Report and Assessment of Compensation - Easement for Proposed Underground 132kV Cable - Property known as Lot 197 and Lot 216 in Deposited Plan 752048

Hornsby Shire Council

Attachment to Report No. WK63/08 Page 3

Report Summary

PROPERTY Lot 197 and Lot 216 in Deposited Plan 752048 Galston Road, Galston.

OWNER The Crown and managed by Hornsby Shire Council.

DATE OF

ASSESSMENT 25 August 2008.

BASIS OF

ASSESSMENT In accordance with Section 55 of the Land Acquisition (Just Terms Compensation) Act, 1991 ‑ all heads of compensation to be considered.

COMMENTS The subject property is located on the western side of Galston Road Galston just to the south of the intersection with Mid–Dural Road. The property forms part of a public open space area known as Galston Park. Galston neighbourhood shopping centre is situated about a kilometre to the north of the property. The property is situated some 36 kilometres north west of the Sydney CBD. The property is traversed by some existing transmission lines and the property also includes existing unsealed fire trails. The surrounding development predominantly comprises rural-residential properties as well as Galston high school opposite and Sydney North Electricity Substation to the rear.

The land is zoned Open Space A (Public Recreation – Local) Zone under the Hornsby Shire Local Environmental Plan 1994 (as amended).

The property has a total land area of some 25.987 hectares.

PROPOSED

EASEMENT The proposed Easement for the 132kV Underground Cable to be created upon the subject property will traverse that part of the property as shown on the appended plan in an east to west direction. The total length of the easement is approximately 707.8 metres.

We are advised that the proposed easement will be five (5) metres wide and that it will be in accordance with the terms and conditions of Energy Australia’s standard Easement Memorandum, as outlined within this report. The total area of land affected by the easement is shown on the Preliminary Easement Plan as being approximately 3,539 square metres (subject to a final survey).

Report Summary (Cont’d)

ASSESSMENT OF

COMPENSATION In assessing compensation for the acquisition of easements, the Courts consider the limitations and restrictions imposed by the Easement Memorandum rather than the intended use by the Acquiring Authority (see Besmaw Pty Ltd v Sydney Water Corporation (2001) NSWLEC 15).

In accordance with the Easement Memorandum, we note that Energy Australia in summary has the right to construct and operate facilities and structures for the transmission of electricity and telecommunications, access through the easement with vehicles, plant and equipment, cutting and lopping of trees and vegetation.

The more significant impacts of these rights on the landowner include –

* Limitations on the landowner’s use of the land, access with vehicles and services,

* Potential Visual impact,

* Loss of trees and vegetation,

* Potential Noise impact,

* Energy Australia’s access to the easement, and

* Perceived physical danger from failed equipment.

In determining our assessment of compensation we have taken these matters into consideration and in particular have prepared a table Injurious Affectation Potential Impact Matrix on page 16 which summarises the possible level of impact that the Easement Memorandum will impose on the lots burdened.

COMPENSATION Section 55(a) Market Value $ 14,000

Section 55(f) Injurious Affectation $ 21,000

Total Compensation $ 35,000

The above Compensation Summary forms part of our complete report and assessment of compensation and should not be acted upon independently of reading our complete report and assessment of compensation.

1.0 PROPERTY

Lot 197 and Lot 216 in Deposited Plan 752048 Galston Road, Galston.

2.0 INSTRUCTING PARTY

Mr Peter Thompson

Manger, Property Development

Works Division

Hornsby Shire Council

296 Pacific Highway

Hornsby NSW 2077

3.0 INSTRUCTIONS

In accordance with recent instructions from Mr Peter Thompson, for and on behalf of Hornsby Shire Council, we have been requested to carry out a valuation assignment to establish the fair amount of compensation to be paid for a proposed Easement for a 132kV Underground Cable over the abovementioned property. We understand that the assessment of compensation is to be in accordance with Section 55 of the Land Acquisition (Just Terms Compensation) Act, 1991.

4.0 INTEREST TO BE VALUED

Freehold interest.

5.0 PURPOSE OF ASSESSMENT OF COMPENSATION

We understand our report and assessment of compensation is required by Hornsby Shire Council for the purpose of assisting in negotiations with Energy Australia to determine the rightful amount of compensation to be paid for creation of an Easement for a 132kV Underground Cable over the abovementioned property.

