Young Academics 88 Landa Street (Corner Flint M Clelland ... · Young Academics. The property will be for sale by way of Auction, to be held from 11.00am AEST on Tuesday 8 August

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Young Academics Lithgow NSW 88 Landa Street (Corner Flint Mc Clelland Avenue)

Information Memorandum

Auction 11am AEST Tuesday 8 August 2017

Doltone House, Hyde Park, Sydney NSW

Table of Contents

Introduction 4

Investment Features 6

Key Childcare Sector Attributes 8

Property Details 12

Lease Details 13

Tenant Profile 13

Location 15

Location Maps 16

Income Tax Savings Depreciation 17

Market Evidence 17

Sale Process 18

Contact 18

Property Management 19

Disclaimer 20

Appendices

Title & Plan

Building Plan

Lease Schedule

Burgess Rawson 32 Lithgow NSW, Childcare Centre, Information Memorandum

Introduction

Burgess Rawson is delighted to offer the freehold interest in the childcare investment located on 88 Landa Street, Lithgow NSW, and leased to Young Academics. The property will be for sale by way of Auction, to be held from 11.00am AEST on Tuesday 8 August 2017, at Doltone House, Hyde Park, 181 Elizabeth Street, Sydney.

Burgess Rawson

Since being established in 1975, our Sales, Leasing, Property Management, Valuation and Advisory services fulfil the complete and ongoing needs of our clients. Burgess Rawson has a network of offices throughout Australia and extensive regional partnerships with local property specialists, giving unmatched depth and reach in all commercial property market sectors.

Burgess Rawson’s iconic Portfolio Auctions are held in Melbourne and Sydney bringing together a diverse range of national commercial and investment grade properties.

Based on our knowledge and experience, Burgess Rawson are confident in recommending the property as an outstanding childcare investment opportunity.


Building Area • 642 sqm

Site Area • 2,735 sqm

Title Details • Lot 2 on Plan of Subdivision 1231174

Lease • Term: Ten (10) years from 8 May 2017 to 7 May 2027 • Options: One (1) x ten (10) plus two (2) x five (5) years

from 8 May 2027 to 7 May 2047

Net Income • $215,000 p.a. + GST and Outgoings

Method of SaleFor sale by Auction on Tuesday 8 August 2017 at 11am Doltone House, Hyde Park, 181 Elizabeth St, Sydney

Investment Features • New 10 +10 + 5 + 5 year lease to Young Academics to 2047

• Young Academics ELC: successful early learning education provider with 7 centres in operation plus a further 4 centres to open in 2017

• Minimum 3.5% annual rent increases plus market review at options with ‘ratchet’ provisions ensuring guaranteed rental growth

• Tenant pays all outgoings/ Substantial tax depreciation savings

• Brand new 642 sqm purpose-built facility, licensed for 85 LDC places

• Significant 2,735 sqm corner site with 31 on-site car spaces

• Strategic location opposite KFC, 50 metres from the Great Western Highway, 1km from Lithgow Hospital and two universities and, 1.2km from ALDI and Coles anchored Lithgow Shopping Centre

• Lithgow: located 140km west of the Sydney CBD and the ‘gateway’ to the central west, with a trade catchment of over 230,000 people

Adam Thomas 0418 998 971 [email protected]

Natalie Couper 0413 856 983 [email protected]

Michael Vanstone 0403 580 528 [email protected]


Key Childcare Sector Attributes

According to the Department of Education and Training report for the September 2015 quarter, the future looks bright for childcare investments with over 1.2 million children attending some form of approved childcare service in Australia. This has been steadily growing and has increased by 5.7% on the previous year.

According to IBIS World, a baby boom is coming – with the rate of births expected to increase by 6.4% over the next few years as the workforce ages.

The demand for childcare is being driven by a number of industry factors including:

• The high cost of living driving parents back to work

• The desire of more women to maintain careers than in the past

• The government’s position that female workforce participation is good for the economy.

• The Australian Government subsidies the cost of child care for eligible families through the Child Care Benefit and the Child Care Rebate to help parents with the cost of approved child care.

During the September 2015 quarter, the total estimated expenditure on Child Care Benefit and Child Care Rebate was over $1.8 billion, 64% of which was paid in relation to families using Long Day Care services.

Under the proposed federal Budget the new Child Care Subsidy will replace both existing government subsidies where families earning up to $65,000 will be able to receive up to 85% off the cost of their childcare back in subsidies. This rate reduces with higher incomes, with families earning over $170,000 potentially receiving 50% back.

