents working capacity of it’s Albany Park & Ride bus station to 1,100outside the city, many of them commuting to Auckland City. spaces.This resulted in lost economic beneits for the region as well aspeak hour trafic congestion issues. SH-18At this time, and in conjunction with the Auckland Regional WestgateCouncil, the NSCC identiied Albany City as a major, futureurban centre for North Shore City.The substantial development planned and already underway for SH-16the Albany area is underpinned by not only strong populationgrowth rates but a catchment which includes some of theregions wealthiest suburbs. -7-

INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTRETakapuna Orchard Park Auckland CBD Westfield Albany Albany Mega Centre Massey University BLOCK A1Park and Ride KFC / Carls Jr Proposed Countdown Rosegarden Apartments The Foundation North Harbour Stadium -8-

05 Development ConceptsNOTE: The development and subdivision concept plans are intended as a guide only and should not be relied upon as a statement of fact. We recommend that all parties seek independent planningadvice before submitting an offer on the property. -9-

INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTRE Residential Tower Residential ResidentialThe Lakeside Auckland’s best lifestyle precinct Hotel Residential ResidentialSite Plan | 1:1500 21 -10-

05 Development Concepts 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bathroom 2 Bathroom 2 Bathroom 2 BathroomThe Lakeside 87sm 75 sm 75 sm 81 sm Auckland’s most dynamic apartments 2 Bedroom 1 Bedroom 1 Bedroom 3 Bedroom 2 Bathroom 1 Bathroom 1 Bathroom 2 Bathroom 80 sm 61 sm 47 sm 101 sm Plan | Residential Tower, not necessarily to scale and indicative only. 23 -11-

INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTRE Standard Suite Superior Suite 1 Bathroom 1 Bathroom 1 Bathroom 28 sm 36 sm 58 smThe Lakeside Auckland’s premier hotel suites Corner Suite Standard Balcony Suite 1 Bathroom 1 Bathroom 1 Bathroom 61 sm 28 sm 28sm Plan | Hotel 25, not necessarily to scale and indicative only. -12-

     TOTALS     Concept Scheme Plan Under The Current District Plan05 Development Concepts                                  HOTEL RESIDENTIAL RETAIL CARPARKING    KEYS AREA 1 BED 2 BED 3 BED AREA 1.1 1.2 1.3 AREA 1.1 1.2 1.3 AREA A1 TOTAL 248 12,370 185 305 86 56,235 1,415 1,295 0 2,710 532 348 188 37,380 -13-

TOTALS     INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTRE          Concept Scheme Plan Under The Proposed Auckland Unitary Plan                               HOTEL RESIDENTIAL RETAIL CARPARKING    KEYS AREA 1 BED 2 BED 3 BED AREA 1.1 1.2 1.3 AREA 1.1 1.2 1.3 AREA A1 TOTAL 279 13,810 236 418 113 74,970 1,415 1,295 0 2,710 710 368 238 46,060 -14-

06 Subdivision Concepts -15-

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07 Location - Development UnderwayCorinthian Retail Centre, 21-25 Corinthian Drive Rose Gardens, 25 Don McKinnon Drive The Foundation, 270 Oteha Valley RoadLocated at 14 Corinthian Drive, Stage One of the Corinthian Retail Overlooking the Albany Lakes Reserve and Civic Park, ground works Completed in 2014, The Foundation is a fully leased retail centreCentre was completed in 2014. The development features 13, are underway for the Rose-Garden Apartments. Stage one is a 200- anchored by Oporto Chicken, a Lone Star Restaurant and a70m2 - 115m2 separate retail units. bed development consisting of one to four-bedroom apartments with Bridgestone Tyre Service Centre. lexible live/work options and ground loor commercial tenancies.www.orchardpark.co.nz Stages two and three will encompass a further 13,300m², with the total number of apartments in all phases eventually numbering around 800. www.rosegardens.co.nz -17-

INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTREOrchard Park, Corinthian and Oracle Drive KFC / Carl’s Jr, 341 Oteha Valley Road Countdown Supermarket, 55 Don McKinnon DriveDevelopers of world class ofice parks and industrial estates, Restaurant Brands has opened a new KFC and Carl’s Jr Having secured a 3.3 hectare site at blocks D2-D3, Donthe Goodman Group are planning an integrated ofice park with restaurant on the corner of Oteha Valley Road and Munore Lane. McKinnon Drive, Progressive Enterprises are planning a newmodern, eficient, and sustainable facilities at the southern end Countdown Supermarket.of the Albany City Centre. On-site amenities and co-ordinated www.orchardpark.co.nz / www.highbrook.co.nzlandscaping will be integrated into a masterplan that represents www.progressive.co.nzthe latest thinking in land use planning. Goodmans intention is toreplicate the standard set at their Highbrook business and lightindustrial park in South Auckland.www.orchardpark.co.nz / www.highbrook.co.nz -18-

