Commercial Market Valuation Report - 150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame) - Squarespace
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Commercial Market Valuation
Report
150 Tuam Street and 9 Mollett
Street (Sugarloaf Lane),
Christchurch (South Frame)
Prepared For: Torrent Capital Limited
Client(s): VMJ Investments Limited and KFC Consulting Limited, 12/73 King Street,
Pukekohe, Auckland 2120; Attention: Luke Choi and Mohamed Kara
Effective Date: 1 February 2019
FordBaker Valuation Limited | Level 3, 48 Fitzgerald Avenue, Christchurch | T: (03) 379 7830 | F: (03) 366 6520
fordbaker@fordbaker.co.nz | www.fordbaker.co.nz
Commercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
EXECUTIVE SUMMARY
Instructing Party: Torrent Capital Limited
Client: VMJ Investments Limited and KFC Consulting Limited, 12/73 King Street,
Pukekohe, Auckland 2120; Attention: Luke Choi and Mohamed Kara
Subject Property: Multi level Unit Title development (Ground Floor Commercial and 5 Levels
Apartments) – 150 Tuam Street, 9 Mollett Street and Sugarloaf Lane (East
Boundary), South Frame, Christchurch City
Records of Title: 1) 159 Tuam Street
Identifier: 799319
Legal Description: Lot 2 Deposited Plan 508853
Land Area: 518 m2 (more or less)
Registered Proprietor: Ōtākaro Limited
2) 9 Mollet Street
Identifier: 799320
Legal Description: Lot 3 Deposited Plan 508853
Land Area: 518 m2 (more or less)
Registered Proprietor: Ōtākaro Limited
Source: QuickMap
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [1]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docx
Commercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
Resource Management: ‘Commercial Central City (South Frame) Mixed Use’ Zone (CSF) within the
Christchurch City Council Replacement Operative District Plan.
Date of Inspection: 11 December 2018
Effective Date: 1 February 2019
Date of Report Preparation: 13 December 2018
Purpose of Valuation: To establish the completed market value for each unit entitlement (two
ground floor commercial retail tenancies and 44 two and one bedroom
apartments spread over five upper levels) for mortgage security purposes.
Brief Property Description: To be developed on the site is a multi level modern commercial
development of mixed use meeting the planning requirements laid down
by Ōtākaro Limited as outlined in the initial Christchurch Recovery Plan.
The property has been designed by Hierarchy Group in collaboration with
Inovo Projects and Farrells Construction, and as previously mentioned, is to
comprise a six storey multi residential development with commercial/retail
spaces to the ground floor (two car spaces for the ground floor) and secure
concealed carparking at level behind the retail space with access off
Tuam Street. The five upper levels will provide 44 apartments of which there
are 21 available carparks. In addition, there are private balcony spaces,
communal rooftop spaces for residences and the development has the
benefit of three street frontages, therefore enhancing natural light and
outlook.
The overall development is to be built to a high standard and is as noted
from our front architect perspective plan, the building will have presence
due to breaks in the exterior face as well as being on a corner with
laneways to the east and rear boundary providing ‘slow access’ between
Tuam and St Asaph Streets.
The upper level apartment total 30 two bedroom apartments and 14 one
bedroom apartments varying from 50.50 m2 (one bedroom) up to 77.70 m2
(two bedroom) size plus individual balcony and terrace space. They are all
accessed from a central spine hall with stairwell and liftwell accessed from
the central lobby position to Sugarloaf Lane.
