investor update 14 december 2007 by pkj12584

VIEWS: 13 PAGES: 7

									                                                                                                    1.   MetRo MelbouRne                 Villawod group of Companies   Villawood Residential Land Fund LTD



villawood residential land fund ltd
(a.c.n. 125 151 055)

investor update 14 december 2007


Dear Investor

Our Company was established to raise and invest funds across a range of diversified residential
property development projects. Our vision was to invest in a range of projects, from boutique
to master planned in both regional and metropolitan areas to be managed by either of the
Company’s development managers, Villawood Management pty Ltd (“Villawood Management”)
or Villawood Management Bendigo pty Ltd (“Villawood Management Bendigo”).

To that end, we are proud to advise that we have invested in both of the projects outlined in
Section 4. of the prospectus. We also present the latest projects we have invested in consistent
with the investment criteria set out in our prospectus. accordingly these projects have been
added to the Villawood Residential Land Fund Ltd portfolio.

The Company has ensured that development management agreements are in place with
Villawood Management Bendigo for the averys Road, Maiden gully and Moama projects and
with Villawood Management for the Bayswater, Doreen and Cranbourne east projects. These
appointments are in line with the investment strategy outlined at section 3 of the prospectus and
help ensure that the Villawood team retains control of the development process.
                                                                                                    2.   Regional VictoRia               Villawod group of Companies   Villawood Residential Land Fund LTD
We are pleased to provide the following details of our latest projects.

Kindly note, none of the Company, its associates or Directors or any other person gives any
guarantee as to the performance or the success of the Company, the investment offer, investments
made by the Company, the repayment of capital or any particular rate of capital or income return.

We hope you enjoy reviewing our latest projects and look forward to keeping you informed and that
you enjoy the ‘Villawood Difference’.




Rory costelloe
Managing Director
Villawood Residential Land Fund Ltd




                                                                                                    3.   MoaMa, new South waleS (See page 14)
1.   MetRo MelbouRne   Melway reference: 50, H11                                                                               oppoRtunity 1: bayFielD RD, Bayswater, VICtOrIa




                                                   The property               Lot 1, 32-56 Bayfield Rd, Bayswater is located to the north of Bungalook Creek slightly east of Bayswater Rd. It is 8.38Ha
                                                                              in area.
                                                   purchase of the property   The site is under a Contract of Sale to Bayfield Road Holdings pty Ltd (aCN 122 791 931). Bayfield Road Holdings pty Ltd is
                                                                              a special purpose vehicle whose sole investment will be the property disclosed here.
                                                   purchase price             • $8,800,000 + GST
                                                   Terms                      • Initial Deposit (paid)                                             $20,000
                                                                              • Balance of Deposit (paid 28 March 2007)                            $860,000
                                                                              • First Payment (paid 2 September 2007)                              $880,000
                                                                              • Balance (due 1 March 2008)                                         $7,040,000
                                                   Shareholding               VRLF are committed to a 19% share in Bayfield Road Holdings pty Ltd. Total capital invested by VRLF is expected to be
                                                                              $1,011,560 for this shareholding. A Shareholders Agreement has been executed by the Bayfield Road Holdings Pty Ltd
                                                                              shareholders. Rory John Costelloe and anthony Ronald Johnson are directors and andrew Robert phillips is the director/sec-
                                                                              retary of Bayfield Road Holdings pty Ltd
                                                   The Development Manager    Villawood Management Pty Ltd (ACN 100 813 161) will be paid fees for a range of development services not exceeding
                                                                              those set out in section 10.5 of the Prospectus
                                                   Valuation                  $8,800,000 (Charter Keck Cramer, 28 May 2007)
                                                   Zoning                     The site is zoned RZ1 with a Development plan Overlay (DpO3)
                                                   planning approval          A Planning Permit for the proposed development was issued in Nov 2007.
                                                   Type of project            Conventional residential development
                                                                              The site is expected to yield approximately 83 lots.
                                                   Timing                     • Estimated timing for rezoning                                      Complete
                                                                              • Estimated time for Planning Permit approval                        Complete
                                                                              • Estimated Start of Marketing                                       2008
                                                                              • Estimated Completion                                               2010

                                                                              The above timings are estimates only and may be altered depending on prevailing circumstances at the relevant time.
1.   MetRo MelbouRne   Melway reference: 391, e9                                                                                       oppoRtunity 2: cookeS RD, DOreen, VICtOrIa