Nationally, total government recurrent and capital expenditure on childcare services was $8.6 billion in 2014-15 (an increase of 9.6% from 2013-14). Over the last five years, the average annual growth rate of real expenditure was 10.6% which may push up demand for childcare even further.

Source: ABS and Department of Education and Training

n NSW

n VIC

n QLD

n SA

n WA

n TAS

n NT

n ACT

34.1%

22.6%

24.4% 6.2%

8.2%

1.7%0.8%2.2%

Children using Long Day Care by State and TerritorySeptember Quarter, 2015



LocationThe subject property is situated within an established and evolving residential precinct. Located 50 metres from the Great Western Highway, directly opposite KFC and 1 kilometre from Lithgow Hospital, Universities and 1.2 kilometres from Lithgow Shopping Centre.

Site DescriptionThe subject site is mostly irregular in shape. In accordance with the Title Plan, the property has the following boundary dimensions:

• Northern boundary 37.00m (Flint Mc Clelland Ave)

• Southern boundary 60.83m

(Lithgow Street frontage)

• Western boundary 49.33m

(Landa Street)

• Eastern boundary 59.51m

• Total area 2,735 sqm

Building Area • 642 sqm

Car parking • 28 at grade car spaces

Building Description Brand new purpose-built childcare facility licensed for 85 LDC places. The facility is finished to a high standard and comprises the following construction components:

Building Construction • Footings: Reinforced concrete

• Floors: Reinforced concrete slab

• Floor coverings: Combination of vinyl & carpet

• External walls: Combination of exposed brickwork and matrix board

• Internal lining: Painted plasterboard

• Lighting: Recessed downlights

• Windows: Aluminium framed

• Doors: Aluminium framed

• Ceilings: Painted plasterboard

• Roof: Colorbond

Landscaping

Comprises of natural grass and tan bark to play equipment plus concrete paving. Further improvements include sand pits and fixed play equipment covered by shade sails.

Address: 88 Landa Street (corner Flint McClelland Avenue)

Title Details: Lot 2 on Deposited Plan 1231174

Site Area: 2,735 sqm

Zoning: The property is zoned Business 1 under the Lithgow Local Environmental Plan 2014 (LEP)

Property Details Lease Details

Lessee Kazcorp Holdings (Lithgow) Pty Ltd trading as Young Academics

Lease Term Ten (10) years

Lease Commenced 8 May 2017

Lease Expiry 7 May 2017

Options One (1) x ten (10) years + two (2) x five (5) years to 7 May 2047

Outgoings All outgoings paid by the tenant

Rent Reviews Minimum 3.5% annual rent increases plus ‘ratchet’ provisions at market review ensuring the rent cannot reduce.

Security Bank guarantee equal to six (6) months’ rent plus outgoings and GST for the first three (3) years and an amount equal to three (3) months’ rent + outgoings and GST thereafter

Rental $215,000 pa + GST and Outgoings

Tenant Profile

Young Academics centres have a unique learning environment, built to reflect the locality and the community around them. Each centre is architecturally designed with state of the art facilities and landscapes with a focus on bringing the natural environment in. Centres are open Monday to Friday, 52 weeks of the year (except for gazetted public holidays).

Young Academics are dedicated to giving children aged 6 weeks to 6 years the brightest possible start. They are committed to providing the very best in programs, teaching methods, nutrition, and above all the highest level of personal care to every child.

Young Academics believe that early childhood is a celebration of learning and this is portrayed by honouring diversity and valuing staff, children, families and the wider community every day

For further information, please visit: https://youngacademics.com.au


Burgess Rawson 14

Location

Lithgow is a thriving service city of 21,000 plus people, situated approximately 140 km west of Sydney CBD.

It has a diverse range of educational providers including two university campuses, University of Western Sydney and Notre Dame which have both seen recent building upgrades to improve the quality of education they provide. On the back of this there is now a significant cluster of engineering and knowledge-based companies plus an established manufacturing sector.

The Lithgow LGA is made up of one large urban centre called Lithgow, two townships called Portland and Wallerawang and numerous villages, hamlets and rural localities of varying proximity to Lithgow.

The Blue Mountains & Greater Lithgow area is now seen as a major lifestyle location because it provides good access to the Greater Sydney area. Furthermore, $1bn is being spent on upgrades to the Great Western Highway between Katoomba and Lithgow making driving and on road transport logistics to Sydney fast and efficient. This region is also well supported by regular daily rail services to and from Sydney.

