Lend Lease - Springfield Lakes

South West Brisbane

Information Memorandum

Contents 1. About Lend Lease .................................................................................................................................. 3

1.1 Springfield Lakes Residential Community ..................................................................................... 6

1.2 Springfield Lakes from the air ....................................................................................................... 8

2. Introduction to Springfield Lakes .......................................................................................................... 9

3. The Location .......................................................................................................................................... 9

4. Local Growth Drivers ........................................................................................................................... 10

4.1 Education .................................................................................................................................... 10

4.2 Transport ..................................................................................................................................... 11

4.3 Shopping and Lifestyle ................................................................................................................ 11

4.4 Sports and outdoor Lifestyle ....................................................................................................... 12

4.5 Queensland’s Fastest Growing Areas ......................................................................................... 13

5. Regional Growth Drivers ..................................................................................................................... 14

1. About Lend Lease Lend Lease is one of the world’s leading fully integrated property solutions providers. Founded in Sydney in 1958, Lend Lease primarily operates in Australia, Asia, the UK, Europe, the Middle East and the US, and has built up a long and successful track record in these countries. The parent entity Lend Lease Corporation Limited is listed on the Australian Stock Exchange (LLC). They employ more than 18,000 people around the world and manage an extensive portfolio of assets. They have over a million people around the world live, work, shop or are connected through an asset they have created, every single day.1 Lend Lease clients, partners and investors can choose to leverage their strengths and local expertise at any stage of the property and infrastructure spectrum; from development, investment management, project management & construction, and asset & property management or partner with them right through the complete journey. They also have a flexible and creative capital approach, resulting in superior investment performance. Using a truly collaborative approach, they guide clients and investors beyond just maximizing value to innovative and sustainable outcomes.2 Presently, they are meeting the needs of their ageing population with Australia’s top senior living portfolio, which includes 70 retirement villages and 30 aged care facilities.3 Fast Facts about Lend Lease4

Creating innovative property and infrastructure solutions for more than 50 years

They have completed over 10,000 projects worldwide

They have over 18,000 employees across the globe

They have circa A$12.3 billion funds under management (as of 30th June 2012)

They have a market capitalization of A$4.8 billion (as of 30th June 2012)

They have over 50,000 security holders

They have delivered more than 530 leisure and retail centers across the Americas, Australia, Asia and Europe

Over 200 hospitality projects worth US$9 billion around the globe, from luxurious resorts to motels

Delivered construction services on more than 1,800 projects for 800 clients across the Americas

They have completed 400 higher education projects in the US totaling more than US$9 billion

They have delivered more than 450 residential projects worth US$16 billion in America

1 http://www.lendlease.com/en/worldwide/about-us/operating%20entities.aspx

2 http://www.lendlease.com/en/worldwide/about-us/who-is-lend-lease.aspx

3 http://www.lendlease.com/en/worldwide/about-us/vision-and-strategy.aspx

4 http://www.lendlease.com/en/worldwide/about-us/fast%20facts.aspx

$A3 billion worth of Australian healthcare projects underway including two of the country’s largest hospitals

We have a retail portfolio valued at almost $A5 billion in Australia

Each year more than 112 million people visit one of their retail centers in Australia

They have been creating large-scale, master-planned urban communities in Australia for over 50 years

They have built more than 200 manufacturing facilities in China and Taiwan at a value of US$4.5 billion

They have completed more than 150 retail projects in Japan including designer brands Hermes, Bulgari, Tiffany and Christian Dior

Since 1993 they have completed more than 250 projects in China

They have 20 years experience and more than 20 projects in Japan’s commercial office sector

They have more than 100 projects across a broad range of sectors in Malaysia

They delivered the Athletes’ Village for the 2012 Olympics in the UK

They delivered more than 3,000 apartments in the UK

They have constructed more than 50 hotels and resorts in Italy.5 Awards and Achievements Lend Lease continues to focus its capabilities towards becoming one of the world’s leading fully integrated property providers.

