Ray white information memorandum

INFORMATION MEMORANDUM259 Oxford Street, PADDINGTON

Auction: 5th July 2013Level 17 / 135 King Street, Sydney NSW 2000

2INFORMATION MEMORANDUM

Table of Contents03. Introduction

06. Executive Summary

07. Property Location

10. Conceptual Development Scheme

12. Outgoings / Floor Plan

13. Conclusion

14. Disclaimer

15. Annexure16. Conceptual Development Scheme Details33. Survey Report


On behalf of the vendors, Ray White Woollahra has the pleasure of offering for sale by Public Auction a prominent landmark property with outstanding exposure located on Oxford Street, Paddington, one of Australia’s most exclusive residential precincts and sought after retail strips.

The property known as 259 Oxford Street, Paddington comprises a two-level retail / commercial banking chamber, purpose built for the Commonwealth Bank in the 1930s.

The property is located on the southern side of Oxford Street between Oatley Road and William Street only three (3) kilometres east of the Sydney CBD.

Currently functioning as the long-serving Commonwealth Bank of Australia, this two-level retail / commercial building offers a superb investment prospect with strong rental returns and capital growth potential.

The property’s two floors can be leased as two separate tenancies or one expansive business, or take advantage of the property’s mixed use zoning

to transform into four levels with mixed-use, modern style apartments and ample basement parking.

The ground floor has been fitted out to provide for banking operations and consists of an open floor plan with teller windows located at the rear, a manager’s office, ancillary offices and meeting rooms. The main entry is located on the ground floor though glass doors off Oxford Street.

The first floor level is accessed within the banking chamber via a timber staircase located along the eastern side of the building and comprises a staff kitchen, male and female bathroom amenities and ancillary office areas, most of which are used for storage. There is also another first floor office area at the western end of the building, which is currently sub-leased and accessed via an external door / staircase from Oxford Street

Should you require further information, please contact Ben Vaughan 0419 655 519 or Randall Kemp 0415 818 966.

Method of Sale: Public Auction July 5th 2013, Level 17 / 135 King Street, Sydney NSW 2000

Vendors Agent:

Ray White Woollahra83 Queen StreetWoollahra NSW 2025Tel: 02 9357 3434Fax: 02 9357 3525Ben VaughanM: 0419 655 519E: [email protected]

Randall Kemp M: 0415 818 966E: [email protected]

Introduction.


Internal 259 Oxford Street, Paddington.

Description.The property comprises a ground floor banking chamber and first floor offices, having a total lettable area of 583sqm, on a level site of 610sqm*(approx).


Rear 259 Oxford Street, Paddington.

Site Area.610 sqm * (APPROX) Oxford Street Frontage 15.51 metresRear Boundary 15.19 metres

Eastern Boundary 39.94 metresWestern Boundary 39.21 metres


Address: 259 Oxford Street, Paddington NSW 2021

Title: Lot A Deposited Plan 365675

Zoning: Mixed Use

Instrument: Sydney Local Environmental Plan 2012

Authority: City of Sydney Council

Erected upon the site is a landmark two level retail / commercial building purpose built for the Commonwealth Bank, built in the 1930s and comprising a ground floor banking chamber, first floor offices and amenities.

Construction comprises of decorative brick walls, feature panels of glass blocks, timber window assemblies, concrete ground floor, part timber, part concrete first floor and a metal deck roof. Internal finishes feature carpeted floors, suspended acoustic tile ceilings with recessed fluorescent lighting and thermal alarms on the ground floor. The ground floor and part of the first floor have ducted air-conditioning.

In addition to the open customer space, there are meeting rooms, teller stations and staff only areas on the ground floor. The first floor of the premises which can be accessed from within the banking chamber, has separate male and female amenities, additional store / office rooms, plant room and lunch room. There is also another first floor office area which has a separate entrance from Oxford Street.

The property has a total lettable area of 583 sqm - in accordance with Building Owners and Managers Association (BOMA) method of measurement for Gross Lettable Area (GLA), on a level site of 610 sqm* (approx).

Executive Summary.

Oxford Street Frontage 15.513 metres

Rear Boundary 15.189 metres

Eastern Boundary 39.935 metres

Western Boundary 39.205 metres

Site Area: 610 sqm * (APPROX)

Property Description


Property Location.Paddington in situated in Sydney’s prestigious eastern suburbs only three (3) kilometres from the Sydney CBD. Paddington is synonymous with high fashion, fine food, and the arts.

259 Oxford Street, Paddington is situated on the southern side of Oxford Street, between the intersections of William Street and Oatley Road. Surrounding developments compromise The Australian Centre of Photography on the western side. On the eastern side is the St John’s Church site that is undergoing a major redevelopment into high-end luxury apartments and town houses.

The property is situated within the section of Oxford Street forming the retail core of the exclusive Paddington shopping precinct and is occupied by national and international retail brands including Country Road, Dinosaur Designs, Kookai, Witchery and T2.

The property is located near a number of iconic Paddington hotels (Imperial Hotel, Paddington Inn, The London Hotel, Paddington Arms, The Light Brigade). The property is also located in close proximity to the Sydney Cricket Ground and Allianz Stadium and is a short distance from Centennial Park. The tranquil and award winning Paddington Reservoir Gardens are situated within metres from the property as are the iconic Paddington Markets.

