ROWN VALUATION SERVIES FINAL REPORT ASE …...ROWN VALUATION SERVIES FINAL REPORT ASE DATE 1st July...

CROWN VALUATION SERVICES

FINAL REPORT

BASE DATE 1st July 2017

DISTRICT OF HOLROYD (221) CUMBERLAND COUNCIL BLACKTOWN CONTRACT AREA

14th November 2017

CROWN VALUATION SERVICE Page 2

FORMER HOLROYD LOCAL GOVERNMENT AREA FINAL REPORT

2017

Executive Summary The following information refers to the Contract Area of the former Holroyd Local Government Area and not to the more recently proclaimed Cumberland Council. Due to the amalgamation of the district, certain information incorporates the broader Cumberland Council and not specifically the former Holroyd Local Government Area.

General Overview There was a strong increase in land values in the Holroyd local government area between 2016 and 2017. Many properties in Holroyd have benefited from proposed improvements to infrastructure in the region and the continuing development of the Parramatta CBD.

The strong increase in residential land values has been largely driven by continued demand for well-located residential properties across all types of residential property including units, attached housing and free standing residential properties.

There were strong increases to commercial land values in the district. Greater increases in commercial land values occurred for the Enterprise Corridor. There also appears to be continued demand for other business zones where mixed use potential exists, given potential for development of residential units where these sites satisfy development requirements.

Residential Overview The single dwelling and density residential markets have seen continued strong increases since the prior Base Date, with sale prices appearing to meet vendor expectations. The strong increases in residential land values has been largely driven by continued demand for well-located residential properties with good access to infrastructure and the proximity to the Parramatta CBD. Sites with additional development potential continue to be sought for redevelopment into dual occupancy or higher density uses. Several purchasers have also demonstrated a preference for sites where there is the potential to capitalise on the addition of a secondary dwelling.

Commercial Overview There has been strong increases in commercial land values in the district from 2016 to 2017. Greater increases in commercial land values occurred for Enterprise Corridor zoned properties which are more typically found along highway and main road corridors.

Properties zoned Mixed Use and Enterprise Corridor which are more typically known for mixed use development have demonstrated slight to moderate increases and continued demand from purchasers seeking to undertake residential unit development in conjunction with retail/commercial premises.

Neighbourhood Centre and Local Centre precincts have demonstrated moderate to strong increases, with specific sites and precincts showing stronger increases as supported by sales evidence. Several sites within these zones, particularly in the smaller centres are typically more affordable due to their smaller size and reduced development potential if amalgamation is not undertaken for redevelopment.



2017

Industrial Overview The industrial zoned properties in the district showed strong increases from 2016 to 2017. There have been a limited number of industrial sales that have occurred during the 2017 valuing year. Demand for General Industrial and Light Industrial in the District appears to be driven by the fundamental location and access to existing road and railway infrastructure with further improvements expected once the Westconnex motorway network is completed in the next few years.

NOTE: This Executive Summary must be read in conjunction with the attached report and the details contained therein.



2017

Table of Contents Executive Summary Page 2 Disclaimer - Purpose of this Report Page 4 District Overview Page 5 State and Local Government Legislation for LGA Page 8 Market Overview and Sales of Particular Interest Page 10 Significant Issues and Developments Page 14 Significant Value Changes Page 16 Overview of the Quality Assurance Process Page 17 Author Page 17

Disclaimer: Purpose Of This Report The purpose of this report is to describe the process and considerations for the 1 July 2017 Valuation of the former Holroyd LGA. The report has been produced on behalf of the Valuer General.

The land values have been specifically made for rating and taxing purposes. Land values produced as part of this process should not be used for any other purpose without the specific agreement of the Valuer General.

Land values must have regard to specific requirements and assumptions in rating and taxing legislation. Consequently these valuations may vary from market levels.

The land values have been determined using a methodology prescribed by the Rating and Taxing Valuation Procedures Manual. The manual allows mass valuation methodologies that involve assessing large numbers of properties as a group to be utilised where appropriate. Mass valuation methodologies are by their nature likely to be less accurate than individually assessed valuations, however are utilised worldwide for rating and taxing purposes to deliver valuations within an acceptable market range.

Town planning, land use and other market information contained in this report has been compiled based on enquiries undertaken during the valuation process. Third parties should make their own inquiries into these details and should not rely on the contents of this report.

The Valuer General disclaims any liability to any person who acts or omits to act on the basis of the information contained in this report.