                                                   The property               195 Cookes Rd, Doreen is located to the north of Cookes Road and west of Yan Yean Rd in Doreen. It is 41.78Ha in area
                                                                              and exists in 4 titles.
                                                   purchase of the property   The original Contract of Sale to Wilbow Corporation pty Ltd has been nominated to Cookes Road Holdings pty Ltd (aCN
                                                                              124 604 842). A Nomination Agreement sets out the relationship between these parties.
                                                   purchase price             • $21,500,000 + GST
                                                   Terms                      • Initial Deposit (paid)                                              $100,000
                                                                              • Balance of Deposit (paid 8 June 2007)                               $900,000
                                                                              • First Payment (paid 19 June 2007)                                   $2,000,000
                                                                              • First Nomination fee (paid 19 July 2007)                            $4,150,000
                                                                              • Second Payment (paid 2 November 2007)                               $1,500,000
                                                                              • Third Payment (due 24 October 2008)                                 $4,000,000
                                                                              • Second Nomination fee (due 30 June 2009)                            $3,650,000
                                                                              • Fourth Payment (due 24 October 2009)                                $4,200,000
                                                                              • Final Payment (due 24 October 2010)                                 $1,000,000
                                                   Shareholding               VRLF are committed to a 19% share in Cookes Road Holdings pty Ltd.
                                                                              Total capital invested by VRLF is expected to be $2,242,000 for this shareholding. . A Shareholders Agreement has been
                                                                              executed by the Cookes Road Holdings pty Ltd shareholders. Timothy gillard, anthony Ronald Johnson, David Raymond
                                                                              phillips are directors and Rory John Costelloe is the director/secretary of Cookes Road Holdings pty Ltd
                                                   The Development Manager    Villawood Management Pty Ltd (ACN 100 813 161) will be paid fees for a range of development services not exceeding
                                                                              those set out in section 10.5 of the Prospectus
                                                   Valuation                  $21,750,000 (inc GST) (Charter Keck Cramer, 20 April 2007)
                                                   Zoning                     The site is zoned RZ1 and subject to several overlay controls.
                                                   planning approval          Council accepted the Cookes Rd Development Plan in March 2007 and resolved to issue a Planning Permit in Nov 2007.
                                                   Type of project            Conventional residential development
                                                                              The site is expected to yield approximately 308 lots and a 7Ha school site.
                                                   Timing                     • Estimated timing for rezoning                                       Complete
                                                                              • Estimated time for Planning Permit approval                         2008
                                                                              • Estimated Start of Marketing                                        2008
                                                                              • Estimated Completion                                                2013

                                                                              The above timings are estimates only and may be altered depending on prevailing circumstances at the relevant time.
1.   MetRo MelbouRne   Melway reference: 134, J7                                                                                            oppoRtunity 3: CranBOurne east, VICtOrIa




                                                   The property               The property is referred to as Lot 2 cnr of Berwick Cranbourne Rd and Clyde Five Ways Rd, Cranbourne east. The site is
                                                                              located approximately 3.5km east of Cranbourne town centre, 46km southeast of Melbourne and is 26.2ha in area.
                                                   purchase of the property   Cranbourne Road Holdings aCN 124 584 394 has entered into a Contract of Sale for the property. Cranbourne Road
                                                                              Holdings pty Ltd is a special purpose vehicle whose sole investment will be the property disclosed here.
                                                                              The Contract of Sale is conditional upon the realignment of the proposed Cranbourne Bypass road to avoid this property.
                                                   purchase price             • $14,589,000 + GST
                                                   Terms                      • Initial Deposit (paid 5/7/07)                                      $5,000
                                                                              • Payment (due 30/9/08)                                              $3,642,250
                                                                              • Settlement (due 30/9/10)                                           $10,941,750
                                                   Shareholding               VRLF have committed to a 19% share in Cranbourne Road Holdings pty Ltd.
                                                                              a Shareholders agreement has been executed by the Cranbourne Road Holdings pty Ltd shareholders. anthony Ronald
                                                                              Johnson and andrew Robert phillips are directors and Rory John Costelloe, is the director/secretary of Cranbourne Road
                                                                              Holdings pty
                                                   The Development Manager    Villawood Management Pty Ltd (ACN 100 813 161) will be paid fees for a range of development services not exceeding
                                                                              those set out in section 10.5 of the Prospectus
                                                   Valuation                  Will be undertaken when the contract becomes unconditional
                                                   Zoning                     The 26.24ha site is located within the Urban growth Boundary and is currently zoned for farming uses. The growth area
                                                                              authority is managing the development of the Cranbourne east Structure plan on behalf of the Minister for planning with
                                                                              a timeframe of completing the area rezoning to residential and ancillary uses by September 2008. This timeframe is an
                                                                              estimate only and may vary due to circumstances outside the control of the Development Manager
                                                   planning approval          a planning permit will be required after rezoning.
                                                   Type of project            Conventional residential development
                                                                              It is expected the site could yield approximately 300 lots.
                                                   Timing                     • Estimated timing for rezoning                                      2008
                                                                              • Estimated time for Planning Permit approval                        2009
                                                                              • Estimated Start of Marketing                                       2010
                                                                              • Estimated Completion                                               2014