Floor Area: We have communicated with the lead architect – ‘Hierarchy Group’ - and
completed check calculations to satisfy the floor areas provided represent
a true and correct record of the overall development.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [2]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docx
Commercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
In table format we summarise the gross floor area (external measurement)
and the net lettable floor area of individual spaces plus the balcony
associated with each of the apartments which we summarise in table
format as follows:
b) NET
Ground Level
North East Retail 105.10 sqm
South East Retail 122.60 sqm
227.70 sqm
Plus
Carpark ( Double Stackers ) 15.00 parks
On Level Parks 8.00 parks
Bike Parks 17.00 spaces
227.70 sqm
Level No Type Size Net (m²) Bal &
Apart Grd Tce(m²)
Level 1 101 TYPE 1A 2B2B 77.71 m² 11.42 m²
Level 1 102 TYPE 2A 1B1B 50.51 m² 5.29 m²
Level 1 103 TYPE 3A 2B1B 73.79 m² 5.28 m²
Level 1 104 TYPE 4A 1B1B 52.46 m² 6.05 m²
Level 1 105 TYPE 5A 2B1B 69.07 m² 7.15 m²
Level 1 106 TYPE 6A 2B2B 76.44 m² 49.02 m²
Level 1 107 TYPE 7A 2B1B 66.51 m² 48.40 m²
Level 1 108 TYPE 7B 2B1B 66.58 m² 48.47 m²
Level 1 109 TYPE 7B 2B1B 66.54 m² 48.44 m²
Level 1 110 TYPE 8A 2B1B 62.19 m² 52.29 m²
Level 2 201 TYPE 1B 2B2B 77.71 m² 11.42 m²
Level 2 202 TYPE 2B 1B1B 50.51 m² 5.29 m²
Level 2 203 TYPE 3B 2B1B 73.79 m² 5.28 m²
Level 2 204 TYPE 4B 1B1B 52.46 m² 6.05 m²
Level 2 205 TYPE 5B 2B1B 69.07 m² 7.15 m²
Level 2 206 TYPE 6B 2B2B 76.51 m² 11.77 m²
Level 2 207 TYPE 7C 2B1B 66.51 m² 10.84 m²
Level 2 208 TYPE 7D 2B1B 66.58 m² 10.86 m²
Level 2 209 TYPE 7D 2B1B 66.54 m² 10.86 m²
Level 2 210 TYPE 8B 2B1B 67.31 m² 9.64 m²
Level 3 301 TYPE 1A 2B2B 77.71 m² 11.42 m²
Level 3 302 TYPE 2A 1B1B 50.51 m² 5.29 m²
Level 3 303 TYPE 3A 2B1B 73.79 m² 5.28 m²
Level 3 304 TYPE 4A 1B1B 53.55 m² 5.80 m²
Level 3 305 TYPE 7D 2B1B 67.52 m² 10.50 m²
Level 3 306 TYPE 7C 2B1B 66.58 m² 10.87 m²
Level 3 307 TYPE 7C 2B1B 65.54 m² 10.52 m²
Level 3 308 TYPE 8C 2B1B 68.66 m² 9.64 m²
Level 4 401 TYPE 1B 2B2B 77.71 m² 11.42 m²
Level 4 402 TYPE 2B 1B1B 50.51 m² 5.29 m²
Level 4 403 TYPE 3B 2B1B 73.79 m² 5.28 m²
Level 4 404 TYPE 4C 1B1B 53.55 m² 6.07 m²
Level 4 405 TYPE 7E 2B1B 67.52 m² 10.87 m²
Level 4 406 TYPE 7D 2B1B 66.58 m² 10.87 m²
Level 4 407 TYPE 7D 2B1B 65.54 m² 10.52 m²
Level 4 408 TYPE 8B 2B1B 68.66 m² 9.64 m²
Level 5 501 TYPE 9A 1B1BS 57.91 m² 11.42 m²
Level 5 502 TYPE 10A 1B1BS 51.86 m² 5.82 m²
Level 5 503 TYPE 11A 1B1B 52.04 m² 8.70 m²
Level 5 504 TYPE 12A 1B1BS 54.43 m² 9.10 m²
Level 5 505 TYPE 13A 1B1BS 53.82 m² 8.41 m²
Level 5 506 TYPE 14A 1B1BS 52.37 m² 8.50 m²
Level 5 507 TYPE 7C 2B1B 66.54 m² 10.51 m²
Level 5 508 TYPE 8C 2B1B 67.30 m² 9.64 m²
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [3]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docx
Commercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
Legend:
1b1b = 1 bedroom and 1 bathroom
2b1b = 2 bedrooms and 1 bathroom
2b2b = 2 bedrooms and 2 bathrooms
Occupancy Details: For determining the unit value for the ground floor commercial space we
have adopted hypothetical occupancy arrangements in accordance with
the standard ADL Lease format (net document). We have assumed ‘willing
lessee willing lessor’ negotiation to provide our gross realisation value as if
the building was fully Unit Titled and sold, with leases in place for the two
commercial units.