More information on the valuation process is available from the Property NSW website at www.PNSW.nsw.gov.au/valuation

http://www.pnsw.nsw.gov.au/valuation



2017

District Overview Location The Holroyd Local Government Area is situated approximately 25 kilometres west of the Sydney Central Business District. It covers an area of 39.89 square kilometres. Land is typically lightly undulating with some lower lying areas throughout the district. More elevated areas generally exist in parts of Greystanes, Pemulwuy, Merrylands, Pendle Hill and Holroyd. The district is bounded by the Local Government Areas of Parramatta (north-east/east), Fairfield (south) and Blacktown (west). Physical boundaries such as Prospect and Toongabbie Creeks, Prospect Reservoir and the main south-western and western railway lines mark the parameters of the local government areas. The Great Western Highway and Merrylands Road provide the districts main east / west road arteries. The Cumberland Highway, Burnett Street - Fowler Road and Centenary Road - Sherwood Road are the district’s main north / south road arteries.

The main centres provide a large percentage of employment with businesses working from retail and commercial premises as well as substantial employment generated from the industrial lands mainly located along the southern region of the LGA around Smithfield and Yennora and to the north in the Girraween industrial precinct.

According to Profile.id the Cumberland Council LGA (which includes the former Holroyd Council, Auburn Council and southern City of Parramatta wards) approximately 53% of households were purchasing or fully owned their home, 30.9% were renting privately, and 7.1% were in social housing in 2016.



2017

Principal Towns and Suburbs The District incorporates 19 suburbs that are predominantly residential in nature. The largest commercial centres are Merrylands and Wentworthville. The main industrial precincts are located at Smithfield, Pemulwuy, Girraween/Toongabbie and Yennora. The LGA’s other main features include Cumberland Country Golf Club, Central Gardens, Merrylands Park and Holroyd Gardens. The district includes the suburbs of Girraween, Granville (part), Greystanes, Guildford (part), Guildford West, Holroyd, Mays Hill, Merrylands (part), Merrylands West, Parramatta (part), Pemulwuy, Pendle Hill (part), Smithfield (part), South Wentworthville, Toongabbie (part), Wentworthville (part), Westmead (part), Woodpark and Yennora (part).

The main commercial centre of the Holroyd LGA is Merrylands which is serviced by Stockland’s Merrylands Shopping Centre while also including the Cumberland Council chambers (previously Holroyd Council Chambers), emergency services and Merrylands Bus/Railway Interchange.

Main Industry The largest commercial/retail centres are located at Merrylands, Wentworthville and along The Great Western Highway. The most significant industrial precincts are situated in Smithfield, Pemulwuy, Girraween/Toongabbie and Yennora. The LGA is situated close to the Parramatta CBD which is the largest city centre within close proximity. The industries employing the highest number of people are:

▪ Manufacturing ▪ Retail and Wholesale Trade ▪ Transport, Postal and Warehousing ▪ Construction

According to Economiy.id Cumberland Council’s Gross Regional Product (of which Holroyd forms a part) was estimated at $11.69 billion as of the 30th June 2016, which represents 2.22% of the state's GSP (Gross State Product) with the largest industry being manufacturing.

Significant retail centres Merrylands is the main commercial area in the former Holroyd LGA and includes the Stockland Merrylands Shopping Centre, with the strip retail area and the Merrylands Railway/Bus interchange within the immediate vicinity. The Merrylands Police Station and Cumberland Council Chambers are also situated within the centre. The council is currently arranging a set of proposed planning controls to facilitate the redevelopment of designated lands within the Merrylands City Centre, to provide for the revitalisation of the commercial centre, with the aim of improving access and connectivity. Furthermore additional housing and commercial space within proposed/future mixed use high rise developments will also be provided. Amendments to the maximum building heights and the maximum floor space ratio (FSR) for sites within the precinct as well as the acquisition of sites for improved road access will also be required to successfully implement this strategy.

There are smaller village centres located at Guildford, Toongabbie, Pendle Hill and Wentworthville. Cumberland Council is also currently progressing with the Wentworthville Centre Revitalisation with the commencement of the preparation of draft land use and development controls.



