IM

Information
Memorandum
245 & 247 Rocky Point Rd, Ramsgate NSW
Prepared By:
John Tower
Tower & London

Property Agents, Managers and Valuers
Table of Contents
Page
Introduction 2
Location 3
Legal Description 4
Land Description 5
Building Description 6
Town Planning 6
Schedule of Tenancies 7
Outgoings 8
Town Planning 8
Hypothetical Development 9
Comparable Buildings 10
Annexures:
Annexure 1 Deposited Plan Certificate.
Annexure 2 Property Report from NSW Planning and Environment.
Annexure 3 Land Zoning Map.
Annexure 4 Floor Space Ratio Map.
Annexure 5 Height of Buildings Map.
Annexure 6 Heritage Map.
Annexure 7 Land Reservation Acquisition Map.
Annexure 8 Lot Size Map.
Annexure 9 Request for Tender.
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Property Agents, Managers and Valuers
INTRODUCTION
On Behalf of the executor of the Estate of Late Pearl Elizabeth Pyne, Tower & London are privileged to offer
for sale by Public Tender 245-247 Rocky Point Road, Ramsgate.
This is an iconic site on the edge of the shopping strip in Ramsgate, with its famous reception hall, Torwood
Lounge and other specialty shops, the property if developed, lends itself ideally for a mixed retail, commercial
space and 6 floors of residential apartments, upper levels potentially with water views, subject to council
approval.
The site comprises two titles, one being a row of shops, offices above and the reception hall, the other a
freestanding house; many of the shops and commercial premises are under expired leases; giving the purchasers
income while obtaining planning permission.
This report will delve further into the highest-and-best-use of the property; and although the area is suitable for a
good size development, it might be possible to amalgamate with adjoining property; we look forward to your
interest and to provide you with sufficient information to make a valued decision.
Tenders close on Thursday 11 th April 2019 at 3.00pm.
Yours Sincerely,
Tower & London
John Y Tower
Licensed Real Estate Agent
NSW Registered Valuer No. 3227
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Property Agents, Managers and Valuers
LOCATION
The subject property is located on the western side of Rocky Point Road near its intersection with Torwood
Street, Ramsgate. This position is near the southern end of the retail strip of Ramsgate. Ramsgate is one of the
suburbs that are at the southern end of Botany Bay, approximately 20 kilometres south of Sydney CBD.
Ramsgate is a small suburb forming part of the St George area of South Sydney; the western part of Ramsgate is
in the Georges River Council area and the eastern side is part of Bayside Council. The suburb comprises mostly
residential, low and medium rise; and a retail strip on Rocky Point Road.
Location in relation to Botany Bay
The majority of the existing development in the suburb is of older style residential and a mix of retail and
commercial buildings; however, recent new medium rise developments are transforming the built environment.
Modern developments on Rocky Point Road.
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Property Agents, Managers and Valuers
According to the 2016 Australian Bureau of Statistics Census of population; there are approximately 1,100
people usually living in Ramsgate, of which 36% were born overseas. The median age is 43 years, higher than
the average age of 38 years in NSW. 21% of the population have a bachelor Degree level or higher, a little lower
than the average in NSW. The unemployment rate is very low at 3.7% compared with NSW average of 6.3%.
The suburb is well served with schools, hospital, clubs, and parks; public transport is a good network of buses.
The subject property is approximately kilometre from Ramsgate beach and the well-developed public parks and
walkways along the shores of Botany Bay.
Botany Bay public walking and cycling paths
LEGAL DESCRIPTION
There are two separate lots to the subject property:
245 Rocky Point Rd: Lot 153 DP 805793
247 Rocky Point Rd: Lot 154 DP 805793
Provided in this report is the Deposited Plan from the Land Registry Services NSW on 17 th June 2018; parties
relying on this report must obtain a full copy of the title; see attached “Annexure 1”.
UTILITIES
The subject property has access to all public amenities which include water, sewer, electricity and gas. The
property has a frontage to a two way main street with curbs and gutters. To the rear, the property has a council
owned lane way terminating at the side boundary of 245 Rocky Point Rd.
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Property Agents, Managers and Valuers
Aerial view of the subject property
LAND DESCRIPTION
Land Area and boundaries:
245 Rocky Point Road: 304.5 SQM
247 Rocky Point Road: 752 SQM
The combined site area is approximately 1,056.5 sqm. The boundary measurements are as follows:
Rocky Point Road frontage: 26.86 meters.
