Property Investment Report

PIR – 1451

Botanica Residences

2-4 Edmondstone Street

South Brisbane QLD 4101

Part 2 of 2

Positive Real Estate Pty Ltd

Suite 3, Level 2, 11 Albany St

St Leonards

NSW 2065

P: +61 1300 365 886

F: +61 2 8282 4432

www.positiverealestate.com.au

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Table of Contents

Table of Contents ......................................................................................................................... 2

Disclaimer ..................................................................................................................................... 3

About the Developer..................................................................................................................... 4

About the Architect ....................................................................................................................... 8

About the builder .......................................................................................................................... 8

Appendix I | Floor & Site Plans .................................................................................................... 9

Appendix II | Schedule of Finishes ............................................................................................ 24

Appendix III | Comparable Sales ............................................................................................... 25

Appendix IV | Depreciation Schedules ...................................................................................... 30

Appendix V | Body Corporate Fees ........................................................................................... 34

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Disclaimer

Positive Real Estate Pty Ltd does not provide advice on investments. All interested parties must

rely on their own research before making any investment decision and should seek advice from a

qualified Financial Planner or similar professional.

The information contained within this document has been compiled from various sources to assist

you in conducting your due-diligence. Please ensure you validate all information contained within this

document. All sources for information contained within this Property Summary will be disclosed at

your request. Positive Real Estate Pty Ltd will not accept responsibility for inaccurate information

provided from external sources or third parties.

As part of your due-diligence, it is the Purchaser’s responsibility to seek a legal opinion of the

contract and any additional terms or clauses. You must adhere to the terms, conditions and subject

clauses contained within the contract of sale. We note that Positive Real Estate Pty Ltd has made a

number of assumptions when preparing this analysis – these assumptions have a material impact on

the financials and therefore should be assessed carefully by investors.

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

About the Developer

ARIA Property Group is a globally diverse development and investment company owned and

managed by father and son team, Rod and Tim Forrester.

Tim founded ARIA in 2003 and is Managing Director. Since its founding, the company has built a

wholly owned and managed investment portfolio to the value of AU$250 million, which comprises 63

commercial, retail and industrial tenancies producing a Rental Income of AU$10 million per annum.

ARIA’s development portfolio – valued at $600 million - includes high quality residential apartment

projects ranging from beachside locations, ski resorts and winery developments to key inner city

urban renewal precincts in Australia and the United States.

ARIA's professional team is focused on excellence, bringing together a range of skills and expertise

in property development, management, investment, construction, sales and marketing . The team is

committed to developing quality projects that exceed client expectations.

ARIA's model of international diversification enables the company to be responsive and counter

cyclical in global property markets and to continue to build upon its international development and

investment workbook.

The Forrester family has a long association with property. Tim's father, Rod, was a founding

Managing Director and CEO, from 1987 to 2003, of the FKP Property Group which is a Top 200 ASX

listed public company in Australia.

http://www.ariaproperty.com.au/

Below are some comments from investors who have previously purchased an apartment from ARIA

Property Group;

Dear Michael,

I wanted to say thank you so much for the gift that you sent. I could not believe it when I opened the

package and saw what it was and I am just delighted. I did ring to try to thank you in person, but you

are probably still recovering from the craziness of the past few weeks!

We are thrilled with the apartment - it has turned out so well and we are settling in - we moved our

belongings in by Thursday night! It has such a great atmosphere and we are all very happy.

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Everyone is asking me what's next, so although we missed out on Austin I'm hoping that there are

other projects in the pipeline that we can get involved in.

Thank you for all your help and patience. You have made this such a great experience and everyone

I have dealt with at Aria has been equally professional and helpful.

With kind regards

Hi Chris,

These are great photos.

I just wanted to thank you for all your help on this purchase it has been a real pleasure and I would

recommend Aria to anyone looking for an apartment to own.

Hi Michael,

Thanks for the pics (much better than my camera!). As you said it all comes together in a hurry at

the end. The apartment and entrance look terrific!

Thanks so much for showing us around on Friday. We really enjoyed the experience and came away

very confident we have made a good investment. And it’s in capable hands with Neil and

Kerrie. Please thank Chris for coming down to meet us too.

All the best with you next project.

Chris,

Thanks for sending the photos of our apartment, we appreciated the opportunity to view the final look

of the apartment. The building and apartment look great, congratulations to yourself and ARIA.

Thanks for keeping us informed throughout the building process.

We look for a successful relationship with ARIA. Thanks again and good luck with your future

projects

Dear Chris,

Thank you so much for all your help. I can’t believe how lucky I have been. The settlement went

through smoothly and I already have a tenant and have received my first rental statement – how cool

is that.

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Hi Michael,

Thank you for your email and photos.

I agree, our unit and the building are certainly looking first class.

Thanks for all your help of the last 18 months or so,

Kind regards and speak soon

Hi Chris

Thanks for the photo updates, the green wall does look fantastic - the plants seem to have

established well.

It looks awesome!

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

About the Architect

Botanica Residences have been designed by award winning architects Rothe Lowman.

Rothe Lowman are a dynamic architectural and interiors practice helping to shape Australia's

commercial and residential landscape.

Established in 1991 and led by respected architects and industry specialists they present solutions

that create long-term value for clients, their clientele and the broader community.

http://www.rothelowman.com.au/

About the builder

Botanica Residences will be built by the award winning builder CMF Projects who have a long

standing relationship with Aria Property.

http://cmfprojects.com.au/awards.php

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Appendix I | Floor & Site Plans

Ground Floor Plan

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Roof Terrace Floor Plan

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Typical Floor Plan

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 01

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 02

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 03

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 04

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 05

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 06

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 07

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 08

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 09

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 10

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 11

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Floor Plan – Unit Type 12

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Appendix II | Schedule of Finishes

In addition to the standard list of inclusions below, we have also been able to secure blinds for your

apartment, as well as a full depreciation schedule upon completion.

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Appendix III | Comparable Sales

Other examples of property on the market include this recent project on Fish Lane which is asking

higher prices for apartments with an inferior location and inferior views.

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

The following apartment is on the market at the moment. It is smaller internally that the majority of

two bedders in the Botanica Residences, and is $38,000 more expensive that the dearest 2 bedroom

apartment in Botanica. Furthermore it is on level 15 compared to the dearest 2 bedroom apartment in

Botanica which is on level 16.

https://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/QLD/South-

Brisbane/?adid=2010305976

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Price Lists from Other Brisbane Developments

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Appendix IV | Depreciation Schedules

Example Depreciation Schedule – 1 Bedroom Unit Unfurnished

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Example Depreciation Schedule – 1 Bedroom Unit Furnished

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Example Depreciation Schedule – 2 Bedroom Unit Unfurnished

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Example Depreciation Schedule – 2 Bedroom Unit Furnished

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CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

Appendix V | Body Corporate Fees

35

CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

36

CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.

37

CONFIDENTIAL - Copyright 2009. Positive Real Estate Pty Ltd

All information contained in this report collated from third parties and provided in good faith. No representation is given or implied as to its

accuracy or its interpretation. All interested parties must rely on their own research before making any investment decision.