2017

Type of Residential Development Residential development in the former Holroyd LGA consists predominantly of free standing dwellings with medium and higher density development mainly clustered around major centres throughout the LGA and along railway corridors. Free standing dwellings range in age and construction from small older style cottages to large modern homes built to a high specification. An increasing occurrence of redevelopment for modern single dwellings, duplexes or townhouses has occurred. Locations more removed from the railway lines were originally developed with brick or timber framed houses between the 1940’s to the present day. These again range in quality from more typical lower cost structures and project homes to a number of elaborate large houses of a high standard. Where substantial infill sites exist, medium and higher density development will most likely occur.

Greystanes is the largest residential suburb of the district on a square kilometre basis with a village centre and several small neighbourhood centres scattered around the suburb. The area includes predominantly freestanding single residential dwellings on typical sized residential lots.

The replacement of single dwellings with duplexes continues to occur throughout the LGA. Townhouse sites are also spread throughout the LGA but are more common in areas that have large existing lots and good access to transport links. Existing medium density sites are located generally around the LGA’s major centres. These areas tend to be well serviced, close to commercial precincts and railway stations. Redevelopment through Wentworthville, Pendle Hill and Toongabbie has continued in particular precincts with medium and higher density developments being built.

Analysis of the types of dwellings within Cumberland Council (of which Holroyd now forms a part) from the Australian Bureau of Statistics data from the 2016 census shows there to have been 39,937 separate houses in the district with 17,811 medium density dwellings and 13,461 high density dwellings.

Properties Valued and Total Land Value The Holroyd Local Government Area (Now part of Cumberland Council) comprises residential, commercial, industrial, infrastructure, environmental and public recreation zones.

Valuation changes in the local government area and percentage changes between the council valuation year of 1 July 2017 and previous land tax and council valuation year 1 July 2016 are as follows:

ZONE ZONE CODE ENTRIES 2017 TOTAL LV

PRIOR LGA & ANNUAL

VALUATION (2016)

% CHANGE

RESIDENTIAL (R2, R3,

R4) 25,987 $18,567,190,350 $16,304,877,790 13.88

COMMERCIAL (B1, B2,

B4, B5, B6, B7)

785 $1,099,063,970 $934,293,250 17.64

INDUSTRIAL IN1, IN2 777 $1,766,587,500 $1,592,512,000 10.93

INFRASTRUCTURE SP2 90 $44,364,681 $26,196,260 69.36

ENVIRONMENTAL E2 25 $8,054,560 $7,159,390 12.50

RECREATION RE1, RE2 366 $154,195,320 $143,556,690 7.41

TOTAL 28,030 $21,639,456,381 $19,008,595,380 13.84



2017

State and Local Government Legislation Following Council amalgamations, Cumberland Council continues to implement the Holroyd Local Environmental Plan 2013 and Holroyd Development Control Plan 2013 (DCP) that applies to all land within the former Holroyd Local Government Area. The LEP sets out relevant guidelines such as zoning, minimum lot size and maximum permissible building heights in maps that cover the whole district. All development is assessed and must comply with this planning legislation. There is no broad summary for these documents and maps with details, including relevant amendments are available at the New South Wales Government’s NSW legislation website www.legislation.nsw.gov.au.

The Greater Sydney Commission Act 2015 commenced on 27 January 2016. The GSC Act enables the Minister for Planning to create Sydney Planning Panels. A Sydney Planning Panel is taken to be a Joint Regional Planning Panel (JRPP) under the Environmental Planning and Assessment Act, 1979. The Sydney Planning Panels will “determine regionally significant development applications (generally development with a capital investment value of more than $20M) within the Greater Sydney Region (as defined in the GSC Act) and consider pre-Gateway (rezoning) reviews.” It is noted that these are the same functions as the current Joint Regional Planning Panels.

Holroyd Local Environmental Plan 2013 Holroyd LEP 2013 is the principal legal document for controlling development and guiding planning decisions made by Council to facilitate new development that is compatible and appropriate with the preferred role and character of an area. The LEP has been created to comply with the State Government’s Standard Instrument (Local Environmental Plans) Order 2006, which requires local councils to implement a ‘Standard Instrument’ LEP. The State Government created the Standard Instrument LEP to streamline the NSW Planning system. Holroyd LEP 2013 was applied on the 5th August 2013. Minimum lot sizes vary depending on the zoning and type of development. The minimum lot size categories include:

Minimum Lot Size

200 m2

300 m2

450 m2

900 m2

1,200 m2

Maps are available via NSW Legislation and Cumberland Council website for relevant precincts to which the above minimum lot sizes apply.