Various achievements as of 2010 & 2011 include: 6

Lend Lease acquires Valemus Australia, parent company of Abigroup, Baulderstone and Conneq for A$1 billion.

They have been selected to undertake first stage of A$400 million Alkimos community development in Western Australia

They have been selected to undertake the £1.3 billion stage two regeneration of Stratford City, one of UK’s largest mixed-use developments

They have been selected to undertake A$2.5 billion major urban regeneration of Brisbane’s historic RNA showground site

They have won £1.5 billion major urban regeneration of Elephant & Castle precinct in London.

Various achievements from 2000 & 2009 include: 7

Lend Lease is awarded the contract to develop Sydney’s largest CBD development US$6 billion, Barangaroo South over the next 10 to 15 years. The project, which is participating in the Clinton Climate Initiatives Climate Positive Development Program, is targeting carbon neutral, water positive and zero waste outcomes

5 http://www.lendlease.com/en/worldwide/about-us/fast%20facts.aspx

6 http://www.lendlease.com/en/worldwide/about-us/history-and-achievements.aspx

7 http://www.lendlease.com/en/worldwide/about-us/history-and-achievements.aspx

Lend Lease consortium acquires A$1.4 billion ING Retail Property Fund in Australia

Steve McCann is appointed Group Chief Executive officer of Lend Lease. Since 1958 he is Lend Lease’s seventh CEO

Lend Lease delivers the first US building to achieve LEED Gold Certified Rating (Core and Shell).

Lend Lease introduces its Incident & Injury Free program to improve systems and process for safe work places and to make every employee accountable for the safety of themselves and their colleagues.

Lend Lease is selected by the World Trade Center Memorial Foundation as Construction Manager

Millers Point Youth and Employment Partnership, chaired by Lend Lease, wins NSW Prime Minister’s Community Business Partnership Award for Excellence

Lend Lease celebrates its 50th Anniversary, and commemorates this milestone with a special book

They have won £1.5 billion ‘urban regeneration’ in London which includes Athletes Village at Stratford City

They have acquired UK urban regeneration specialist The Crosby Group plc

GPT elects to internalize management, splitting from Lend Lease

They have developed Australia’s first 5 Star Green Star and 6 Star Green Star buildings

They have acquired ‘Delfin’ - a specialist in developing residential communities across Australia, and expands into developing ‘senior living’ communities

With the sale of MLC and other US investment management businesses, Lend Lease focuses its capabilities towards becoming one of the world’s leading fully integrated property solutions providers. 8

8 http://www.lendlease.com/en/worldwide/about-us/history-and-achievements.aspx

1.1 Springfield Lakes Residential Community

FAST FACTS

Springfield Lakes is located south west of Brisbane, just north of Ipswich, off the Centenary Highway

Brisbane CBD (via Centenary Highway) 28km

Ipswich 17 km

Gold Coast (via Logan Highway) 81km

Springfield rail lines have been fast-tracked and it’s expected to be running by 2013

Springfield Lakes is 1,200 hectares and is part of a 2,850 hectares site, making it Australia’s largest master planned community

The community is already home to 13,000 residents and will be home to 30,000 residents in 10,000 homes after completion

It is due for completion in 2020

A choice of public, private, primary and secondary schools and as well as TAFE and the University of Southern Queensland Springfield campus and a new Catholic school is due to open in 2013

A variety of early learning childcare

In 2010, Prix d Excellence, FIBCI Award – Greater Springfield master planned category

In 2010, Property Council of Australia –National RPS master planned community, Greater Springfield

In 2009, Best Master Planned Community, UDIA, Greater Springfield

In 2007, Best Master Planned Community, UDIA, Greater Springfield

Australia’s fastest broadband is available in Central Walk and Tea Trees, perfect for the home based professional