Both side boundaries of 39.63 meters.
Rear Boundary to two council lots: 26.46 meters.
Aerial view showing the boundaries
Topography:
The land is near level from front to rear and from side to side; this is typical of most of the shops and houses in
the immediate area.
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Property Agents, Managers and Valuers
BUILDING DESCRIPTION
245 Rocky Point Rd:
Improvement to this block is an older style full brick freestanding cottage of tiled roof and timber framed glass
doors and windows; there is a lean-to at the rear and aluminium sheds. The building is set back from the front
of the footpath, one assumes this would have been the front garden area, now concreted and used for vehicle
parking.
Front view of 245 Rocky Point Rd.
Rear and side view of 245 Rocky Point Rd.
247 Rocky Point Rd:
There are two main adjoining structures on this block; an older style strip of four shops, cantered by a stair case
leading up to commercial space. Behind the front building is a more recent industrial style building with an iron
gabled roof; used as a function centre named “Torwood”.
Front view of 247 Rocky Point Rd.
Rear building of 247 Rocky Point Rd.
Condition of the Buildings:
The buildings appear to be in sound condition; and most of the premises seem to be leased and appear to be
currently trading; although the buildings have not be updated for a long period, they are kept functioning; this,
however, is not an expert’s opinion and the parties relying on this report should instruct an engineer. This report
is not an engineering, construction, legal or architectural study nor a survey. Expertise in these areas is not
implied.
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Property Agents, Managers and Valuers
Schedule of Tenancies
Address Annual Return Monthly Details Lease particulars
247a Rocky Point Road, Sans Souci $23,465.85 $1,955.49 Clothing Lease expired 14/2/18
245a Rocky Point Road, Sans Souci Vacant Previous rental $13,034.15
per annum
247b Rocky Point Road, Sans Souci $16,684.15 $1390.35 Jeweller Lease expired 30/9/15
247 Rocky Point Road, Sans Souci $29,908.10 $2,492.34 Torwood
Lounge
Lease expired 31/10/19
1/247 Rocky Point Road, Sans Souci Vacant
Upstairs Office
Previous rental $6,760 per annum
2/247 Rocky Point Road, Sans Souci $9,336.70 $778.06 Dance Classes Lease expired 18/7/18
4/247 Rocky Point Road, Sans Souci $2,281.25 $190.10 Physio Expired lease 31/3/1997
5/247 Rocky Point Road, Sans Souci $6,000.60 $500.05 Australian
ladies/office
Expired lease 15/7/1998
6/247 Rocky Point Road, Sans Souci $6,256.10 $521.34 Hairdresser Expired lease 31/1/18
245 Rocky Point Road, Sans Souci Vacant Previous rental $27,720 per
annum
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Property Agents, Managers and Valuers
OUTGOINGS
245 Rocky Point Rd:
Council $2408
Water $1065
Land Tax On a single holding basis
Value 833,667 less threshold 692,000 = 141667 x 1.6% = $2266.67 + $100 = $2366.67
247 Rocky Point Rd:
Council $6624
Water $6400
Land Tax On a single holding basis
Value 1,753,333 less threshold 692,000 = $1,061,333 x 1.6% = $16981.32+$100 = $17,081.32
TOWN PLANNING
Planning controls contained in the Kogarah Local Environmental Plan 2012 are relative to the subject property;
according to our enquiries; and although all care is taken in compiling this information below, intending
purchasers must make own enquiries and investigation, as we do not take responsibility for any inaccuracies or
errors.
Zoning:
According to NSW Planning and Environment, the subject property is zoned ‘B2’ Local Centre (pub.2003-01-
25) under the Kogarah Local Environment Plan 2012. See (annexure 2) for the permitted and prohibited uses
and other planning controls and (annexure 3), Land Zoning Map.
Floor Space Ratio (FSR):
The Floor Space Ratio for the subject property is 2.5:1. The land area as described above is 1,056.5 square
meters, combined, see (Annexure 4), Floor Space Ratio map signified in red “U”.
Height of Buildings:
The height of buildings limit for the subject property is 21 metres. See (Annexure 5), Height of Buildings Map,
signified in brown “R”.
Lot Size:
According to the Kogarah LEP 2012; the minimum lot size for development up to eight storeys is 500 meters.
See (Annexure 8) Lot Size Map.
Other Controls:
The subject property is not affected by Heritage listings, or Land Reservation Acquisition, see (annexures 6&7).