Holroyd Development Control Plan 2013 Holroyd DCP 2013 supports the implementation of the provisions to Holroyd Local Environmental Plan 2013. It contains detailed provisions on all aspects of development not covered under the LEP which are used in the assessment of all development applications. Holroyd DCP 2013 was applied on the 5th August 2013.

http://www.legislation.nsw.gov.au/



2017

Town Planning Amendments There have been numerous amendments since the application of the existing Holroyd LEP and DCP. These have been considered in determining land values in the district. The most recent amendments that have occurred since the prior valuation year in 2016 are listed below.

Holroyd Local Environmental Plan 2013 (Amendment No 7) - This Plan applies to the following land at Merrylands: (a) Lot 1, DP 597975 and Lots 19–24, Section 3, DP 2020, 11–19 Centenary Road, (b) Lot 2, DP 597975, 15 Wyreema Street. Published 24th March 2017, sites were rezoned from R3 Medium Density Residential to R4 High Density Residential. Further information is available on the NSW legislation website.

Holroyd Local Environmental Plan 2013 (Amendment No 8) - This Plan applies to the following land at Toongabbie: (a) Lot 1, DP 869954, being 53–55 Toongabbie Road, (b) Lots 191, 192, 193, 196, 197, 198 and 199, DP 11508, being 57, 59, 61, 67, 69, 71 and 73 Toongabbie Road, respectively, (c) Lots 2 and 1, DP 207106, being 63 and 65 Toongabbie Road, respectively, (d) a part of Toongabbie Road that adjoins 53–73 Toongabbie Road. Published 19th May 2017, sites were rezoned from R2 Low Density Residential to R4 High Density Residential. Further information is available on the NSW legislation website.

Holroyd Local Environmental Plan 2013 (Amendment No 9) - This Plan applies to 23–27 Lytton Street, Wentworthville, being Lot 1, DP 787784. Published 23rd Jun 2017, sites were rezoned from R2 Density Residential to R4 High Density Residential. Further information is available on the NSW legislation website.

Holroyd Local Environmental Plan 2013 (Amendment No 11) - This Plan applies to Lot 36, DP 10958, 37–39 Pavesi Street, Smithfield. Published 21st Jul 2017, site was rezoned from IN2 Light Industrial to R2 Density Residential. Further information is available on the NSW legislation website.

Holroyd Local Environmental Plan 2013 (Amendment No 12) - This Plan applies to 11 Butu Wargun Drive, Pemulwuy, being Lot 11, DP 1162280. Published 15 September 2017, rezoning of part of the subject site from R4 High Density Residential to R3 Medium Density Residential to allow development of the land for the purposes of dwelling houses and dual occupancies which are currently not permitted in the R4 High Density Residential Zone. Further information is available on the NSW legislation website.

Holroyd Local Environmental Plan 2013 (Amendment No 14): This Plan applies to land known as the former Bonds Spinning Mills site, being Lot 1, DP 735207, 190–220 Dunmore Street, Pendle Hill. Published 20th October 2017, site was rezoned from IN2 Light Industrial to R4 High Density Residential, B2 Local Centre and RE1 Public Recreation. Further information is available on the Cumberland Council and NSW legislation website.



2017

Market Overview and Sales of Particular Interest

Residential Residential zoned land comprises approximately 93% of the entries in the LGA. The Total Residential Land Value increased 13.88% from $16,304,877,790 (prior General Valuation) in 2016 to $18,567,190,350 in 2017. The overall increase in the total value of residential land is in line with the increase in residential value levels based on 2017 sales evidence.

To date 449 residential sales have been analysed to determine and provide verification of land values. These sales are analysed to provide an analysed land value adjusted to 1st July 2017. The added value of improvements are also analysed to enable the accurate determination of land values - the paired sales and the replacement cost approach being the preferred methodology. Sales in close proximity to the relevant base dates have been preferred. Analysed sales are also used to support the grading across components. A broad range of sales evidence is analysed. Analysed sales reports are provided to Property NSW on a consistent basis throughout the year.

Holroyd LGA is located adjacent to the City of Parramatta with good access to services and the medical precinct of Westmead. Community facilities in the District include parks and reserves for active and passive recreational activities, various schools (both primary and high school), aged car facilities, a small private hospital, public swimming pools, golf course and denominational churches.