1.2 Springfield Lakes from the air

2. Introduction to Springfield Lakes The award winning Springfield Lakes resides within Greater Springfield, South East Queensland’s fastest growing region. Springfield Lakes enjoys access to world class educational facilities, dining and shopping precincts and public transport options with Orion Springfield Central and Brookwater Golf course right on its doorstep. At 2,850-hectares and an estimated final population of 30,000 residents, it is considered as Australia’s largest fully master-planned community. Being established in 1999, Springfield Lakes has won many Australian and international awards for community planning excellence, which includes:

Best master-planned community, Property Council of Australia (2010)

Best master-planned community, Urban Development Institute of Australia (2007 & 2010)

Prix’d Excellence, International Real Estate Federation (2010)9

The estimated construction time frame of the project is to be completed by 2020. There are still a wide range of land and home and land options available to homebuyers looking to be part of this growing community. Size and Population - Springfield Lakes is already home to more than 12,171 residents and will be home to more than 30,000 residents in 10,000 homes upon completion.

3. The Location Springfield Lakes is located south west of Brisbane, just north of Ipswich and off the Centenary Highway

Brisbane CBD (via Centenary Highway) 28km Ipswich CBD 17km Gold Coast (via Logan Motorway) 81km 10

9 http://springfieldlakes.com.au/Community-

Vision/~/media/Communities/AU/Springfield%20Lakes/Documents/SpringfieldLakesFastFactsJune2012.ashx

10

http://springfieldlakes.com.au/Community-Vision/~/media/Communities/AU/Springfield%20Lakes/Documents/SpringfieldLakesFastFactsJune2012.ashx

4. Local Growth Drivers There are around 60 active community groups. Australia’s fastest broadband is available in Central Walk and Tea Trees, perfect for the home based professional

4.1 Education Springfield Lakes has a range of education facilities, from local child care and preschool services to nearby private and public primary and secondary schools, TAFE and universities. Springfield Lakes Online has some excellent resources for kids to access help for homework, links to great books and movies as well as a place to have fun with links to fun sites and games.11

The Facilities includes:

Childcare

Schools

Tertiary Education Childcare - There are several childcare facilities in the Springfield Lakes local area. Schools - Springfield Lakes has many local schools like Springfield Central High School, Springfield Central State Primary School, Springfield Lakes State School, Woodcrest College, the Springfield Anglican College, St Augustine’s Catholic College, St Peters Lutheran College, Augusta State School and Staines Memorial College cater for pre-school to Year 12 students. In 2013 the new Good Shepherd Catholic School will be opening and a range of kindergartens have recently opened in the local area. Tertiary educations - Nearby Bremer Institute of TAFE and the University of Southern Queensland Springfield Campus offer a wide range of courses for school leavers and mature students.12

11

http://www.springfieldlakesonline.com.au/Kids-Stuff/default.aspx

12

http://www.springfieldlakes.com.au/Living-in-Springfield-Lakes/Schools-and-Education.aspx

4.2 Transport There are multiple transport options to and around the Springfield Lakes area. Springfield Lakes has direct links via major highways to Brisbane, Ipswich and the Gold Coast.

Springfield Lakes is 28km away from Brisbane, 17km from Ipswich and 81km from Gold Coast.

Springfield Lakes has a bus service and easy access to rail stations at Richlands and Goodna

The Springfield rail line has been fast tracked by two years and will be running by 2013.13

4.3 Shopping and Lifestyles Daily shopping needs are taken care at Spring Lake Village, while Springfield Fair has Coles supermarket and specialty stores, and Spring Lake Metro is a commercial and retail services precinct with a convenience store, cafes and restaurants, a gym, vet and medical services. The Stage 1 of Orion Shopping Centre has Woolworths, Big W and over 80 stores. An extension is currently under development and many new stores like KFC, Kmart Tyre and Auto, Super Cheap Auto and Bridgestone Tyres will be joining the centre.14

13

http://www.springfieldlakes.com.au/Living-in-Springfield-Lakes/Transport.aspx 14

http://www.springfieldlakes.com.au/Living-in-Springfield-Lakes/Shopping-and-Business.aspx

