Property No: 2740546

64 Table Top Rd, Thurgoona, NSW 2640

Residential Land
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64 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 264064 Table Top Rd, Thurgoona, NSW 2640

"Dan-Mara Park" Thurgoona - Approval for 95 Residential Lots

1. Introduction:
* Situated at 64 Table Top Road Thurgoona, the sale of "Dan-Mara Park" represents a premium land development opportunity in the heart of Albury's growth corridor. With a current estimated resident population of 9,759, Thurgoona's population is forecasted to reach 17,654 by 2036, an increase of 80.89% on an average annual growth rate of 4.49% [1].
* With development consent for a 95-lot residential subdivision, “Dan-Mara Park” is situated just 2km from the Thurgoona town centre. Thurgoona already boasts a wide range of social, educational and recreational facilities in close proximity to the subject land including a shopping centre with a new large Woolworths supermarket and specialty shops, the Thurgoona Country Golf Club, Charles Sturt University, TAFE Environment Centre, public and private schools, aged care facilites, walking trails, and other facilities. The property is approximately 6km from the Albury CBD and 8km from Lake Hume which offers boating, fishing, camping and various other recreational pursuits.
* 8.5 km to the Albury Post Office in the Albury CBD
* 8.9 km to the Hume Dam wall
* 2.6 km to Thurgoona Plaza shopping centre
* 2.2 km to Thurgoona Golf Club
* 3.4 km to Charles Sturt University
* 8.1 km to Lavington Square shopping centre

2. Property Description:
* The property is described as Lot 11 DP976884 in the Parish of Thurgoona and County of Goulburn being the land contained in Folio Identifier 11/976884. The property has an area of approximately 14.2 hectares or 35.10 acres.
* The existing improvements include a large homestead with an abundance of sheds, a five-car carport and a detached “man-cave” approximately 7 metre x 7 metre complete with open fireplace, brick pizza oven, kitchenette, sink and refrigerator.
* The residence includes the following features: four bedrooms all with built-in-robes, ensuite to master bedroom with sauna and spa, large kitchen with dishwasher, full bathroom, ducted heating and cooling plus 2 log fire heaters, large 7 metre x 7 metre games room, wrap around verandahs all around, salt water inground swimming pool and town water is connected. The homestead is currently being rented at $400 per week under a 12-month lease.

3. Price:
* $4,700,000 (plus GST if applicable)
* Note: the vendor is not registered for GST and is not required to be registered for GST.

4. Town Planning
* The land is part within the R1 General Residential Zone and part within the E3 Environmental Management Zone under Albury Local Environment Plan 2010 (Albury LEP 2010).
* Relevant extracts from the Albury LEP 2010 outlining the objectives and Land Use Table for the R1 General Residential Zone as well as a zoning map are available on request.
* The subject property is also affected by the Thurgoona-Wirlinga Precinct Structure Plan 2013 (TWPSP) which is a strategic planning document that was prepared to guide and co-ordinate the long-term growth and development of the Thurgoona-Wirlinga growth corridor.
* An area of approximately 4.4 hectares at the rear of the subject property has been identified in the TWPSP as Local Recreation Park No 16. Further details regarding the requirements of the TWPSP and the provision of a Local Recreation Park are detailed below under Section 6 relating to the developer contributions. The introduction to the TWPSP Map is available on request. The complete TWPSP document can be viewed at Albury City Council’s website. [2]

5. Development Consent:
* On 27 February Albury City Council issued a Development Consent for a ninety-five (95) residential lot Torrens title subdivision and creation of a public reserve.
* A copy of the Development Consent (Approval Number 10:2015:34232.1) and approved plan of subdivision are available on request.
* The existing homestead is wholly contained within the proposed Lot 110 having an area of 3,300 sqm.
* The existing sheds are wholly contained within proposed Lot 221 having an area of 1,100 sqm and are proposed to be removed.
* Entry into the proposed estate is off Table Top Road. No direct access onto Table Top Road is permitted from any of the proposed Lots.
* The approved plan of subdivision provides for the development to be undertaken in four stages as follows: -

Stage development:
* Stage One - Lots 101 to 125 (25 lots)
* Stage Two - Lots 201 to 226 (26 lots)
* Stage Three - Lots 301 to 323 (23 lots)
* SategeFour - Lots 401 to 421 (21 lots)

The approved plan of subdivision also provides for the following mix of lots:
* 490 sqm - 1 lot
* 500 sqm - 1 lot
* 601 - 650 sqm - 4 lots
* 651 - 699 sqm - 9 lots
* 700 - 799 sqm - 69 lots
* 800 - 849 sqm - 0 lots
* 860 sqm - 1 lot
* 950 sqm - 1 lot
* 1,110 sqm - 1 lot
* 2,830 sqm - 1 lot
* 2,890 sqm - 1 lot
* 860 sqm - 1 lot

6. Section 64 and Section 94 Developer Contributions:

(a) Section 64 Contributions:
The subject property is situated within the Thurgoona-Wirlinga Water Contribution Plan and Sewer Contribution Plan area. Therefore, Water and Sewer Contributions are payable pursuant to Section 64 of the Local Government Ace. The Section 64 Contributions payable total $682,534 (i.e. $292,528 for water and $390,006 for sewer) in accordance with Condition E5 of the Development Consent.