Throughout the District, market evidence has continued to demonstrate strong increases for the 2017 Base Date. There have been few vacant land sales that have occurred throughout the district. There is very little undeveloped land remaining across the district. Therefore, it is in–fill developments and demolitions that provide most of the supply of residential land for new development. The analysis of these sales where existing improvements are demolished is important and provides good evidence for land values. Sales volumes of single residential dwellings have increased slightly over the last twelve months in comparison to the preceding 12 months with results that appear to be meeting vendor expectations. At the component level for the 2017 Base Date Merrylands West and Greystanes (West) have shown the highest increases.

In 2017 purchasers are continuing to value properties that are well located with good access to transport, shops and amenities. Sites with additional development potential continue to be sought for redevelopment into dual occupancy. Several purchasers have also demonstrated a preference for sites where there is the potential to capitalise on the addition of a secondary dwelling.

Medium and higher density residential sites in the Holroyd LGA have shown continued growth. The market across the board has shown rises relative to potential. There appears to be a reduction in transactions for development sites including larger residential unit mixed use development sites for the 2017 valuing year when compared to the preceding 12 months. Construction activity appears to be continuing throughout the district. The redevelopment of these sites increases the amount of medium and higher density residential accommodation which assists in housing occupants with a range of differing requirements.

Areas where residential unit development remains particularly evident include Veron Street in Wentworthville, the Toongabbie Road and Aurelia Street precinct in Toongabbie, the Great Western Highway corridor and Mays Hill precinct as well as around the Merrylands commercial centre which also provide easy access to the railway corridors.

It is noted that the initial sales of properties for site amalgamation, when compared to the resale of an amalgamated site with approval within an area where a saturation point hasn't been reached, can show a large increase. This increase captures the added value of profit & risk, professional fees, legal fees,



2017

government fees & charges and the cost of finance. Further, site sales for amalgamated density developments are not applicable to single holdings of residential land as the surrounding properties may not meet all the criteria required for there to be a higher development potential.

As at the 2016 Census, the Cumberland LGA (of which Holroyd forms a part) comprises of 39,937 separate dwellings (55.4%), 17,811 medium density dwellings (24.7%), 13,461 high density dwellings (18.7%) and 420 other dwellings (0.6%). When compared to the 2006 Census it can be seen that the number of dwellings across the three dwelling types has increased. According to the 2016 Census, 53% of households were purchasing or fully owned their home, 30.9% were renting privately, and 7.1% were in social housing in 2016.

Examples of Residential Sales 27 Rickard Street Merrylands sold in December 2016 for $894,000. Site sale zoned Low Density Residential. Site area: 638.71 m2. Approval subsequent to sale for demolition and construction of single storey dwelling.

68 Alto Street South Wentworthville sold in March 2017 for $888,000. Site sale zoned Low Density Residential. Site area: 696.77 m2. Approval subsequent to sale for demolition and construction of a dual occupancy.

90 Daruga Avenue Pemulwuy sold in November 2016 for $515,000. Vacant site zoned Medium Density Residential. Site area: 256.5m2.

40 Byron Road Guildford sold in April 2017 for $1,650,000. Site sale zoned Medium Density Residential. Site area: 1,100 m2. Approval subsequent to sale for demolition and construction 2 x 2 Storey Conjoined dwellings total of 4 dwellings.

49-53 Essington Street Wentworthville sold in November 2016 for $4,400,000. Site sale zoned High Density Residential. Site area: 1,993 m2. Sold with approval for the demolition of existing structures and consolidation of 3 lots into 1 lot; construction of a 4 storey residential flat building comprising 32 units above basement parking accommodating 39 carparking spaces.

1-3 Wayman Place Merrylands sold in April 2017 for $3,000,000. Site sale zoned High Density Residential. Site area: 1,031 m2. Sold with approval for the demolition of existing structures and construction of a 6 storey residential flat building comprising 19 residential units over 2 levels of basement parking accommodating 23 carparking spaces.



2017

Commercial/Mixed Use Commercial zoned land comprises approximately 2.8% of the entries in the LGA. The Total Commercial Land Value increased 17.64% from $934,293,250 (prior General Valuation) in 2016 to $1,099,063,970 in 2017. The overall increase in the total value of commercial land is in line with the increase in commercial value levels based on 2017 sales evidence.

Commercial property values have shown strong increases. These increases have been evident across the commercial market which is categorised by larger sites with immediate development potential and smaller single holding properties that have limited re-development potential without amalgamation taking place. The main commercial centres are generally well located around the railway stations and transport hubs which benefit from the passing trade of the local residents.