6.0 EASEMENT DESCRIPTION AND CABLE DETAILS

The easement to be acquired will be 5 metres in width and carry an Underground 132kV Cable.

Whilst we have not been provided with precise specifications for proposed cable we would note that from our investigations it would appear that Underground 132kV Cables are usually laid at minimum depths ranging between 0.9 to 1.2 metres as illustrated in the following diagram –

We note that the proposed easement will follow (as much as possible) the existing fire trails.

7.0 DATE OF INSPECTION

25 August 2008.

8.0 DATE OF ASSESSMENT OF COMPENSATION

25 August 2008.

9.0 LOCAL GOVERNMENT AREA

Hornsby Shire Council.

10.0 LOCATION

The property which is the subject of this report and assessment of compensation is located on the western side of Galston Road Galston just to the south of the intersection with Mid–Dural Road as indicated by red arrow on the following Locality Map –

and shown by red outline on the Site Plan in 14.1 Description.

The property forms part of a public open space area known as Galston Park. Galston neighbourhood shopping centre is situated about a kilometre to the north of the property. The property is situated some 36 kilometres north west of the Sydney CBD.

The surrounding development predominantly comprises rural-residential properties as well as Galston high school opposite and Sydney North Electricity Substation to the rear.

11.0 TITLE DETAILS

The NSW Land Titles Office does not hold Title Documents for the subject properties due to the fact that the properties are Crown Land. However, we would note that the subject parcels are described in Hornsby Shire Council records as being Lots 197 and 216 in Deposited Plan 752048 at Galston, in the Local Government Area of Hornsby, Parish of North Colah and County of Cumberland.

12.0 OWNERSHIP

The subject properties are in ownership of the Crown. We understand that Hornsby Shire Council manage the properties on behalf of the Crown.

13.0 LAND

13.1 Description

The properties comprise land known as Galston Park. The park comprises a sporting field as well as a significant tract of native bushland. The properties are traversed by several existing power lines. The land is relatively level over that part used as a sporting field whilst the bushland area provides an undulating topography. We note that the properties also include existing unsealed fire trails.

13.2 Area

The total land area as calculated from an extract of the Parish Map is some 25.987 hectares.

14.0 ENVIRONMENTAL PLANNING

14.1 Current Zoning

We are advised by the Environmental Services Department of Hornsby Shire Council that the subject property is zoned Open Space A (Public Recreation – Local) Zone under the Hornsby Shire Local Environmental Plan 1994 (as amended). –

A certificate issued under Section 149 of the Environmental Planning and Assessment Act, 1979 would need to be obtained to confirm the Town Planning information outlined above.

14.2 Zone Objectives

The objectives of the Open Space A (Public Recreation – Local) Zone are as follows -

(a) to ensure there is provision of adequate open space to meet the needs of the community and to enhance the environmental quality of the Hornsby area.

(b) to encourage a diversity of recreational settings and facilities.

14.0 ENVIRONMENTAL PLANNING (cont’d)

14.3 Underlying Zoning

In determining our assessment of compensation we have given due consideration to what the likely zoning of the subject property would have been had it not been zoned Open Space A (Public Recreation – Local) Zone.

Based on the physical nature of the subject property and the surrounding zonings we believe that the subject property would in all likelihood have been zoned part Environmental Protection B (River Catchment) Zone and part Rural BR (Small Holdings-Rural Landscapes) Zone.

We note that from our reading of the Hornsby Shire Local Environmental Plan 1994 (as amended), subdivision is prohibited under both these zonings.

16.0 IMPROVEMENTS AND PHOTOGRAPHIC STUDY

There are no structural improvements erected along the route of the proposed easement.

Various views over the subject land

16.0 IMPROVEMENTS AND PHOTOGRAPHIC STUDY (CONT’D)

Various views over the subject land

17.0 SERVICES

Water, sewer, electricity and telephone services are available in the general vicinity of the subject property.

Galston Road is a bitumen sealed carriageway with both concrete and earth formed kerb and gutters in the general vicinity of the subject property.

18.0 CONTAMINATION RISK

The current use of the property as public open space land is not included within the list of Potentially Contaminating Activities, Industries and Land Uses contained within the Australian Property Institute (API) Professional Practice 2006 as published in May 2006.