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Property Agents, Managers and Valuers
Relating the Land Zoning Controls to the Subject Property:
According to the zoning and other controls shown above and annexed herewith, the following can be
assumed:
Proposed Land Use:
Although it is not clearly specified in the zoning, as to that what is the optimum use according to the LEP, it is
assumed as of mix-use development mainly apartments of a medium density above retail premises would be
appropriate. Other recent developments under this zoning have set a precedent in this regard.
FSR:
Land Size 1,056.5sqm at 2.5:1, the permissible area of development is: approximately 2,640sqm.
Building Height:
Limited to 21 meters, may be up to seven storeys from ground level; however, other recent mix-use
developments in this particular zone have only been built to six storeys; the valuer is not clear as to the reasons
for not building higher; and the scope of this study is limited in this regard.
HYPOTHETICAL DEVELOPMENT
In determining the highest and best use for the property; it is envisaged the building would comprise 6-7 floors
above ground and one for basement parking. Hypothetically; on the ground floor, the main use will be of retail
at the front of the site, and being in the main shopping strip, it would be reasonably feasible; that commercial, or
professional suites may be incorporated behind the retail shops, accessed by a main entrance at the centre of the
building, leading to the professional suites and the foyer and lifts to the upper levels of residential apartments.
With regards to the two small lots at the rear boundary of the site: it appears that the local council has been
purchasing these lots along this strip, over the years; the lots leading to them are already being used as the lane
way, yet the lots directly abutting the rear of the subject lots still form part of the subject property. It is not clear
as what the council intends to do with these two lots; it could be possible that they might have been acquired for
the purposes of extending the laneway behind the subject property. Alternatively, there could be a possibility of
purchasing them from the council and be included as part of this proposed development; rending it more
attractive.
Not taking into consideration the two small lots owned by the local council at the rear of the property; vehicular
access would be from the rear laneway to a loading dock on the street level and a ramp down to the parking area
on the level below.
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Property Agents, Managers and Valuers
COMPARABLE BUILDINGS
A number of modern buildings have been constructed in Ramsgate and surrounding areas, two have been
selected as samples of what could be possible on the subject site:
Air Apartments, 187 Rocky Point Rd. Ramsgate. Completed in 2014, Air apartments, is a six storey modern
mixed-use building, retail and professional suites on the ground floor and 55 apartments on the upper levels
with penthouses on the sixth floor. Average quality construction and substantially of two bedroom apartments.
The zoning is identical to the subject property, but with a larger site area.
Air apartments, 187 Rocky Point Rd.
1- 336 Rocky Point Road, mixed-use building of medium quality completed in late 2015 the zoning allows
for smaller FSR and the land is slightly narrower and smaller than the subject property; comprising 5
floors and basement parking: there are 22 lots on this site. It is envisaged that this quality be applied to
the hypothetical development of the subject property.
336 Rocky Point Rd, Ramsgate
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Tower London Logo
REQUEST FOR TENDER
245 ROCKY POINT ROAD, RAMSGATE, NSW, 2217
AND
247 ROCKY POINT ROAD, RAMSGATE, NSW, 2217

SCHEDULE 1
Conditions of tender
1 Definitions
Business Day means a day that is not a Saturday, a Sunday, or a public holiday.
Contract means the draft contract for sale and purchase of land forming schedule 3 of this RFT.
Closing Time means the closing time and date for submission of Tenders pursuant to clause 2 of
the Conditions.
Conditions means the conditions in this schedule 1.
GST means any tax imposed under any GST Law and includes GST within the meaning of the
GST Act.
GST Act means the A New Tax System (Goods and Services Tax) Act 1999 (Cth) as amended.
GST Law means the GST law as defined in the GST Act and includes any Act of the Parliament of
Australia that imposes or deals with GST.
Person includes a natural person, a corporation, a partnership, a board, a joint venture, an
incorporated association, a government, a local government authority and an agency.
Property means 245 Rocky Point Road, Ramsgate, NSW, 2217 (title reference 153/805793) and
247 Rocky Point Road, Ramsgate, NSW, 2217 (title reference 154/805793).
RFT means this document inviting Tenderers to offer to deliver the Tenderee’s Requirements by
submitting a Tender as provided in this document;
Tender means the documents constituting an offer by the Tenderer to deliver the Tenderee’s
Requirements.
Tender Process means the tendering process outlined in this RFT.
Tender Title means the Tender Title shown on the cover page of this RFT.
Tenderer means a Person who offers to deliver the Tenderee’s Requirements.