Thereafter, we have deducted risk, leasing up period including costs and
margin to arrive at our net unit value (commercial) which is added to our
‘one line’ transaction adjustment relating to the upper level apartment
values.
We summarise our hypothetical occupancy arrangements as follows:
(a) Specialty Retail, Destination Retail (Travel Agent) or Hospitality
Lessor: VMJ Investments Limited/KFS Consulting
Limited
Lessee: Vacant
Commencement Date: 1 February 2019 (assumed)
Market/Commencement Rent: Tuam Street Frontage - $46,748 p.a.
plus GST
Mollett Street Frontage - $51,120 p.a.
plus GST
Rent Reviews: At two yearly intervals to be the then
current market rent or increase in the
Consumer Price Index.
Term: Six (6) years
Rights of Renewal: Two (2) six (6) year rights of renewal
Outgoings: The lessee, in addition to the rent, is
responsible for rates, building insurance
premiums on a replacement cost basis,
public liability insurance premiums, loss
of rent insurance premiums, interior
maintenance, yard maintenance,
electricity, telephone charges and Body
Corporate charges inclusive of part of
the above or additional including
management fees.
The lessor is to maintain the building in a
structurally sound and watertight
condition.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [4]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docx
Commercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
Key Characteristics: ➢ In our assessment of the current market value of the commercial
ground floor retail hospitality unit we have taken into consideration
comparable sales, current building costs, current land value, current
market rent rates, analysed passing yields of similar units/property,
discounted cashflow analysis and current market conditions.
➢ In our assessment of the current market value of the apartments to be
developed above the ground floor (44 in total) we have taken into
consideration comparable sales of other units within Christchurch that
have been developed and sold or are being planned and available to
purchase off plans, cost of the development including the underlying
land value and building costs plus appropriate developer’s margin,
location of the development being to the fringe of the true retail core
and in the commercial centre of Christchurch City. Also, it is located in
the hub of the ‘accessible City’ vision for Christchurch with cycle lanes
to Tuam and St Asaph Street plus laneways and open space created
within the south frame running from hospital corner/ Hagley Park east
to Manchester Street, proximity to anchor projects and current market
conditions.
➢ We have taken into consideration publicity regarding developer
expectations versus apartment values and purchaser opinion as to
what they are willing to pay and possible over supply of certain types
of apartment (high price). This adverse comment was/is compounded
by the slow start up of apartment/inner City residential development in
the east frame and south of the south frame which was part of the
Christchurch City ‘blueprint’ where the development was to be
assisted by central Government.
➢ Analysed apartment sales on a gross floor area per square metre
inclusive of deck space and net usable area plus deck at a lower rate
per square metre with reconciliation made after subjective
adjustments including views, orientation and position.
Valuation: Having regard to available market evidence and factors outlined later in
the body of this report, we assess the gross market value of the property at
150 Tuam Street, 9 Mollett Street and Sugarloaf Lane, Christchurch South
Frame, Christchurch as at 1 February 2019 as follows:
(a) Land Value
$1,425,000 (One Million Four Hundred and Twenty Five Thousand Dollars)
plus GST, (if any).