Our inspection of the subject property did not reveal any areas of concern sofaras we are able to identify, however, we are not experts in such issues. Nor have we sought any formal advice from the an appropriate expert as to whether the existing use of the subject property has brought about a real concern in respect of any site or building contamination.

Our valuation is made on the basis of a satisfactory current date environmental report indicating the subject property to be free of contamination, however, we reserve the right to review our assessment of value if it is found that some contamination exists and remediation is required.

19.0 PROPOSED eASEMENT

The proposed Easement for the 132kV Underground Cable to be created upon the subject property will traverse that part of the property as shown on the appended plan in an east to west direction.

The total length of the easement is approximately 707.8 metres.

The total area of land affected by the easement is shown on the Preliminary Easement Plan as being approximately 3,539 square metres (subject to a final survey).

20.0 EASEMENT CONDITIONS

The following conditions and restrictions are required by Energy Australia to be placed on the portion of the land subject to the easement in order to protect the underground electricity cable and rights of access.

ENERGY AUSTRALIA - EASEMENT MEMORANDUM

Part A – Definitions and Interpretation

(1)

(a) The following terms have the following meanings:

ancillary works means works ancillary to the functions performed by electricity works, including structures below the ground, equipment for signals, service cables, connecting cables.

easement area means that part of the land shown as the site of an “easement for electricity and other purposes” on any plan registered with the New South Wales Department of Lands.

electricity works means any electricity power lines or associated equipment or electricity structures (below the ground other than pits which may be above or on the ground) that form part of Energy Australia’s transmission or distribution network and includes mains, wires, cables (including optic fibre cables), pipes or conduits, fuses, control equipment, pits ducts and ancillary works.

land means the land over which this easement is granted (being the land burdened by this easement).

landowner means the owner of the land and any person having an estate or interest in the land.

person includes a body corporate.

signals includes data or signals of any kind.

(b) A reference to a person includes its successors and assigns.

20.0 EASEMENT CONDITIONS (cont’d)

Part B – Easement for Electricty Works

(2) Energy Australia and all persons which it authorises may:

(a) construct, place, alter, extend, repair, renew, replace, maintain, remove and use, on, to and from the easement area, any electricity works for conveying electricity or signals (or both); and

(b) convey, or permit the conveyance of, electricity or signals (or both) through the electricity works.

Part C – General Provisions of Easements

(3) For the purpose of exercising its rights under the easement for electricity works, Energy Australia and all persons which it authorises may:

(a) enter the land at any time, with or without vehicles, plant and equipment, for any purposes within the terms of the easement; and

(b) do anything reasonably necessary to obtain access to the easement area; and

(d) on any part of the easement area, cut, trim or remove any trees, vegetation, undergrowth or anything that may interfere with the exercise of Energy Australia’s rights under the easement; and

(e) do anything reasonably necessary for the exercise of Energy Australia’s rights under the easement.

(4) The landowner acknowledges that ownership of all electricity works remains with Energy Australia.

20.0 EASEMENT CONDITIONS (cont’d)

(5) Energy Australia covenants with the landowner that:

(a) it will endeavour to keep the electricity works in good repair; and

(b) in exercising its rights under the easement, it will do as little damage as practicable to the land; and

(c) it will repair any damage it causes to the land, except that if after this easement is granted the landowner installs paving or other works to the surface of the easement area Energy Australia will not be obliged to restore the paving or those works; and

(d) subject to its rights under the easement, it will not unreasonably impede the landowner’s reasonable use of the land.

(6) The landowner covenants with Energy Australia that it will not:

(a) do or allow anything that may interfere with, damage or destroy the electricity works or interfere with the effective operation of electricity works; or

(b) obstruct Energy Australia in the exercise of its rights under the easement; or

(c) alter or permit to be altered the existing ground level within the easement area, or place or allow to be placed on the easement area any building, structure, driveway, paving, plant or item without Energy Australia’s prior written permission, such permission not be unreasonably withheld.

20.0 EASEMENT CONDITIONS (Cont’d)

Use of the easement may be adverse to the landowner in a variety of ways.

The following is a brief overview of some likely impacts on the use of the property burdened by an easement for underground electricity cables.

Underground Electricity Cables –

i Loss of the free use the land within the easement area.

ii Visual impact from any above ground ancillary improvements.

iii Loss of trees and vegetation within the easement area.

iv Restrictions imposed regarding altering the surface of the land within the easement

v Restrictions imposed regarding any excavation of the land within the easement area.

vi Some noise may emanate from any above ground ancillary improvements.

vii Potential danger from any failed electrical equipment.