Tenderee means Tower & London Pty Ltd.
2 Tender closing time
Tenders must be lodged no later than 3pm AEST on Thursday, 11 April 2019 (Closing Time).
3 Lodgement requirements
(a)
The original Tender (marked “Original”), must be placed in an envelope clearly marked with
the Tender Title, Closing Time and Tenderer’s name, and lodged prior to Closing Time by
hand-delivering within ordinary business hours or posting it by registered post to Tower &
London at Ground Floor, 138 Walker Street, North Sydney, NSW, 2060 so that it is received
by the Tendereebefore the Closing Time.
(b)
A Tender may be lodged by email address john@towerlondon.com, with a condition that it
will be considered only if an identical Tender, complying with this RFT, is dispatched on the
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same day and is delivered to Tower & London within two Business Days after the Closing
Time.
(c)
(d)
Oral Tenders will not be considered.
No responsibility will be accepted for any Tender lodged at an incorrect location or sent to an
incorrect email address.
4 Unauthorised communication
(a)
(b)
Tenderers must direct all communications concerning this RFT through the Tenderee unless
directed otherwise by the Tenderee. Unauthorised communication by a Tenderer with any
other third parties retained by Tenderee to provide services in relation to this Tender may
lead to the exclusion from consideration of a Tender lodged by that Tenderer.
The Tenderee reserves the right to:
(i)
(ii)
not answer a question asked by a Tenderer; and
provide any answers to questions raised by a Tenderer to any other Tenderer, on a
non-attributable basis.
5 RFT timetable
The Tenderee’s intended timetable for this RFT is:
Closing Time: 3.00pm on Thursday, 11 th April 2019
Conclusion of tender evaluation:
24 hours after closing time
Exchange of contracts for sale and purchase 1 : 14 days after closing time
Completion of sale and purchase:
As agreed between the parties
6 Variation of RFT
The Tenderee may, in its absolute discretion, amend this RFT or provide additional information at
any time by giving written notice to:
(a)
(b)
prior to the Closing Time, all persons who have been issued with the RFT by the Tenderee
and who have provided sufficient address details to enable the Tenderee to contact them;
and
after the Closing Time, to all Tenderers who have lodged Tenders.
7 Late tenders
(a)
Subject to clause 3(b) above, Tenders received after the Closing Time (Late Tenders) will not
be accepted into the Tender Process unless the Tenderee, in its absolute discretion, resolves
that accepting a Late Tender will not compromise the integrity of the tendering process or
provide any unfair advantage to the Tenderer lodging the Late Tender.
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No cooling-off period will apply to contract of sale and purchase. Purchaser’s solicitor is to provide a certificate waving cooling-off
rights on exchange of contracts.
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8 Rejection of tender
The Tenderee may reject a Tender that does not fully comply with the terms of the RFT.
9 Partial acceptance
The Tenderee reserves the right to accept all or part of a Tender at the price or prices tendered
unless the Tender states specifically to the contrary.
10 Tender constitutes binding offer
A Tender constitutes an irrevocable, unalterable offer by the Tenderer to the Tenderee which must
remain valid and open to be accepted for a period of TBA from the Closing Time and may be
extended by written agreement. Tenderers may state in their Tender a period of more than TBA
from the Closing Time for which their Tender remains valid for acceptance.
11 Formation of contract
No contractual relationship or other obligation arises between the Tenderee and a Tenderer, for the
supply of the Tenderee’s Requirements, until the Tenderee and the successful Tenderer formally
exchange signed counterparts of the Contract. This clause applies despite any oral or written
advice to the Tenderer that a Tender is successful or has been, or will be, accepted.
12 Taxation and indemnity
In the event that a tax or a duty is payable on an instrument concluded to by the parties as a result
of a completion of the tender and entering into an agreement, then the Tenderer must pay that tax
or duty as required by the law and will indemnify the Tenderee from any claims, charges or
demands to pay that tax or duty and in the event hat Tenderer is a company, its’ directors
personally guarantee performance of this obligation to the Tenderee.
13 Tenderers to inform themselves
(a)
Tenders are submitted on the basis that Tenderers acknowledge that:
(i)
(ii)
(iii)
(iv)
they do not rely on any representation, letter, document or arrangement, whether oral
or in writing, or other conduct as adding to or amending these Conditions other than
amendments in accordance with clause 6;
they do not rely upon any warranty or representation made by or on behalf of the
Tenderee, its officers, employees, agents or advisers except as are expressly provided
for in this RFT, but they have relied entirely upon their own inquiries and inspection in
respect of the subject of their Tender;
the Tenderee will not be responsible for any costs or expenses incurred by Tenderers
in complying with the requirements of this RFT; and
neither this RFT nor the Tender give rise to contractual obligations between the
Tenderee and the Tenderer.