                                                                              The above timings are estimates only and may be altered depending on prevailing circumstances at the relevant time.
2.   Regional VictoRia                                                                                oppoRtunity 4: aVeRyS RD, eaglehawke, VICtOrIa




                         The property               The property is located on the corner of averys Rd and Bright St eaglehawk and is approximately 4km north of the
                                                    Bendigo CBD.
                         purchase of the property   Eaglewood Estate Pty Ltd ACN 119 530 442 has entered into a contract to purchase the site. The site offers excellent
                                                    potential for residential development within this quickly expanding residential area. a number of recent developments
                                                    nearby are now in their final stages with little prospect of further development of this magnitude in this vicinity due to the
                                                    lack of available land.
                         purchase price             • $750,000 + GST
                         Terms                      • Deposit (paid June 2007)        $200,000
                                                    • Balance (December 2007)         $550,000 + GST
                         Shareholding               Eaglewood Estate Pty Ltd owns the property and VRLF have committed to a 60% share in this company. Eaglewood Estate
                                                    pty Ltd is a special purpose vehicle whose sole investment will be the property disclosed here.

                                                    a Shareholders agreement between the two shareholders has been executed. Timothy John Robertson is a director and
                                                    Rory John Costelloe is the director/secretary of eaglewood estate pty Ltd.

                                                    Total capital invested by VRLF is expected to be $240,000 for this shareholding.
                         The Development Manager    Villawood Management Bendigo pty Ltd (aCN 123 457 947) will be paid fees for a range of development services not
                                                    exceeding those set out in section 10.5 of the Prospectus.
                         Valuation                  The site has been valued by Woodland Valuers at $750,000 + GST on 15 May 2007
                         Zoning                     The site is zoned RZ1 and has no overlays.
                         planning approval          A Planning Permit is required and is expected to be lodged early 2008 subject to circumstances beyond control of the
                                                    Development Manager which may cause delays.
                         Type of project            Conventional residential development
                                                    The site is expected to yield approximately 42 lots at an average size of 600m2 with much of the significant vegetation
                                                    maintained within a reserve.
                         Timing                     • Estimated timing for rezoning                       Completed
                                                    • Estimated time for Planning Permit approval         2008
                                                    • Estimated Start of Marketing                        2008
                                                    • Estimated Completion                                2011
                                                    The above timings are estimates only and may be altered depending on prevailing circumstances at the relevant time.
2.   Regional VictoRia                                                                                 oppoRtunity 5: MaiDen gully, BenDIgO, VICtOrIa




                                  1         2       32      31        30      29        28       27        26       25        24        23        22              21        20


                                      3
                                                    33      34       35       36       37        38        39      40         41        42                             19
                                                                                                                                                  43
                                      4
                                                                                                                                                                       18
                                        5
                                                                                                                                                                    17
                                                             7         8         9        10        11        12         13        14        15
                                            6
                                                                                                                                                                    16




                         The property               This is an amalgamation of 3 properties located adjacent to Myers Creek off Monsants Lane, Maiden gully, Bendigo. Two of
                                                    these properties require a two-lot subdivision to separate the land on offer from land being retained by the owners.
                         purchase of the property   all three sites are under Contract of Sale to parklands Maiden gully pty Ltd (aCN 126 371 613).
                         purchase price             • $1,050,000 + GST
                         Terms                      • Total Deposit on all 3 lots (paid)                                             $105,000
                                                    • Balance by instalment 30 days after permit approval of each lot
                                                    • Total Outstanding Payments                                                     $945,000
                         Shareholding               VRLF have taken a 50% share in Parklands Maiden Gully Pty Ltd which will own the land. Parklands Maiden Gully Pty Ltd is
                                                    a special purpose vehicle whose sole investment will be the property disclosed here.