4.4 Sports and outdoor Lifestyle Plenty of safe open spaces make Springfield Lakes the perfect place to head outdoors and get moving. Open Space and Recreation:

Over 120 hectares of open space

20kms of hike and bike trails

23 hectares of lakes

Over 27 parks including Discovery Park

Open spaces - Over 120 hectares of Springfield Lakes is devoted to open space, including 23 hectares of tranquil lakes and waterways including the 5.8 hectare Spring Lakes, plus 17 hectares of the combined Discovery Lakes and Regatta Lakes. Quiet leafy streets and over 20 kilometers of meandering hike and bike trails encourage residents to rethink the car and instead stroll or roll through the community. 15 There are over 27 parks including Discovery Park which was completed in July 2010. Part of this extensive network of open space and parks are the new $30 million Robelle Domain family parkland and Discovery Park in Springfield Lakes. The world class Robelle Domain has a zero-depth wet playground, treetop walk and covered amphitheatre, while Discovery Park has a pirate ship, lookout shelters, barbeque facilities, an amphitheatre and realistic wildlife sculptures.

Sports and recreation - Recreation at Springfield Lakes is a little different, because our Regatta Lake is perfect for water sports like canoeing, kayaking, or model boat sailing. Springfield Lakes also has active sports leagues and other activity clubs, including walking, running and stroller groups. Their dedicated Community Development team ensures that residents always have a choice of regular organized lifestyle activities, right at their doorstep.16

15

http://www.springfieldlakes.com.au/Living-in-Springfield-Lakes/Sport-and-Outdoor-Lifestyle.aspx 16

http://www.springfieldlakes.com.au/Living-in-Springfield-Lakes/Sport-and-Outdoor-Lifestyle.aspx

4.5 Queensland’s Fastest Growing Areas Springfield Lakes is located in the 4th fastest Population Growth areas in Queenland.

5. Regional Growth Drivers Ipswich Region - The City of Ipswich forms most of SEQ’s Western Corridor, stretching from Goodna to Grandchester. In 2006, Ipswich’s population was 142,400. The Western Corridor provides substantial opportunities to accommodate new residential communities and employment growth, supported by infrastructure provision. Existing urban development is concentrated along the Ipswich–Brisbane rail line and is generally contained between the Warrego and Cunningham highways. The Urban Footprint includes existing urban areas and areas that could accommodate additional growth that are well serviced or located along committed infrastructure corridors. Regionally significant employment areas are located at Ebenezer, Swanbank and Bundamba. Purga could also potentially provide additional employment land in the medium- to long-term. The RAAF base at Amberley is a major employment generator and will expand its role to provide more employment to the region. To encourage its long-term viability, future planning will minimize and mitigate the effects of conflicting development close to the base. 17 Opportunities in new residential communities, economy and employment growth, and infrastructure provision are as follows:18

Residential - By 2031 approximately 118,000 additional dwellings will be needed to accommodate Ipswich’s expected regional growth, population increase and demographic change. With a range of broad hectare, infill and other residential opportunities available, Ipswich could exceed both the projected total and infill targets of the SEQ Regional Plan. Ripley Valley and Springfield, with smaller broad hectare areas such as South Redbank Plains, Walloon - Thagoona and West Brassall, will provide most of the new residential development in the Western Corridor. Numerous infill and redevelopment opportunities will provide alternate, higher density housing choices in more established urban areas. Ipswich CBD, Ripley Valley and Springfield further opportunities, as will other locations accessible from existing and proposed public transit networks. The Springfield town centre and its surrounds will continue to provide an extensive residential land supply and infill opportunities. Establishing public transit links with Brisbane and, in the longer term, Ipswich will further consolidate residential development within the town centre, providing both mixed-use and residential precincts.