Access and access tracks

i Energy Australia vehicles, staff and equipment may periodically travel within the easement for maintenance or contractor work.

ii Energy Australia may alter fences and walls on the property and install gates

iii Use of access tracks by Energy Australia may result in off easement occupation from time to time.

Limitations Imposed on the landowner:

i Cannot place or install anything on the land without written permission,

ii Cannot obstruct the easement area under any circumstances,

The Table ‘Injurious Affectation Potential Impact Matrix’ below summarises the possible levels of impact that the various land uses permitted by the Memorandum may impose on the land burdened by the easement. The rate adopted for injurious affectation should reflect an allowance for the burden imposed by the Memorandum on the land and improvements. In arriving at the appropriate level of affectation, the following table have been considered for this property.

Injurious Affectation Potential Impact Matrix

Landowner Rights being burdened	Assessed Burden
	Cable Easement	Access and Access Tracks
Landowner’s access with vehicles	medium	medium
Use of the land within the easement	high	medium
Development or subdivision of the land	medium	medium
Prohibition on excavation	high	medium
Removal of trees and vegetation	medium	low
Visual Impact	low	low
Noise	low	low
Energy Australia’s access to the easement	high	medium
Perceived danger from failed equipment	medium	low

21.0 ASSESSMENT OF COMPENSATION

21.1 Instructions and Purpose

Our report and assessment of compensation has been prepared in accordance with Section 55 of the Land Acquisition (Just Terms Compensation) Act, 1991 and is required by Hornsby Shire Council for the purpose of assisting in negotiations with Energy Australia to determine the

rightful amount of compensation to be paid for creation of an Easement for a 132kV Underground Cable over the abovementioned property.

21.2 Definition of Market Value

Market value may be defined as –

The estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in arms length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion given a reasonable time frame of up to six months.

21.0 ASSESSMENT OF COMPENSATION (cont’d)

21.3 Legislative Powers

The relevant sections under the Land Acquisition (Just Terms Compensation) Act 1991 in respect to this acquisition are Sections 55 and 56 as outlined below –

Section 55:

In determining the amount of compensation to which a person is entitled, regard must be had to the following matters only (as assessed in accordance with this Division):

a) the market value of the land on the date of its acquisition

b) any special value of the land to the person on the date of its acquisition

c) any loss attributable to severance

d) any loss attributable to disturbance

e) solatium

f) any increase or decrease in the value of any other land of the person at the date of acquisition which adjoins or is severed from the acquired land by reason of the carrying out of, or the proposal to carry out, the public purpose for which the land was acquired

Section 56:

1) In this Act: (1) ‘market value’ of land at any time means the amount that would be paid for the land if it had been sold at that time by a willing but not anxious seller to a willing but not anxious buyer, disregarding (for the purpose of determining the amount that would have been paid):

a) any increase or decrease in the value of the land caused by the carrying out of, or the proposal to carry out, the public purpose for which the land was acquired, and

b) any increase in the value of the land caused by the carrying out by the authority of the State, before the land is acquired, of improvements for the purpose for which the land is to be acquired, and

c) any increase in the value of the land caused by its use in a manner or for a purpose contrary to law

2) When assessing the market value of the land for the purpose of paying compensation to a number of former owners of the land, the sum of the market values of each interest in the land must not (except with the approval of the Minister responsible for the authority of the State) exceed the market value of the land at the date of acquisition

21.0 ASSESSMENT OF COMPENSATION (cont’d)

21.4 Basis of Assessment

As previously outlined, the proposed Easement for the 132kV Underground Cable to be created upon the subject property will traverse that part of the property as shown on the appended plan in an east to west direction.

The total length of the easement is approximately 707.8 metres.

The total area of land affected by the easement is shown on the Preliminary Easement Plan as being approximately 3,539 square metres (subject to a final survey).

We have assessed the amount of compensation, in the first instance, by establishing the unaffected market value of the land by analysis and comparison of recent market transactions, briefly as follows –

Lot 200 in Deposited Plan 1110440 Mid-Dural Road, Galston – sold May 2007 for $800,000.