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [5]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docx
Commercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
(b) Completed Values
Level Type Net (m²) Tce Value
Size
Ground Floor
Tuam Street Retail Retail 105.10 sqm 1 park $670,000
Mollet Street Retail Retail 122.60 sqm 1 park $730,000
$1,400,000
Level 1
101 Apartment 101 2 bed & 2 bath 77.71 sqm 11.42 sqm $550,000
102 Apartment 102 1 bed & 1 bath 50.51 sqm 5.29 sqm $405,000
103 Apartment 103 2 bed & 1 bath 73.79 sqm 5.28 sqm $490,000
104 Apartment 104 1 bed & 1 bath 52.46 sqm 6.05 sqm $415,000
105 Apartment 105 2 bed & 1 bath 69.07 sqm 7.15 sqm $485,000
106 Apartment 106 2 bed & 2 bath 76.44 sqm 49.02 sqm $565,000
107 Apartment 107 2 bed & 1 bath 68.51 sqm 48.40 sqm $500,000
108 Apartment 108 2 bed & 1 bath 68.58 sqm 48.47 sqm $495,000
109 Apartment 109 2 bed & 1 bath 66.54 sqm 48.44 sqm $490,000
110 Apartment 110 2 bed & 1 bath 62.19 sqm 52.29 sqm $475,000
$4,870,000
Level 2
201 Apartment 201 2 bed & 2 bath 77.71 sqm 11.42 sqm $550,000
202 Apartment 202 1 bed & 1 bath 50.51 sqm 5.29 sqm $405,000
203 Apartment 203 2 bed & 1 bath 73.79 sqm 5.28 sqm $490,000
204 Apartment 204 1 bed & 1 bath 52.46 sqm 6.05 sqm $415,000
205 Apartment 205 2 bed & 1 bath 69.07 sqm 7.15 sqm $485,000
206 Apartment 206 2 bed & 2 bath 76.51 sqm 11.77 sqm $535,000
207 Apartment 207 2 bed & 1 bath 66.51 sqm 10.84 sqm $470,000
208 Apartment 208 2 bed & 1 bath 66.58 sqm 10.86 sqm $460,000
209 Apartment 209 2 bed & 1 bath 66.54 sqm 10.86 sqm $470,000
210 Apartment 210 2 bed & 1 bath 67.31 sqm 9.64 sqm $485,000
$4,765,000
Level 3
301 Apartment 301 2 bed & 2 bath 77.71 sqm 11.42 sqm $565,000
302 Apartment 302 1 bed & 1 bath 50.51 sqm 5.29 sqm $420,000
303 Apartment 303 2 bed & 1 bath 73.79 sqm 5.28 sqm $510,000
304 Apartment 304 1 bed & 1 bath 53.55 sqm 5.80 sqm $435,000
305 Apartment 305 2 bed & 1 bath 67.52 sqm 10.50 sqm $490,000
306 Apartment 306 2 bed & 1 bath 66.58 sqm 10.87 sqm $480,000
307 Apartment 307 2 bed & 1 bath 65.54 sqm 10.52 sqm $480,000
308 Apartment 308 2 bed & 1 bath 68.66 sqm 9.64 sqm $515,000
$3,895,000
Level 4
401 Apartment 401 2 bed & 2 bath 77.71 sqm 11.42 sqm $575,000
402 Apartment 402 1 bed & 1 bath 50.51 sqm 5.29 sqm $425,000
403 Apartment 403 2 bed & 1 bath 73.79 sqm 5.28 sqm $520,000
404 Apartment 404 1 bed & 1 bath 53.55 sqm 6.07 sqm $445,000
405 Apartment 405 2 bed & 1 bath 67.52 sqm 10.87 sqm $500,000
406 Apartment 406 2 bed & 1 bath 66.58 sqm 10.87 sqm $490,000
407 Apartment 407 2 bed & 1 bath 65.54 sqm 10.52 sqm $490,000
408 Apartment 408 2 bed & 1 bath 68.66 sqm 9.64 sqm $525,000
$3,970,000
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [6]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docx
Commercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
$3,970,000
Level 5
501 Apartment 501 1 bed & 1 bath 57.91 sqm 11.42 sqm $505,000
502 Apartment 502 1 bed & 1 bath 51.86 sqm 5.82 sqm $450,000
503 Apartment 503 1 bed & 1 bath 52.04 sqm 8.70 sqm $460,000
504 Apartment 504 1 bed & 1 bath 54.43 sqm 9.10 sqm $475,000
505 Apartment 505 1 bed & 1 bath 53.82 sqm 8.41 sqm $470,000
506 Apartment 506 1 bed & 1 bath 52.37 sqm 8.50 sqm $460,000
507 Apartment 507 2 bed & 1 bath 66.54 sqm 10.51 sqm $500,000
508 Apartment 508 2 bed & 1 bath 67.30 sqm 9.64 sqm $515,000
$3,835,000
Carparks
On Grade 21 parks $32500 per park $682,500
( Unit Available ) Inclusive GST $37375 per park
GROSS REALISATION
Commercial $1,400,000
( Two ground floor units ) Plus GST , if any
Carparks $682,500
(Twenty three on grade - two included in Plus GST , if any
commercial values)
Apartments $21,335,000
( Forty Four units ) Inclusive GST , if any
(c) Individual Units Gross Realisation Single Line Transaction Gross
Adjustment
Gross Realisation
Commercial Units (Incls 2 parks): $ 1,400,000
Apartments: $21,335,000
Carparks: $ 682,500
Total $23,417,000
Less:
Commercial Units: ($ 190,000)
Apartments: ($2,880,000)
Carparks: ($ 105,000) -$3,175,000
Single Line – One Line Transaction $20,242,500
(Twenty Million Two Hundred and Forty Two Thousand, Five Hundred Dollars)
Unless otherwise stated, all figures are GST inclusive (exception is the
commercial units are plus GST, If any).