17

http://www.dsdip.qld.gov.au/resources/plan/seq/regional-plan-2009/seq-regional-plan-2009.pdf 18

http://www.dsdip.qld.gov.au/resources/plan/seq/regional-plan-2009/seq-regional-plan-2009.pdf

Ripley Valley is a Regional Development Area proximate to existing urban infrastructure that has undergone extensive planning. It will be developed as an urban community with a full range of services and transport options. It will provide a range of housing choices and employment opportunities. It will also provide a major regional activity centre and several employment clusters. The initial stages of development within Ripley Valley will be undertaken in the short-term. Further development of Ripley Valley is dependent on meeting water and sewerage infrastructure needs, coordinating the delivery of road and public transport infrastructure, and facilitating the necessary approvals and infrastructure agreements. Economy and employment – The Ipswich local government area includes the principal regional activity centres of the Ipswich CBD and Springfield, and the major regional activity centres of Goodna and Ripley. The Ipswich CBD is the historic centre for commerce, and is strategically located to function as the principal administrative, cultural and community centre for Ipswich and surrounding areas. This centre will also act as the main retail and commercial centre for Ipswich’s central and western suburbs and surrounding rural areas. This centre is serviced by rail and bus public transport infrastructure and will include residential uses. Office-based business and government administration precincts will be expanded and integrated into mixed-use areas, promoting a range of housing options and small businesses. Springfield is the main retail, commercial, health and education centre for the residential communities located along the Centenary Highway. Ripley town centre will provide major regional activity centre functions to supplement the commercial and administrative roles of the Ipswich CBD and Springfield. The employment areas of Ebenezer - Willowbank, Swanbank, New Chum, Bundamba, Wulkuraka industrial area, Carole Park, the RAAF Base Amberley, and the Amberley Aerospace and Defence Support Centre will ensure a high level of self-containment and contribute significantly to regional employment growth. Ebenezer is a Regional Development Area that can potentially accommodate a range of manufacturing and logistics enterprises, as well as heavy, difficult-to-locate and large-footprint industries. To deliver employment and enterprise opportunities, key infrastructure upgrades are needed for regional road networks, water, sewerage, telecommunications and energy infrastructure. Ebenezer requires planning and infrastructure arrangements and responsibilities, to the state government’s satisfaction, prior to development.

Identified Growth Areas - Lanefield - Grandchester is an identified growth areas that, subject to investigation, which may accommodate long-term residential and employment growth after the development of communities in the Ripley Valley and Wallon - Thagoona. In short geotechnical studies are required, which includes determining land capability and suitability, infrastructure requirements and responsibilities, appropriate land uses, necessary corridors and other relevant matters. Additionally, sufficient demand for further urban land in the Western Corridor must be demonstrated before Lanefield - Grandchester can be recognized as a Development Area.19 Purga is an identified growth area that, subject to further investigation, could provide employment and enterprise area opportunities in the medium- to long-term. Potentially, it

could be developed as an extension to the Amberley Aerospace and Defence Support. Purga requires further planning to determine its development potential and to guide development. The timing of development will depend on completing the Cunningham Highway upgrade, and establishing Ebenezer and Amberley as employment areas. Infrastructure - The timely provision of infrastructure is vital to lead the planned growth of the Western Corridor and sustain the creation of new and varied job opportunities. Major road upgrades will result in a four-lane extension of the Centenary Highway from the Ipswich Motorway to Springfield, including a new Logan Motorway interchange. A new rail line will connect Darra and Springfield. Two new health precincts in Ipswich will provide necessary services to support growth within the Western Corridor. A project identified in SEQIPP to support these growing communities involves building new schools in the Western Corridor. This support extends to the modernization of the Bundamba TAFE campus. Key projects identified in SEQIPP to support the delivery of the SEQ Regional Plan include:

Upgrading the Ipswich Motorway

Providing additional line capacity for the Ipswich rail line

Upgrading rail and road access to Springfield.20

19

http://www.dsdip.qld.gov.au/resources/plan/seq/regional-plan-2009/seq-regional-plan-2009.pdf 20

http://www.dsdip.qld.gov.au/resources/plan/seq/regional-plan-2009/seq-regional-plan-2009.pdf