This property comprises a rural holding of some 7.29 hectares consisting primarily of undulating bushland and in part a cleared area adjacent to its most eastern boundary. The property is zoned predominantly Environmental Protection B (River Catchment) Zone and in part Rural BR (Small Holdings-Rural Landscapes) Zone.

The property is located off the southern side of Mid-Dural Road being about a kilometre west of the Galston neighbourhood shopping centre. The property is traversed by a Transmission Line Easement. We note that the property shares a common boundary with the subject property.

Analysis of the purchase price indicates a rate of about $109,739/hectare of land area.

21.0 ASSESSMENT OF COMPENSATION (cont’d)

34 Calderwood Road, Galston – sold April 2007 for $910,000.

This property comprises a rural–residential holding of some 3.97 hectares consisting of almost completely undulating bushland with the exception of cleared area towards the road frontage where the residence is located. The property is located on the western side of Calderwood Road and is approximately 3 kilometres east of the Galston neighbourhood shopping centre. The property is zoned predominantly Environmental Protection B (River Catchment) Zone and in part Rural BR (Small Holdings-Rural Landscapes) Zone.

Analysis of the purchase price indicates a rate of about $176,322/hectare of land area after an allowance for the building improvements.

32 Calderwood Road, Galston – sold January 2008 for $870,000.

This property comprises a rural–residential holding of some 3.44 hectares consisting of almost completely undulating bushland with the exception of cleared area towards the road frontage where the residence is located. The property is located on the western side of Calderwood Road and is approximately 3 kilometres east of the Galston neighbourhood shopping centre. The property is zoned predominantly Environmental Protection B (River Catchment) Zone and in part Rural BR (Small Holdings-Rural Landscapes) Zone.

Analysis of the purchase price indicates a rate of about $188,953/hectare of land area after an allowance for the building improvements.

21.0 ASSESSMENT OF COMPENSATION (cont’d)

20 Calderwood Road, Galston – sold April 2007 for $665,000.

This property comprises a rural–residential holding of some 2.023 hectares consisting of almost completely undulating bushland with the exception of cleared area towards the road frontage where the residence is located. The property is located on the western side of Calderwood Road and is approximately 2.5 kilometres east of the Galston neighbourhood shopping centre. The property is zoned predominantly Environmental Protection B (River Catchment) Zone and in part Rural BR (Small Holdings-Rural Landscapes) Zone.

Analysis of the purchase price indicates a rate of about $247,158/hectare of land area after an allowance for the building improvements.

16 Calderwood Road, Galston – sold September 2007 for $890,000.

Analysis of the purchase price indicates a rate of about $296,589/hectare of land area after an allowance for the building improvements.

21.0 ASSESSMENT OF COMPENSATION (cont’d)

In determining our compensation we have also had regard to Court precedents laid down in the following cases –

1) Longerong Pty Ltd – v – Electricity Trust of South Australia

(Supreme Court of South Australia Land & Valuation Division)

· Assessment of Electricity Easement

· Assessment of easement area as percentage of freehold value

2) William Henry Kater – v – Electricity Transmission Authority of NSW

· Appropriate method of assessing compensation

· ‘Piecemeal’ method

· Comparable sales ‘Before’ and ‘After’

3) Besmaw – v – Sydney Water Corporation

· Assessment of Compensation

· Appropriate method of assessment

· Compensation to reflect Acquiring Authorities Rights

Having regard to the nature of the Underground Cable and the Court precedents outlined, we have undertaken our assessments on a ‘Piecemeal Basis’.

We have adopted the ‘piecemeal’ approach to facilitate the individual assessment of the components of compensation arising from the acquisition of the easement.

In order to determine a percentage diminution in value for the property on an ‘as unaffected’ or ‘Before’ basis, we have carried out a valuation of the property as unaffected and compared our piecemeal assessment of compensation as a percentage of the freehold value.

In determining the ‘before’ value, we have had regard to the available market evidence with adjustments for economy of scale, location, topography, existing encumbrances, etc. When taking all the inherent features of the property into account we have concluded that the property would attract a market value rate of about $80,000 per hectare. Our calculations determining the value of the property on a ‘before’ basis are summarised below –

Value on ‘Before’ Basis

Land 25.987 ha @ $80,000/ha (as) $2,100,000

21.0 ASSESSMENT OF COMPENSATION (cont’d)

The discount for an easement can vary between fractions of the freehold value, up to almost total freehold value, depending on the impositions created by the easement. For the site of a pole, tower or pad mounted transformer, full land value is normally allowed. For the balance of the easement the limitations imposed by Energy Australia’s Easement Memorandum, could range between 35% and 65% of freehold value for the site of the easement, depending on existing use. In this instance we have adopted a rate of 50% when considering the location of the affected land.