(b)
The Tenderee will not be liable to any Tenderer on the basis of any promissory estoppel,
quantum meruit or other contractual, quasi contractual or restitutionary grounds whatsoever
or in negligence as a consequence of any matter relating or incidental to a Tenderer’s
participation in this Tender Process including instances where:
(i)
a Tenderer is not invited to participate in any subsequent process following completion
of this Tender Process;
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(ii)
(iii)
(iv)
the Tenderee varies or terminates the Tender Process;
the Tenderee decides not to contract for all or any of the requirements; or
the Tenderee exercises or fails to exercise any of its other rights under or in relation to
this RFT.
14 Tenderee rights
Without limiting its rights at law or otherwise, the Tenderee reserves the right in its absolute discretion
at any time to:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
cease to proceed with the process outlined in this RFT, including the right not to proceed with
the RFT, and not to enter into a Contract;
allow any Tenderer to change its Tender;
call for new Tenders;
accept or reject any Tender that does not comply with this RFT;
waive or vary any obligation of any Tenderer under this RFT;
negotiate with any person who is not a Tenderer and enter into a Contract in relation to this
exercise with that person on such terms as the Tenderee in its absolute discretion accepts;
add to, alter, delete or exclude any requirement including the inclusion of any additional
requirements;
to forward to any other Tenderer on a non-attributable basis the Tenderee’s response to any
Tenderer’s request for clarification on any aspect of the RFT.
15 Applicable law
(a)
The law applying to the state of New South Wales and the Commonwealth of Australia applies
to the RFT, and the tendering process.
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SCHEDULE 2
Tenderee’s requirements
1 Requirements and Content of Tender
(a)
Complying tenders must include:
(i)
if the Tenderer is a company:
(A)
(B)
(C)
a page contained in the contract with provisions for personal Guarantee of all
directors of the company must be signed, witnessed and dated by all directors;
A general summary of company information or website name with that
information;
a copy of ASIC company information extract showing all directors, share structure
and beneficiaries’ shareholding entitlements;
(ii)
(iii)
(iv)
(v)
for all Tenderers, a letter of authority signed by or on behalf of the Tenderer (if it is a
company) to their accountant authorising and directing that person or firm to promptly
respond to enquiries from the Tenderee or their agents and provide documents on
behalf of the Tenderer as requested;
contract for sale and purchase, duly executed by the Tenderer (or their nominee, a
company, a trust) bearing original signatures inclusive of all terms and conditions as per
draft Contract included in this Tender as Schedule 3 or as negotiated between the
parties;
if the Tenderer is a company, a page contained in the contract with provisions for
personal Guarantee of all directors of the company must be signed, witnessed and
dated by all directors;
A bank cheque for an amount equal to 10% of proposed contract price made payable
to Tower & London Statutory Trust Account.
(b)
(c)
(d)
Where a Tenderer resolves to enter into contract for sale and purchase via a nominee, a
company, a trust or any other entity or person, the exact identity, business and company
registration and contact details of that nominee, a company, a trust or any other entity or
person must be provided in full at the time of Tender.
Tenderer acknowledges and agrees that if the Tenderer or a purchaser noted on the tendered
contract for sale and purchase of land prior to completion of the contract requests to amend
identity of the purchaser on the contract, then the Tenderer and purchaser are both jointly and
severally liable on or before completion of sale to pay all Tenderer’s costs on rescinding of
original contract of sale, pay any applicable fees, charges, taxes and duties and Tenderee’s
legal costs incurred due to such amendment, must contact Revenue NSW to cancel the
original contract for sale and purchase and provide evidence of contract cancellation to the
Vendor.
The Tenderer acknowledges and agrees that Contract will not be made conditional upon
availability of finance, formation of a company, declaration of a trust, creation of a partnership
or a structure such a joint venture or for any other reason including obtaining a consent of
certifying authority for development application of the property or a part of it.
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Property Agents, Managers and Valuers
Tower & London
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Tower & London Pty Ltd
ABN 63 089 321 120
138 Walker Street, North Sydney NSW 2060
Ph: 8904 1232 Fax: 8904 1306 M: 0408 216 979
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