Our valuation is inclusive of chattels associated with the respective
apartments equating to $10,000 per unit ($440,000).
Our reasons and methodology for the valuation are attached. This
executive summary is not a standalone valuation report and should be
read in conjunction with the full valuation report attached. All comments
outlined above relate directly to the full report.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [7]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docx
Commercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
Special Assumptions/ Our valuation of the individual units is subject to:
Conditions:
➢ Full and substantial completion of the units in a good, workmanlike
manner in accordance with the plans and specifications and
information as forwarded to us and detailed herein (plans and
summary specification included within the appendices).
➢ Compliance of the property with the Building Act 2001, Resource
Management Act 1991 and all Local Council bylaws and
requirements.
➢ Issuing of a separate unencumbered Strata Title for each unit under
normal terms and conditions.
➢ The issuing of Code of Compliance Completion Certificate.
➢ Fitout, fixtures and presentation will be of good, modern standard
and a standard array of power points, light fittings and other
electrical fittings will be installed.
➢ Completion of all proposed landscaping and site development
works as described in the body of this report and as detailed herein.
➢ An inspection by the valuer following practical completion of
construction. The right is to review and if necessary, vary the
valuation of this report if there are any changes in relation to this
project.
➢ This assessment reflects market conditions up until the date of report
only. Our assessment does not consider any potential future changes
in the market. Should the effective date be later than the date of
report, our valuation reflects the market as at the date of report.
➢ This valuation is subject to the building having a seismic strength of
no less than 100% New Building Standard (NBS).
➢ This valuation is subject to the structural improvements on the site
obtaining/maintaining full replacement cost insurance cover,
including full earthquake/natural disaster cover. It is assumed that
the insurance cover is based on commercially standard terms and
conditions, with no significant variations including change to excess
levels, premiums or cover terms.
Registered Valuer:
MARTIN CUMMINGS – Dip Urb Val, FNZIV, MPMI
REGISTERED VALUER
DIRECTOR VALUATION SERVICES
Phone: +64 3 9644 160
Mobile: 021 389 350
Email: martin@fordbaker.co.nz
This report has been Peer Reviewed by ERROL SAUNDERS - FPINZ, FNZIV, Registered Valuer and Director.
Peer Review Standards are applied by FordBaker Valuation Limited for substantial residential premises
of this nature.
