IM

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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