08 Estate ZoningBusiness 11A Business 11B Business 11C‘Mainstreet Focus’ zone aims to provide a pedestrian retail link ‘Employment Focus’ zone is primarily an ofice zone incorporating ’Residential Focus’ zone is a high density residential zone, whichbetween the park and ride station to the Albany Lakes Reserve minor amounts of convenience retail on the ground loor with provides for small amounts of convenience retail and restaurantsand Westield Shopping Centre. Development is to include main residential permitted on the third loor or above. and up to 10,000 m² of healthcare facilities. This zoning may allowstreet retail with building frontages adjacent to the footpaths. for the development of age care facilities (retirement villages) andResidential development is permitted above the ground loor level. Height Limit 30 metre height limit for those sites fronting residential apartment towers. Yards the North Entry road and 20 metre heightPermitted FAR 4:1 limit for the land fronting Appian Way. FAR unlimitedMaximum FAR 6:1 Height Limit 20 metres on Lots 2 & 3 and unlimited on Lot 1.Max Height No yards are required in this zone. 20 metres (apart from Lots Five and One on A minimum height of 4 storeys for at least 80% of the Eastern side of the centre which have an Business 6 the building footprint is required. unlimited height allowance) ‘Ofice Park’ zone provides for medium rise ofice development. Business 11DYards No yards are required under this zone with a ‘General Business’ zone provides for certain retail activities minimum height of two storeys for 100% of including; service stations, drive-through facilities, car-sales the building footprint and 30 metres of the Permitted FAR 2:1 showrooms or retailers of automotive and marine related products, street frontage to collector and (main street) hardware and building suppliers, garden centres, retailers of arterial roads. Yards Building coverage is unlimited furniture, loor coverings, household appliances, transport related activities, and convenience stores of 200 sqm or less, or cafes andBusiness 7E restaurants.‘Business Park’ zone provides for low density ofice and minorretail uses.Maximum FAR 1.5:1 FAR unlimitedHeight Limit 9 metres, with potential for a bonus height allocation up to 15 metres. Max Height 20 metres (except for the land fronting the NorthYards Maximum 40% site coverage Entry, which has a maximum height of 30 metres) -19-

INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTRE Orchard ParkCountdown Development -20-

09 Block A1 Title -21-

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INFORMATION MEMORANDUM BLOCK A1, ALBANY CITY CENTRE11 DisclaimerDisclaimer1.1 This conidential Information Memorandum (“Memorandum”) has been or implied) conveyed directly or indirectly to Investors in relation to the Property. Inprepared by Whillans Realty Group Limited, Licensed Real Estate Agent (REAA 2008) addition, no representation is made by Whillans Realty Group Ltd that there has been(“Whillans Realty Group Ltd”). Neither this Memorandum nor the information contained no change in the state of the Property either before or after the date of provision of thisin it nor any other information supplied by Whillans Realty Group Ltd to the Investor Memorandum, or as to the future prospects or performance of the Property.forms the basis of any contract or any other legal obligations. 1.4 In particular, this Memorandum includes certain statements, analyses,1.2 The Memorandum has been prepared solely for information purposes in budgets and projections provided by Whillans Realty Group Ltd. Such statements,order to assist potential investors (“Investors”) in making their own evaluation of the analyses, budgets and projections relect various assumptions made by WhillansProperty and does not purport to contain all the information that Investors may require. Realty Group Ltd which may or may not prove correct. While the statements,Investors should, amongst other things, conduct their own investigations and analysis analyses, estimates, budgets and projections contained in this Memorandum andof the Property and the information set out in this Memorandum. By accepting this attributed to Whillans Realty Group Ltd have been carefully developed, represent theMemorandum, Investors acknowledge that Whillans Realty Group Ltd disclaims view of Whillans Realty Group Ltd and have been arrived at on the basis of the bestany liability to reimburse or compensate Investors for any costs, losses or expenses information available at the date of this Memorandum, no representations or warrantiesincurred by Investors in evaluating the Property or otherwise acting in connection with are made by Whillans Realty Group Ltd as to the accuracy and completeness of suchthe process of evaluating the Property. statements, analyses, estimates, budgets and projections.1.3 Whillans Realty Group Ltd has not independently veriied nor audited any 1.5 This Memorandum is for the sole use of persons directly provided with it byof the information, including projections or budgets contained in this Memorandum. Whillans Realty Group Ltd and is not to be resupplied to any other person withoutNeither Whillans Realty Group Ltd nor any of its shareholders, directors, employees, the prior written consent of Whillans Realty Group Ltd. Use by, or reliance upon thisadvisors or agents, make any representation or warranty as to the accuracy or Memorandum by any other person is not authorised by Whillans Realty Group Ltd andcompleteness of the information contained in this Memorandum (or any other written without limitation to the above disclaimers, Whillans Realty Group Ltd is not liable foror oral communications to the Investor) and those parties shall have no liability any loss arising from such unauthorised use or reliance.(including for negligence) for any statements, opinions, information or matters (express -26 -

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For Sale by Tender Closing: 4:00pm 14th April, 2015 (Unless Sold Prior)Ray White Commercial Bruce Whillans Kathy YingWhillans Realty Group Ltd, Licensed (REAA 2008) Managing Director Commercial BrokerLevel 3, The Annex, 41 Shortland Street Telephone: +64 (09) 304 1473 Telephone: +64 (09) 304 1473Telephone: +64 (09) 304 1453 Mobile: +64 (21) 985 619 Mobile: +64 (27) 805 1528Fax: +64 (09) 368 1460 Email: [email protected] Email: [email protected]