_________________________________
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [8]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docx
Commercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
CONTENTS
1. INTRODUCTION AND SCOPE OF WORKS ....................................................................................... 11
1.1 Registered Valuer ................................................................................................................................... 11
1.2 Instruction ................................................................................................................................................ 11
1.3 Market Value Definition ......................................................................................................................... 12
1.4 Assumption .............................................................................................................................................. 12
1.5 Nature and Source of the Information Relied Upon ........................................................................... 12
1.6 Extent of Investigation ............................................................................................................................ 13
1.7 Special Conditions & Assumptions ........................................................................................................ 13
1.8 Compliance Statement ......................................................................................................................... 13
2. PROPERTY DETAILS........................................................................................................................... 15
2.1 Record of Title Details ............................................................................................................................. 15
2.2 Resource Management Considerations .............................................................................................. 15
2.2.1 Zone .............................................................................................................................................................15
2.3 Situation and Locality ............................................................................................................................. 17
2.3.1 Situation ......................................................................................................................................................17
2.3.2 Locality ........................................................................................................................................................18
2.4 Land Description (Combined Site)........................................................................................................ 19
2.4.1 Site Particulars ............................................................................................................................................19
2.5 Qualifications .......................................................................................................................................... 20
2.5.1 Geotechnical .............................................................................................................................................20
2.5.2 Local Authority Memorandum ................................................................................................................20
2.5.3 Survey ..........................................................................................................................................................20
2.5.4 ‘LLUR’ Property Statement (Listed Land Use Register) .........................................................................20
2.5.5 Liquefaction Management Area (LMA) and Fixed Minimum Floor Level Overlay .........................21
2.5.6 Christchurch Airport Protection Surfaces...............................................................................................21
2.5.7 Category 3 Noise Level, Central City South Frame Pedestrian Precinct Overlay and Central City
Frame Overlay ..........................................................................................................................................................21
3. RATING VALUATION........................................................................................................................ 23
4. IMPROVEMENT DETAILS .................................................................................................................. 24
4.1 Description of Improvements ................................................................................................................ 24
4.2 Construction ............................................................................................................................................ 24
4.3 Building Services ..................................................................................................................................... 25
4.4 Layout, Description and Accommodation .......................................................................................... 25
4.4.1 Ground Floor Layout .................................................................................................................................27
4.4.2 Layout Level One ......................................................................................................................................27
4.4.3 Level 2 Layout ............................................................................................................................................27
4.4.4 Level 3 Layout ............................................................................................................................................28
4.4.5 Level 4 Layout ............................................................................................................................................28
4.4.6 Level 5 Layout ............................................................................................................................................28
4.5 General Layout Comment .................................................................................................................... 29
4.6 Other Improvements .............................................................................................................................. 30
4.7 Condition................................................................................................................................................. 30
4.7.1 Earthquake .................................................................................................................................................30
4.7.2 Seismic Risk Areas and Time Frames .......................................................................................................31
4.7.3 Seismic Strength /Structural Condition ...................................................................................................32
4.8 Warrant of Fitness.................................................................................................................................... 33
4.9 Qualifications .......................................................................................................................................... 33
4.9.1 Building Act ................................................................................................................................................33
4.9.2 Structural .....................................................................................................................................................33
4.9.3 Other ...........................................................................................................................................................33
5. OCCUPANCY DETAILS .................................................................................................................... 34
6. MARKET CONSIDERATIONS ............................................................................................................ 35
6.1 Market Commentary.............................................................................................................................. 35
6.1.1 Economic Overview..................................................................................................................................35
6.1.2 Market Conditions (Commercial) ...........................................................................................................37
6.1.3 Market Conditions (Residential) ..............................................................................................................38
7. VALUATION METHODOLOGY ......................................................................................................... 42
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [9]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
8. RENTAL EVIDENCE AND MARKET RENTAL ASSESSMENT (COMMERCIAL UNITS) .......................... 43
8.1 Rental Evidence...................................................................................................................................... 43
8.2 Residential Apartment Valuation and Underlying Land Value .......................................................... 47
9. SALES EVIDENCE ............................................................................................................................. 48
9.1 Land Sales ............................................................................................................................................... 48
9.2 Apartment Sales ..................................................................................................................................... 49
9.3 Rental Evidence...................................................................................................................................... 52
9.4 Apartment Value Reconciliation .......................................................................................................... 53
9.5 Single Transaction Adjustment .............................................................................................................. 56
10. VALUATION ..................................................................................................................................... 57
10.1 Valuation Assessment............................................................................................................................. 57
10.2 Special Assumptions ............................................................................................................................... 59
10.3 Registered Valuer ................................................................................................................................... 59
Appendices
Appendix 1 - General Valuation Policies & Qualifications
Appendix 2 - Records of title
Appendix 3 - Tenancy Schedule – (Ground Floor Commercial Units)
Appendix 4 - Discounted Cashflow (Ground Floor Commercial Units)
Appendix 5 - Plans and Summary Specification
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [10]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
1. INTRODUCTION AND SCOPE OF WORKS
1.1 Registered Valuer
This report has been prepared by Martin Rex Cummings, Dip Urb Val, FNZIV, MPMI, who has
been in private practice as a Registered Valuer since 1979, working as an Urban Valuer in the
Canterbury Province and undertaking specialist Industry and Commercial Property Valuations
throughout the South Island.