Lifestyle Photo - Paddington Markets

Lifestyle Photo - Reservoir GardensLifestyle Photo - Crate Cafe


Property Location - Aerial Perspective


Indicative Property Outline

Description.Outline illustrated in image is indicative only. The site is almost rectangular with a frontage of 15.51 metres to Oxford Street. The rear boundary is 15.19 metres and the side boundaries are 39.94 metres and 39.21 metres. The approximate site area is 610 sqm. Access to the rear of the property is possible by a 2.745m right of way from Renny lane.


Conceptual Development Scheme.The Vendors engaged local Paddington Architects Humphrey & Edward to prepare a concept for a mixed use scheme to demonstrate the scale of development that may be achieved on site under the City of Sydney’s new Sydney Local Environmental Plan 2012.

This scheme envisages the adaptive re-use of the existing building into an open plan design that will optimise its mixed-use potential comprising a mix of 1 & 2 bedroom apartments, with underground parking (accessed via a right of way at the rear of the property off Renny Lane) while retaining some retail on the ground floor of the Oxford Street frontage.

This dynamic street position grants a supreme prospect for those seeking to combine retail space with inner city residential needs.

Prospective purchasers should note that these plans are schematic and that any proposed development of the site is subject to council approval (STCA). Interested parties should make their own enquiries and carry out their own due diligence in assessing development opportunities presented by the site.

Additional schematics have been included in the Annexure section of the Information Memorandum.



Council Rates $16,714.16 Per AnnumWater Rates $1,118.68 Per AnnumLand Tax $36,720.88

TOTAL $54,553.73

Tenure Type: Vacant Possession

Outgoings / Floor Plan.

This prominent north / east facing property occupies a premier commercial location within the Paddington end of Oxford Street. It offers easy access for customers and residents, while also only metres away from Sydney’s most vibrant selection of shops, cafes, restaurants, parklands and city transport.

The property offers the opportunity to the savvy investor, developer or owner occupier alike. This is a very rare opportunity to present to the market place.

To obtain further details or to discuss any matter regardingthe property or the sales process, please contact the Vendors Exclusive Agents.

Conclusion.

Ray White Woollahra, 83 Queen Street, Woollahra NSW 2025Tel: 02 9357 3434; Fax: 02 9357 3525

Ben VaughanPartner

Ray White Woollahra [email protected] 655 519

Randall KempDirector

Ray White Woollahra [email protected] 0415 818 966

INFORMATION MEMORANDUM 13

Landmark building centrally located in the heart of Sydney’s PaddingtonRare 610sqm site (approx) waiting to be re-inventedUnder developed site, benefit from residential upsideOr benefit from the property’s flexible mixed use zoning and abundant floor spaceIdeally suited for a broad range of uses (STCA) including - Gallery and Exhibition space - Medical Centre - Health and Fitness facilities - Restaurant / Bar - Education FacilitiesOutstanding exposureLifestyle location

Key Facts.


The vendor reserves the right in its absolute discretion to negotiate with one or more parties at any time, to cease the process at any time, to terminate discussions with any and all parties or to vary the timetable at any time without prior notice. The vendor has no obligation to consider or accept any offer, whether or not it represents the highest price.

This investment report has been prepared by Kempall Pty Ltd (ABN: 88 1420 42975). This document does not constitute an offer or contract of sale. It is intended only as a guide and an aid to further investigation by potential investors. Potential investors accept this document on the condition that they will make their own enquiries and obtain their own independent advice in order to verify the accuracy of the information presented in this document. The content of this document has been derived, in part, from sources other than Kempall Pty Ltd and may be based on assumptions. In passing this information on, Kempall Pty Ltd does not warrant that such information or assumptions are accurate or correct.

To the extent that this document includes any statement as to a future matter, that statement is provided as an estimate and/or opinion based upon the information known to the Kempall Pty Ltd at the date of preparing

this document and assumption which may be incorrect. Kempall Pty Ltd does not warrant that such statements are or will be accurate or correct.

Kempall Pty Ltd provides this document on the condition that, subject to any statutory limitation on its ability to do so, Kempall Pty Ltd disclaims liability under any cause of action including negligence for any loss arising from reliance upon this document.This confidential document is for the sole use of persons directly provided with it by Kempall Pty Ltd and is not to be resupplied to any other person without the prior consent of Kempall Pty Ltd. Use by of reliance upon this document by any other person is not authorised by Kempall Pty Ltd and without limitation to the above disclaimers, Kempall Pty Ltd is not liable for any loss arising from such unauthorised use or reliance.

Disclaimer.GST Disclaimer

Kempall Pty Ltd 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.

Process Disclaimer


AnnexureLifestyle Photo - Shopping


Conceptual Development Scheme Details


3D View


Perspective view from North East


Perspective view from North


North East Elevation (Oxford St)


North East Elevation


South West Elevation


South East Elevation


Cross Section - South East


Cross Section - North East


Floor Plan - Basement Level


Floor Plan - Ground Level


Floor Plan - Level 01






Interior Plan - Level 01


Detail Plan - Level 01 - Apartment 3 & 4


Survey Report


35INFORMATION MEMORANDUM 35INFORMATION MEMORANDUM

Documents

Ray white information memorandum