For further information, please visit: http://lithgow.nsw.gov.au


Income Tax Saving Depreciation

Taxation specialist and quantity surveyors Napier & Blakeley have provided an indicative depreciation schedule, which tables a yearly summary of capital allowances/ tax depreciation that may be claimed in order to reduce the amount of taxable income derived from each property.

Details of this report will be made available to prospective purchasers upon request.

Market EvidenceComparable sales of New South Wales childcare investments transacted by Burgess Rawson include:

Date Address Sale Price Yield

May 2017 Wagga Wagga, 117 Ashmont Avenue $1,850,000 7.44%

Apr 2017 Salt Ash, 2634 Nelson Bay Road $3,401,000 7.06%

Apr 2017 Carrington, 26 Cowper Street $3,500,000 5.91%

Apr 2017 Tamworth, 8 Patrick Street $1,404,000 6.95%

Feb 2017 Katoomba, 2 Dora Street $4,100,000 6.83%

Feb 2017 Green Point, 107-109 Koolang Road $2,405,000 5.61%

Feb 2017 Tamworth, 2A Kenny Street $1,705,000 6.73%

Oct 2016 Tamworth, 1 - 3 Bligh Street $2,600,000 6.45%

Sale Process

InspectionsInspections can be arranged by prior appointment.

Interstate BiddingInterstate bidding is available strictly by prior arrangement at one of Burgess Rawson’s interstate offices.

Terms of SaleDeposit of 10% payable upon exchange and the balance upon settlement. It is proposed the property will be offered as a ‘going concern’ and if the purchaser meets the provisions of the GST legislation the sale will not incur GST.

Burgess Rawson & Associates Burgess Rawson & Associates Level 7, 140 Bourke Street Level 18, 15 Castlereagh Street Melbourne Sydney

Adam Thomas Michael Vanstone0418 998 971 0403 580 528 [email protected] [email protected]

Natalie Couper 0413 856 983 [email protected]

Method of Sale

For sale by auction on Tuesday 8 August 2017 at 11.00am

Doltone House, Hyde Park, 181 Elizabeth Street, Sydney, NSW


Property Management

Burgess Rawson is not only a market leader in investment sales; we are also regarded as highly professional property managers. With an Australia-wide management portfolio of well in excess of $2billion, we are able to equally manage property whether it is CBD, metropolitan or regionally located.

• More than Rental Collection - care for your property and investment. Professional property management enhances and secures your tenant relationship, provides property accounting (including tax invoicing/GST/BAS) reports and maximises rental. We take the weight off your shoulders.

• Achieve $ savings - through our buying power and access to the best providers: insurance brokers, maintenance contractors etc. We have the contacts and long standing relationships to be at your disposal.

• Improve your cash flow - Apart from ensuring regular rental increases are enacted to maximum sustainable levels, a professional property manager reviews council rating values, as well as accessing the best taxation depreciation assessment to improve your after income tax bottom line. We aim to add more to your overall capital value.

• Not missing a beat - With our daily contact in the market, we hear about new developments, tenants on the move etc. Whether this information helps protect your investment or leads to further opportunities, we have our ears to the ground.

• Problem solvers Owning property has never been more complicated, and highly regulated. We are fully conversant with the Retail Tenancies Act, Town Planning and Occupational Health and Safety Regulations. We can anticipate and prevent problems.

• Experience and involvement - Our professional property managers offer a wide range of expertise. Time in the profession, and continuous improvement and involvement in the property sector is an intellectual pursuit. We can provide a pool of such experience to individual clients in a way we believe self-managed property owners cannot.

• Value for money - free yourself up to concentrate on the returns of your investments, rather than the daily issues which can arise from your property. The small cost involved in professional management is money well spent. We have the resources to service your needs.

To discuss your particular property management’s needs, please contact either your Burgess Rawson selling agent or Ingrid Filmer today.

Ingrid FilmerDirector Principal Property Management Department 0413 860 312 [email protected]

Disclaimer

The information contained in the report/information memorandum has been prepared in good faith and due care by the Vendor, Burgess Rawson. Any projections contained in the report therefore, represent best estimates only and may be based on assumptions.

The information contained herein is supplied without any representation as to its truth or accuracy. All interested parties should make their own enquiries to satisfy themselves in all aspects and obtain their own independent advice in order to verify any of the information. All stated dimensions and areas are approximate.

The vendor does not represent or warrant the accuracy of any information contained in this document. Subject to any statutory limitation on its ability to do so, the vendor disclaims all liability under any cause of action, including negligence, for any loss arising from reliance on this document.

Specifically, we make the following disclosures:

• All areas, measurements, boundaries, car space numbers, rents are approximate only and subject to final confirmation;

• The indicative depreciation schedule has been provided by Napier & Blakeley and is an estimate only and cannot be used for tax purposes.