Section 55 (f) of the Land Acquisition (Just Terms Compensation) Act, 1991 provides that the landowner can claim compensation for the decrease in value of any other land which adjoins the acquired land. This is usually termed compensation for injurious affectation. Depending on the impositions caused to the adjoining land, the compensation can be assessed as a percentage of loss in value of the adjoining land. The percentage decrease in value should be assessed having regard to the potential loss of value; this is often a difficult sum to determine based on market evidence and most often is a subjective interpretation of the loss determined by the valuer. In considering the likely level of impact the assessment can be either a ‘piecemeal’ approach and/or an overall level of impact shown by ‘before’ and ‘after’ assessment. The level of compensation potentially paid for an easement like the one proposed, could be in the range of nominal through to 50% of land value in our opinion. Each case needs to be assessed on its own merits.

Compensation arising from the proposed acquisition is calculated as follows –

Compensation Assessment Calculations

a) Market Value of Land Affected

Value of Easement - Land 0.3539ha @ $80,000/ha @ 50% (as) $14,000

b) Injurious Affectation (as) $21,000

Total $35,000

Fair Compensation (as) $35,000

The assessment calculates on a ‘piecemeal’ basis the individual value of the land to be acquired and also the Injurious Affectation (decrease in the value of the remaining land owned by the owner). The Injurious Affectation to the remainder of the land is considered to be nominal in this instance and we have adopted a rate of 1%of the Market Value to accommodate the potential of any ‘off easement’ access requirements as permitted under the Easement Memorandum.

The injurious affectation allowance on subject land is calculated as follows –

Component Value Injurious Affectation

Land 25.987ha @ $80,000/ha (as) $2,100,000 @ 1% (as) $ 21,000

21.0 ASSESSMENT OF COMPENSATION (cont’d)

The rate adopted for injurious affectation reflects an allowance for the fact that under the proposed Easement Memorandum, Energy Australia has specific rights over the Lots burdened

The value of an ‘After’ basis and the percentage diminution in the value of the property is shown as follows –

Value on ‘After’ Basis

‘Before’ Value as Assessed $2,100,000

Compensation Assessment $ 35,000

‘After’ Value $2,065,000

Percentage Diminution on ‘Before’ Basis 1.67%

The percentage diminution in value is considered appropriate based on the anticipated impact of the proposed underground power line on the property.

22.0 COMPENSATION

We are of the opinion that the fair amount of compensation for an Easement for a 132kV Underground Cable created over the subject property known as Lot 197 and Lot 216 in Deposited Plan 752048 Galston Road, Galston as at 25 August 2008 and on the basis outlined is $35,000 apportioned as –

Section 55(a) Market Value $ 14,000

Section 55(f) Injurious Affectation $ 21,000

This assessment of compensation has been prepared on specific instructions from Mr Peter Thompson on behalf of Hornsby Shire Council and for no other purpose. The report is not to be relied upon by any other person or for any other purpose. We accept no liability to third parties nor do we contemplate that this report will be relied upon by third parties. We invite other parties who may come into possession of this report to seek our written consent to them relying on this report. We reserve our right to withhold consent or to review the contents of this report in the event that our consent is sought.

We hereby certify that we do not have any direct, indirect or financial interest in the property described herein.

This report does not address infestation by pests or contamination of the site. Enquiries in these regards should be directed to appropriately qualified parties.

We have presumed that there are no defects in the Title of the land; there are no notices served with regard to statutory acquisitions or resumptions; there are no encroachments of any improvements and that the property conforms with all Local Government regulations and those of other Public Authorities.

JONES LANG LASALLE

In association with CREER PROPERTY

Trevor Good FAPI (Certified Practising Valuer) Christopher Drew FAPI AREI

Registered Valuer No. 2346 (Without Limitation) Master of Urban Studies (Macq)

Senior Property Consultant Director

Infrastructure Property Advisory Services

The counter signatory verifies that this report is genuine and endorsed by Jones Lang LaSalle in association with Creer Property. The opinion of value expressed in this report has been arrived at by the prime signatory alone.

Annexures