Other areas include retailing areas along main roads and highways which comprise of a mix of business zonings with associated variations in permissible uses. The Business Development zoned land which is mainly found along the Great Western Highway corridor has shown stronger increases for the 2017 Base Date as supported by analysed sales evidence, than other Business zones.

With the Parramatta CBD adjacent to the Holroyd LGA, the demand for commercial space in the LGA is mainly generated from locally based operators servicing the LGA’s community. The main centre where commercial space is available is Merrylands which includes the Stockland Shopping Centre and the bus/railway interchange as part of the centre. Other locations include Wentworthville, Pendle Hill, Toongabbie and Guildford which comprise of smaller numbers of commercial spaces and are also adjacent to railway stations. The residential component of the mixed use development still holds a significant portion of value for the 2017 Base Date. The acquisition volumes of sites for this type of development appears to be trending lower than in previous years. Sales volumes of commercial property have reduced over the last twelve months in comparison to the preceding 12 months with results that appear to be meeting vendor expectations.

Examples of Commercial/Mixed Use Sales 33 Dell Street Woodpark sold in September 2016 for $750,000. Improved sale zoned Neighbourhood Centre with site area of 190m2.

1A Hilltop Road Merrylands sold in July 2017 for $1,900,000. Improved sale zoned Neighbourhood Centre with site area of 1,338m2.

24-26 Station Street Wentworthville sold in November 2016 for $2,620,000. Improved sale zoned Local Centre with site area of 569 m2.

45-47 Aurelia Street Toongabbie sold in September 2016 for $3,500,000. Site sale zoned Local Centre and R4 High Density Residential with site area of 1,338m2. Sold with approval for demolition of existing structures; consolidation of 2 lots into 1 lot; construction of a 5 storey mixed use development comprising 26 units; 3 commercial tenancies above 2 levels of basement parking accommodating 45 carparking spaces and associated strata subdivision into 29 lots.

12 The Portico Toongabbie sold in March 2017 for $1,040,000. Improved sale zoned Local Centre with site area of 139.1m2.



2017

Industrial Industrial zoned land comprises approximately 2.7% of the entries in the LGA. The Total Industrial Land Value increased 10.93% from $1,592,512,000 (prior General Valuation) in 2016 to $1,766,587,500 in 2017. The overall increase in the total value of industrial land is in line with the increase in industrial value levels based on 2017 sales evidence.

The Holroyd LGA includes a variety of industrial properties which can accommodate a range of facilities. The smaller industrial properties are mainly located in the more established precincts of Holroyd, Guildford and Yennora. The medium and larger properties are principally located in Smithfield, Yennora and Guildford West as well as in the northern precincts of Toongabbie and Girraween. The main logistics facilities are generally located in and around the Smithfield and Pemulwuy precinct. These industrial precincts generally have good access to arterial roads or highways such as the M4 Motorway, Cumberland Highway or Great Western Highway. The redevelopment and re-use of the old Alcoa Site in Yennora is progressing with several properties sold and further stages being made available for sale.

Continued development of Sydney’s Motorway infrastructure is further supporting industrial values in the district as land in traditional inner Sydney areas continues to be rezoned to residential and mixed use development. Industrial areas well serviced by road and rail access are benefitting from relocations of businesses to the western employment land areas. Established precincts such as Smithfield and Yennora remain quite central and with very good access provided by existing motorways particularly the M7, M4 and M5 to other Motorways and areas. The development of the Westconnex project currently well underway will further improve accessibility for commuters and heavy vehicle traffic.

Industrial land values have shown strong increases, overall since the 2016 Base Date. The market has seen vacancy rates trending lower over the 2017 valuing year with good demand for industrial space. Rents in the Former Holroyd LGA industrial market appear to have remained fairly stable commensurate with the age, utility and quality of the space available. There have been a reasonably limited number of industrial sales that have occurred during the 2017 valuing year in the Former Holroyd LGA industrial market. Sales volumes of industrial property have reduced over the last twelve months in comparison to the preceding 12 months with results that appear to be meeting vendor expectations.

Examples of Industrial Sales 26 Sammut Street Smithfield sold in November 2016 for $1,550,000. Improved sale zoned General Industrial with site area of 1,395m2.

151 Woodpark Road Smithfield sold in December 2016 for $1,350,000. Improved sale zoned General Industrial with site area of 1,210m2.

128 Long Street Smithfield sold in February 2017 for $2,950,000. Improved sale zoned General Industrial with site area of 3,040m2.

9 Wiltona Place Girraween sold in July 2017 for $940,000. Improved sale zoned Light Industrial with site area of 1,163m2.