The information contained in this document is provided as a guide and an aid to further investigation by potential purchasers. Prospective purchasers should seek legal, financial and other appropriate expert advice in order t he verify the accuracy of the information presented in this document

GST Disclaimer

Burgess Rawson advises that the financial information in this report relating to income, outgoings and the like is provided without reference to the possible impact of GST, if any. Purchasers should make their own assessment of the impact of GST on the investments and the returns derived there from after obtaining expert professional advice.

Retail Leases Act 2003 – Tenant outgoings

Prospective buyers should note that the recovery of outgoings from a tenant is subject to the application of and proper compliance with the Retail Leases Act 2003 (Vic). The Act applies to leases of retail premises in Victoria. If the Act applies, certain outgoings, such as land tax and some maintenance costs, cannot be recovered from the tenant. If the Act applies, other outgoings, such as management fees, can only be recovered from the tenant if the Act has been complied with.


Title & Plan Title & Plan

InfoTrackAn Approved LPI NSW

Information BrokerTitle Search

LAND AND PROPERTY INFORMATION NEW SOUTH WALES - TITLE SEARCH ------------------------------------------------------------

FOLIO: 2/1231174 ------

SEARCH DATE TIME EDITION NO DATE ----------- ---- ---------- ---- 3/7/2017 9:46 AM 1 1/6/2017

LAND ---- LOT 2 IN DEPOSITED PLAN 1231174 AT BOWENFELS LOCAL GOVERNMENT AREA LITHGOW CITY PARISH OF LETT COUNTY OF COOK TITLE DIAGRAM DP1231174

FIRST SCHEDULE -------------- GWH GROUP HOLDINGS PTY LIMITED

SECOND SCHEDULE (6 NOTIFICATIONS) --------------- 1 RESERVATIONS AND CONDITIONS IN THE CROWN GRANT(S) WITHIN THE PART(S) SHOWN SO INDICATED IN THE TITLE DIAGRAM 2 C895042 LAND EXCLUDES MINERALS AND IS SUBJECT TO RIGHTS TO MINE 3 C895042 COVENANT AFFECTING THE PART SHOWN SO BURDENED IN THE TITLE DIAGRAM. 4 AM185274 MORTGAGE TO ARAB BANK AUSTRALIA LIMITED 5 DP1231174 EASEMENT TO DRAIN SEWAGE 2 METRE(S) WIDE AFFECTING THE PART(S) SHOWN SO BURDENED IN THE TITLE DIAGRAM 6 DP1231174 EASEMENT FOR REPAIRS 1.5 METRE(S) WIDE APPURTENANT TO THE LAND ABOVE DESCRIBED

NOTATIONS ---------

UNREGISTERED DEALINGS: NIL

*** END OF SEARCH ***

4232153 PRINTED ON 3/7/2017

* Any entries preceded by an asterisk do not appear on the current edition of the Certificate of Title. Warning: the information appearing undernotations has not been formally recorded in the Register. InfoTrack an approved NSW Information Broker hereby certifies that the informationcontained in this document has been provided electronically by the Registrar General in accordance with Section 96B(2) of the Real PropertyAct 1900.

Burgess RawsonLithgow NSW, Childcare Centre, Information Memorandum

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Burgess Rawson 24Lithgow NSW, Childcare Centre, Information Memorandum

Lease Schedule Lease Schedule

© 2007 LAW SOCIETY OF NEW SOUTH WALES 4:11/2007 Page 3 of 31

ANNEXURE A SEE A SOLICITOR ABOUT THIS LEASE Lessor: GWH Group Holdings Pty Limited ACN 607 660 391 Lessee: Kazcorp Holdings (LITHGOW) Pty Ltd ACN 609 939 684 This annexure consists of 18 pages.

NOTE: Any alterations and additions to Lease Covenants in Annexure B must be made by additional clauses in Annexure A. The printed clauses in Annexure B are to remain in their copyright form without alteration.

SCHEDULE OF ITEMS (continued) Item 10 A. The guarantors: Not applicable (cls 2.3, 13.1) (cl 13.7) B. Limit of guarantor’s liability: Not applicable Item 11 Additional leased property: Not Applicable (cl 3) Item 12 Option to renew (cl 4)

A. Further period of Ten (10) years from:

B. Plus two further terms of 5 years.

C. Maximum period of tenancy under this lease and permitted renewals: thirty (30) years

D. First day option for renewal can be exercised: Six (6) months prior to expiry of lease

E. Last day option for renewal can be exercised: Three (3) months prior to expiry of lease

Item 13 A. Rent (cl 5)

For the lease period: From the commencement date to the first rent review date: $215,000.00 plus GST a year by monthly

instalments of $17,916.67 plus GST

Afterwards: At the new yearly rent beginning on each review date by monthly instalments of one twelfth of the new yearly rent.

