West Pennant Hills Development
Description
The project aims to subdivide the land into 21 residential lots for purchasers to build a dwelling on the lot. Minimum lot size is 700 sqm. This can ensure that residents can enjoy ample amount of open space compare with some newly established 300sqm lots in the north-west area. For Oratava, we have submitted our DA for 17-lot land subdivision. As no dwelling design is involved in the DA application, it is expected the approval process is simpler. West Pennant Hills does not have FSR limit, this if the dwelling is not taller than 9-meter, purchaser may increase their internal space by constructing basement but may subject to Council approval.
39-55 Oratava Ave, West Pennant Hills(“Oratava”)570 Pennant Hills Road, West Pennant Hills
Location
West Pennant Hills located 20-km north-west of the Sydney CBD. It has a population of 17,000. Medium weekly household income is $2,675, which is significantly higher than national figure of $1,438. Residents in West Pennant Hills are mostly family with children, meaning that they are more stable and tends to reside in the same location for long term.
The 55 Oratava Investment Trust is an investment structure that will own Property 1 and Property 2(defined below, together the Properties), after exercising rights to purchase the properties, and seeks to deliver superior property development-based returns to investors.
The Unit Trust is an unregistered managed investment scheme. It is intended to be terminated at the discretion of the Trustee following the completion of the investment in the 55 Oratava Investment Trust, with all Units on issue redeemed or cancelled.
Whilst the Unit Trust has no fixed term, the Target Investment Term for the Unit Trust is estimated to be approximately 30months from the Date of Issue of this Information Memorandum. The actual term may be less or more than the Target Investment Term.
Following the final receipt of the capital and income from 55 Oratava Investment Trust, the Unit Trust will in turn distribute such capital and income (less fees and costs) in accordance with the Trust Deed and the Trustee will look to wind up the Unit Trust at the Trustee’s discretion.
Development on Property 1 involves the residential subdivision of a 16,000m2site located at 39-55 Oratava Avenue, West Pennant Hills, NSW (also known as Lot 8 of Deposited Plan 1191647)(Property1). Works required to obtain a subdivision certificate include, but are not limited to, obtaining development approval from the Consent Authority, civil works and earth works. Capital and income of the Fund derive from principal investments plus development-based returns from the sale and settlement of subdivided lots.
Development on Property 2 involves the acquisition and subdivision of a 6,595m2site located at 570 Pennant Hills Rd, West Pennant Hills, NSW 2125, also known as Lot 3of Deposited Plan 1096405 (Property2). The acquisition stage requires a two lot subdivision of the property, with one lot compromising 4,296m2. 55 Oratava Investment Trust will acquire the 4,296m2 lot while the vendor will retain the 2,299m2lot. The subsequent subdivision stage will subdivide the 4,296m2 lot into smaller lots, the proceeds of which are to be distributed upon settlement.