(b) Section 94 Contributions:
* A specific Section 94 Contributions Plan has been adapted for the Thurgoona-Wirlinga growth area.
* A contribution of $9,879 per lot is levied under the Plan on developments in the area to help fund local infrastructure. The amount that would normally be payable in respect of the 95-Lot subdivision is $928,626.
* However consistent with the TWPSP, the vendor has offered to dedicate to the Council, and the Council has resolved to accept, an area comprising 4.4 hectares at the rear of the property for the purposes of a local recreation park i.e. Local Recreation Park No 16.
* The area of 4.4 hectares has been independently valued at $366,000 and the Council has agreed to offset this amount against the Section 94 contributions payable.
* This reduces the Section 95 contributions payable to $5,985.38 per lot or a total of $562,625.72. A copy of the relevant Albury City Council resolution passed on 27 February 2017 is available on request.
* Also at no cost to the developer, Albury City Council is connecting the water main, leaving large pipe stop cocks at each dedicated street for the benefit of the developer. This represents a saving to the developer of approximately $120,000, which together with the saving in the Section 94 contributions indicated above, represents a total saving of almost $500,000.

(c) Summary:
* Having regard to the reduced Section 94 Contributions outlined above, the total of Section 64 and Section 94 Contributions combined is set out below.
* Section 64 Water Contributions -$292,528.00
* Section 64 Sewer Contributions - $390,006.00
* Section 94 Contributions (reduced) - $562,625.72
* Grand Total - $1,245,159.72

It should be noted that the Section 64 Contributions will be calculated or recalculated at the rate applicable under the plan current at the time of payment. The reduced Section 94 Contributions will be indexed at the percentage rate applied to the Contributions Plan for the applicable financial year. More information regarding the indexation can be found at Clause 3.17 of the City of Albury’s Infrastructure Contributions Plan 2014 available on the Council’s website. [3]

7. Economic Profile:
* Situated on the NSW-Victorian border on the main road and rail transport corridor connecting Melbourne and Sydney, Albury is a major regional centre offering the full range of health, educational, social, cultural and recreational facilities.
* Its current population of approximately 54,000 is forecast to increase to over 67,000 by the year 2036. [4]
* The greatest proportion of this growth is forecast to occur in Thurgoona.
* The suburb’s current population of almost 10,000 is forecast to reach over 17,000 by 2036, an increase of 80.89% or an average annual growth of 4.49%. [5]
* Albury also has a thriving economy with a Gross Regional Product of $3.21 billion and all sectors across the local economy experienced growth over the past 16 months.[6]
* As an indication of investor confidence, the most recent annual Albury-Wodonga Business Survey found that 70% of respondents were positive about the outlook for their operations over the next 12 months and 62% indicated that they would undertake capital improvements in the year ahead. [7]

8. Further Information:

For further information please contact the selling agent as follows: -
Georgette Nehme
Georgette Nehme Real Estate
350 Griffith Road
P.O. Box 1409
Lavington NSW 2641
Email: sales@georgettenehme.com
Telephone: (02) 6040 0408
Mobile: 0414 013 819

9. Endnotes:

[1] Forecast ID (https://forecast.id.com.au/albury/about-forecast-areas/?WebID=190)
[2] http://www.alburycity.nsw.gov.au/building-and-planning/planning-policies/structure-plans-and-master-plans/thurgoona-wirlinga-precinct-structure-plan
[3] http://www.alburycity.nsw.gov.au/building-and-planning/planning-policies/Infrastructure-Contributions-Plan-2014
[4] https://forecast.id.com.au/albury
[5] https://forecast.id.com.au/albury/about-forecast-areas/?WebID=190
[6] Albury Economic Indicators Dec 2017 (https://www.investalbury.com.au/resources/ecodev-reports)
[7] Albury Wodonga Business Survey – September 2017 (https://online.fliphtml5.com/zfst/pwfv/#p=2)

Land Size:142000 Sqm
Local Amenities:Schools
Community Centre
Shops
Sports Field & Club
Hospital
Nursing Home
Child Care Centre
Playground
University
Park
Council:Albury
Open for Inspection Times:

By Appointment - Contact Agent.

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Every precaution has been taken to establish accuracy of the information but does not constitute any representation by the vendor or real estate agent. You should make your own enquiries as to its accuracy.