For the further period in item 12A: From the commencement date to the first rent review date: (for example: Current market rent) CURRENT MARKET RENT (not be less

than the rent payable immediately prior to the market review date and not more than 110% of the rent payable immediately prior to the market review date)

Afterwards: At the new yearly rent beginning on each

review date by monthly instalments of one twelfth of the new yearly rent.


For the further periods in item 12B:

From the commencement date to the first rent review date: (for example: Current market rent) CURRENT MARKET RENT (not be less than the rent payable immediately prior to the market review date and not more than 110% of the rent payable immediately prior to the market review date) Afterwards: At the new yearly rent beginning on each


Item 14 B. GST (cl 15)

Clause 15 provides for payment by the lessee of GST unless otherwise here indicated:

Item 15 Outgoings (cl 5)

A. Share of outgoings: 100% B. Outgoings –

(a) local council rates and charges; (b) water sewerage and drainage charges; (c) land tax; (d) insurance; (e) all levies and contributions of whatsoever nature determined and/or levied by the owners

corporation with the exception of any contribution to a sinking fund or special levy in respect of the strata scheme of which the property forms part (if applicable).

for the land or the building of which the property is part, fairly apportioned to the period of this lease.

Item 16 Interest rate: 6% (cl 5.1.5) Item 17 Rent review (cl 5.4)

Rent review date Method of rent review If Method 1 applies, increase by 3.5% (the increase should show percentage or amount)

On each anniversary of the Commencement Date, except on the commencement date of each option term (if any) On the commencement date of each option term

Higher of Method 1 and Method 2 Method 3

3.5% Current market rent (not to be less than the rent payable immediately prior to the commencement of the option term and not more than 110% of the rent payable immediately before the commencement of the option term.


For the further periods in item 12B:

From the commencement date to the first rent review date: (for example: Current market rent) CURRENT MARKET RENT (not be less than the rent payable immediately prior to the market review date and not more than 110% of the rent payable immediately prior to the market review date) Afterwards: At the new yearly rent beginning on each


Item 14 B. GST (cl 15)

Clause 15 provides for payment by the lessee of GST unless otherwise here indicated:

Item 15 Outgoings (cl 5)

A. Share of outgoings: 100% B. Outgoings –

(a) local council rates and charges; (b) water sewerage and drainage charges; (c) land tax; (d) insurance; (e) all levies and contributions of whatsoever nature determined and/or levied by the owners

corporation with the exception of any contribution to a sinking fund or special levy in respect of the strata scheme of which the property forms part (if applicable).

for the land or the building of which the property is part, fairly apportioned to the period of this lease.

Item 16 Interest rate: 6% (cl 5.1.5) Item 17 Rent review (cl 5.4)

Rent review date Method of rent review If Method 1 applies, increase by 3.5% (the increase should show percentage or amount)

On each anniversary of the Commencement Date, except on the commencement date of each option term (if any) On the commencement date of each option term

Higher of Method 1 and Method 2 Method 3

3.5% Current market rent (not to be less than the rent payable immediately prior to the commencement of the option term and not more than 110% of the rent payable immediately before the commencement of the option term.


Method 1 is a fixed amount or percentage. Method 2 is Consumer Price Index. Method 3 is current market rent.

Method 2 applies unless another method is stated.

Item 18 Permitted use: Childcare centre (cl 6.1) Item 19 Amount of required public liability insurance: $20,000,000.00 ($20 million) (cl 8.1.1) Item 20 Bank Guarantee (Cl 16)

See clause 16

Item 21 Security Deposit (cl 17)

Six (6) months rent and the lessee’s proportion of outgoings increased by the rate of GST (expressed as a percentage) applicable from time to time for the first three (3) lease years of the initial term,

then three (3) months rent and the lessee’s proportion of outgoings increased by the rate of GST (expressed as a percentage) applicable from time to time thereafter.

Details of strata manager/secretary of the owners corporation (if applicable) Not Applicable

Burgess RawsonLithgow NSW, Childcare Centre, Information Memorandum

Documents

Young Academics 88 Landa Street (Corner Flint M Clelland ... · Young Academics. The property will be for sale by way of Auction, to be held from 11.00am AEST on Tuesday 8 August