35 Amax Avenue Girraween sold in March 2017 for $1,910,000. Improved sale zoned Light Industrial with site area of 1,833m2.

205-231 Fairfield Road Yennora sold in December 2016 for $46,670,450. Improved sale zoned General Industrial with site area of 5.54 hectares.



2017

Significant Issues and Developments: Some Examples of Major Development sites within the LGA 233 & 249-259 Merrylands Road and 52-54 McFarlane Street, Merrylands: Approval for Consolidation of 15 lots and Torrens subdivision into 5 lots; construction of 5 mixed use buildings ranging in height between 10 and 17 storeys over 2 separate basements ranging between 2 and 5 levels accommodating a total of 542 residential units; 8230m2 of commercial floor; 731 car parking spaces; construction of a skybridge over McFarlane Street connecting the proposed development with the existing shopping mall across McFarlane Street; and construction of a new road.

Frank Street Guildford: Development Application for the subdivision of land into 5 lots and construction of residential development accommodating a total of 227 units and 310 car parking spaces in 5 stages with Stage 1 involving subdivision and civil works, Stage 2 involving construction of a 2 x 5 storey residential flat buildings (Blocks A and B) over basement parking on Lot 1 total 115 units, Stage 3 involving construction of 2 x 5 storey residential flat buildings (Blocks C and D) over basement parking on Lot 2 total 88 units, Stage 4 involving construction of 24 x 2 storey townhouses on Lot 3 and Stage 5 involving development of Lots 4 and 5 involving parks and cycleways.

Lots 12 & 13 Butu Wargun Pemulwuy: Development application for Construction of 7 x part 3, part 4 and part 5 storey residential flat buildings comprising a total of 320 units above 3 basement levels and at-grade parking accommodating a total of 382 car parking spaces and roadways in 2 stages with Stage A accommodating Blocks A; B; C and D and Stage B accommodating Blocks E; F and G.

1 Crescent St, Holroyd: The rezoning request seeks to amend the Holroyd LEP 2016 to rezone land at 1 Crescent St, Holroyd from B5 Business Development, to B4 Mixed Use; R4 High Density Residential (including "commercial premises" as an additional permitted use); RE1 Public Recreation; SP2 Infrastructure; and amend associated development standards. Determination – Proceed to Gateway.

9 Sherwood Road, Merrylands West: Development application for demolition of existing structures; consolidation of 3 lots into 1 lot; construction of a part 5, part 7 storey shop top housing development comprising 86 residential units, 6 retail tenancies and basement and at grade parking accommodating 184 car parking spaces.

510-524 Great Western Highway, Pendle Hill: Approval for demolition of existing structures; consolidation of 8 lots into 1 lot; construction of 3 separate buildings incorporating a 4 storey shop top housing development; a 4 storey residential flat building and a 3 storey multi dwelling housing development comprising a combined total of 6 retail units; 72 residential units over 1 level of basement parking accommodating a total of 118 car parking spaces.

224-240 Pitt Street, Merrylands: Approval for demolition of existing structures; construction of a mixed-use development containing 3 separate towers ranging in height between 4 and 19 storeys comprising 355 residential units over 5 levels of basement parking accommodating 464 car parking spaces.

31-33 and 37B Garfield Street, Wentworthville: Approval for demolition of existing structures; consolidation of 9 lots into 1 lot; construction of 3 residential flat buildings ranging in height between 5 and 7 storeys comprising 197 units over 1 level of basement car parking accommodating 257 car parking spaces.



2017

Draft Cumberland Employment and Innovation Strategy and Land Use Planning Framework 2017 Cumberland Council has established the Draft Cumberland Employment and Innovation Strategy and Land Use Planning Framework 2017 which provides a strategy through the development of a land use planning framework to set the direction for the provision of employment lands across the Cumberland Council local government area. The strategy aims to promote innovation and create additional employment across a more diverse range of sectors. Furthermore existing industrial businesses are also encouraged to expand and provide additional employment opportunities as well. Further information is available on the Cumberland Council website.

Merrylands Station, Mcfarlane Street Precinct Review & Merrylands City Square As part of the Merrylands Station, Mcfarlane Street Precinct Review & Merrylands City Square, Cumberland Council (of which Holroyd forms a part), has arranged a set of proposed planning controls to facilitate the redevelopment of the Merrylands Station & McFarlane Street Precinct which includes land in the core of the Merrylands Centre bounded by McFarlane Street, Merrylands Road, Treves Street and the railway corridor.