                                                    Total capital invested by VRLF will be $400,000 for this shareholding. A Shareholders Agreement between the two
                                                    shareholders has been executed. Rory John Costelloe is a director and Timothy John Robertson is the director/secretary of
                                                    parklands Maiden gully pty Ltd.
                         The Development Manager    Villawood Management Bendigo pty Ltd (aCN 123 457 947) will be paid fees for a range of development services not
                                                    exceeding those set out in section 10.5 of the Prospectus
                         Valuation                  The site has been valued by Woodland Valuers for $1,050,000 + GST in their report dated 15 October 2007
                         Zoning                     The site is zoned RZ1 with an ODp over the area.
                         planning approval          a planning permit is required. applications have been lodged with the City of greater Bendigo. Council have issued a
                                                    Planning Permit for one title. It is expected Planning Permits for the remaining 2 titles will be issued in early 2008 but this is
                                                    subject to circumstances beyond control of the Development Manager which may cause delays.
                         Type of project            Conventional residential development
                                                    The site is expected to yield approximately 43 lots.
                         Timing                     • Estimated timing for rezoning                                           Complete
                                                    • Estimated time for Planning Permit approval                             2008
                                                    • Estimated Start of Marketing                                            2008
                                                    • Estimated Completion                                                    2011

                                                    The above timings are estimates only and may be altered depending on prevailing circumstances at the relevant time.
2.   new South waleS                                                                                                                         oppoRtunity 6: mOama




                       The property               Lot 1 Perricoota Road Moama NSW is located on the Murray River approximately 200km north of Melbourne and is a
                                                  popular tourist destination.
                       purchase of the property   KpD perricoota pty Ltd owns this site in its capacity as trustee of Lakeview Unit Trust. The Lakeview Unit Trust is a special
                                                  purpose vehicle whose sole investment will be the property disclosed here.
                                                  The 27.1ha (approx) site is the remaining area of the original Lakeview estate which has included a small number of rural
                                                  sized lots surrounding a man-made ornamental lake. It is possible that 6ha of the site will be subject to government acqui-
                                                  sition for a future highway realignment.
                       purchase price             • Purchase Price                                                    $4,600,000 + GST
                                                  • Total Payments                                                    $1,600,000 + GST
                                                  • The land owner assumes responsibility for an existing $3,000,000 loan using the land as security
                       Terms                      • Initial Payment (paid 14 days after signing)                         $1,080,000
                                                  • Payment (14 days after rezoning)                                     $520,000
                       Unitholding                VRLF have committed to a 55% share in Lakeview Unit Trust.
                                                  Total capital invested will be $880,000 for this unit holding. A second call of capital of $412,500 is expected to occur at
                                                  the commencement of construction.
                                                  VRLF will also assume responsibility for a portion of the existing loan in line with their ownership. Timothy John Robertson
                                                  and Shane Kelly are directors and Rory John Costelloe, is the director/secretary of KpD perricoota pty Ltd
                       The Development Manager    Villawood Management Bendigo pty Ltd (aCN 123 457 947)
                                                  will be paid fees for a range of development services not exceeding those set out in section 10.5 of the Prospectus .
                       Valuation                  Valuation underway - expected 2008
                       Zoning                     The site is zoned for Low Density Residential and has a planning permit for this use. The Murray Shire has recently under-
                                                  taken a Strategic Land Use plan as a basis for future allocation of land use zones and other planning controls over this
                                                  area. This identifies this site for residential uses. The Local environmental plan has been adopted by the Shire Of Murray for
                                                  exhibition in July 2007. There is an expectation that this site could be rezoned to allow higher density residential uses as a
                                                  part of this process.
                       planning approval          a planning permit will be required after rezoning.
                       Type of project            Conventional residential development
                                                  It is expected the site could yield approximately 150 lots.
                       Timing                     • Estimated timing for rezoning                                                2009
                                                  • Estimated time for Planning Permit approval                                  2010
                                                  • Estimated Start of Marketing                                                 2010
                                                  • Estimated Completion                                                         2014

                                                  The above timings are estimates only and may be altered depending on prevailing circumstances at the relevant time.

								
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