The precinct plan requires amendments to the maximum building heights and the maximum floor space ratio (FSR) for sites within the precinct as well as the acquisition of several parcels of land to facilitate an extension to Main Lane, road widening on McFarlane Street and the expansion of the new proposed Merrylands Square through to Merrylands Road. Acquisitions of land comprising whole and partial areas of sites under this plan have commenced. The Council owned car park on McFarlane Street will form part of this proposal and will be redeveloped as part of this strategy. Further information is available on the Cumberland Council website.

Wentworthville Centre Revitalisation To help facilitate the renewal and revitalisation of the Wentworthville Town Centre, Council has developed a new planning strategy for the Wentworthville Centre, two options were given consideration. Key priorities were identified from the consultation studies.

Council has reviewed the findings and will proceed with the preparation of a planning proposal based on built form Option 2 (refer to Cumberland Council website for further details), with amendments to certain planning controls, policies and documents; and reclassification of certain land. The strategy excludes 108 Station Street and 42-44 Dunmore Street which are subject to separate planning proposals, both subject to gateway determinations. The Wentworthville Centre Revitalisation proposal will proceed to Gateway Determination by Department of Planning and Infrastructure.

190-220 Dunmore Street, Pendle Hill The former Bonds Spinning Mills site comprises of a 7.995 Hectare site zoned IN2 Light Industrial under the Holroyd LEP 2013. The site has subsequently been rezoned to R4 High Density Residential, B2 Local Centre and RE1 Public Recreation, as of 20th October 2017. The rezoning includes increases to the maximum building height ranging from 12.5m (3 storeys) to 39m (12 storeys), and to increase the maximum floor space ratio ranging from 0.7:1 to 2.2:1. The proposed B2 zone incorporates the following heritage items to be retained for adaptive reuse:

▪ Cutting Room ▪ Dance Hall ▪ John Austin Centre ▪ Boiler Room ▪ Cotton Bale Stores

Further information is available on the Cumberland website.



2017

Significant Value Changes Significant value changes – from prior council rating and annual valuation year There have not been any significant value changes at component level from the previous 2016 Base Date to the current 2017 Base Date. Residential zoned properties increased 13.88% from the previous 2016 General and Annual valuation year. Residential property in certain suburbs within the LGA have overall increased at slightly different rates

Business zoned properties increased 17.64% from the previous 2016 General and Annual valuation year.

The Business Development zone reflected the highest value changes for the 2017 Base Date in line with

analysed sales evidence.

Industrial zoned properties increased 10.93% from the previous 2016 General and Annual valuation

year.

A number of properties have had significant movements in their Land Values in the 2017 valuation program. Property NSW are informed of such changes to values during regular meetings throughout the year. In some instances values have moved significantly where the variation does not just represent normal market growth but is the result of increases in the development potential of a particular site. Significant value changes often reflect:

▪ Planning changes allowing greater development potential. ▪ Fast paced market growth for particular properties. ▪ Sites where approval has been achieved for development of a scale which is greater than

could be assumed when undertaking a valuation under the Valuation of Land Act 1916 considering the existing planning.

Other significant changes to values are the result of handcrafting through verification or value changes to reflect sales analysis. Significant value changes are listed in the Valuation Analysis Report and have been verified with a Risk Rating of 1 indicating a high value change.



2017

Overview Of The Quality Assurance Process Property NSW has been provided with a detailed valuation analysis report, which details the quality assurance process of Crown Valuation Service and outlines that the verification process and certifies that land values meet all statistical measures and component data analysis. In addition, a quality statement and lists of high value and high risk properties is also provided in the valuation analysis report. Checks have been undertaken to ensure that all properties have been valued, land values are consistent with each other, land value bases have been correctly determined and all concessions and allowances have been supplied. Additionally, properties that had land values amended through the objection or re ascertainment process were individually examined to reconcile surrounding land values and ensure accuracy of the grading of surrounding land values. Benchmarks and reference benchmarks are core elements of the quality assurance processes and are identified and individually valued in accordance with the Rating and Taxing Procedures Manual Version 7.1.1. Worksheets have been maintained on all properties where calculations are required. We have also ensured that adjustments and assumptions within the market analysis have been based on market evidence and have been fully documented and rationalised.

Signed

Mark Everitt CONTRACT SERVICES MANAGER BLACKTOWN CONTRACT 14th November 2017

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