1.2 Instruction
We respond to instructions received verbally and confirmed by email as follows:
Report for the Use of: Torrent Capital Limited
Client: VMJ Investments Limited and KFC Consulting Limited, 12/73 King
Street, Pukekohe, Auckland 2120; Attention: Luke Choi and
Mohamed Kara
Instructing Party: VMJ Investments Limited and KFC Consulting Limited, 12/73 King
Street, Pukekohe, Auckland 2120; Attention: Luke Choi and
Mohamed Kara
Subject Property: Multi level Unit Title development (Ground Floor Commercial and 5
Levels Apartments) – 150 Tuam Street, 9 Mollett Street and Sugarloaf
Lane (East Boundary), South Frame, Christchurch City
Date of Inspection: 11 December 2018
Effective Date: 1 February 2019
Date of Report Preparation: 13 December 2018
Bases of Valuation: The valuation has been completed in compliance with the
following standards and guidance notes:
➢ IVS101 - Scope of Work
➢ IVS102 - Investigations and Compliance
➢ IVS103 - Reporting
➢ IVS104 - Bases of Value
➢ IVS105 - Valuation Approaches and Methods
➢ IVS400 - Real Property Interests
➢ ANZVGN1 - Valuation Procedures – Real Property
➢ ANZVGN2 - Valuations for Mortgage & Loan Security
Purposes
➢ ANZVGN9 - Assessing Rental Value
➢ ANZRPGN1 - Disclaimer Clauses & Qualification
Statements
Purpose of Valuation: To establish the completed market value for each unit entitlement
(two ground floor commercial retail tenancies and 44 two and one
bedroom apartments spread over five upper levels) for mortgage
security purposes.
This report may be relied upon solely by those named above, for the stated purpose of the
valuation.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [11]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
1.3 Market Value Definition
For the purposes of our assessment, and in accordance with International Valuation Standards,
Australian Property Institute (API) / Property Institute of New Zealand (PINZ) guidance notes, we
have relied on the following definition of Market Value:
‘The estimated amount for which an asset or liability should exchange on the valuation
date between a willing buyer and a willing seller in an arms’ length transaction, after
proper marketing and where the parties had each acted knowledgably, prudently and
without compulsion.’
1.4 Assumption
1. We have assumed that the instructions and subsequent information supplied contain a full
and frank disclosure of all information that is relevant
2. We have assumed that there are no easements, rights of way or encroachments except
those shown on the Computer Freehold Registers or in the valuation
3. A current survey has not been sighted. The valuation is made on the basis that there are no
encroachments by or upon the property and this should be confirmed by a current survey
or report and/or advice from a Registered Surveyor. If any encroachments are noted by
the survey report, we reserve the right to review our valuation
4. We are not aware of any notices currently issued against the property and we have made
no enquiries in this regard. In the course of preparing this report we have relied upon
information provided by the owner of the property
5. Our valuation is plus GST (if any)
We have assumed that this information is correct and have adopted this information in our
assessment
Opinion
The assumptions we have made in respect of our projections are as follows:
1. There will be no major economic downturn during the projection period, beyond that
envisioned at the date of valuation
2. A continued stable economy and reasonable levels of growth as currently predicted over
the next five years
3. The property manager will continue to manage the property in an experienced professional
manner
4. There will be no new taxes or rates introduced which have a direct impact on the property
over the projected period
1.5 Nature and Source of the Information Relied Upon
We have accessed the following information in completing this assessment:
➢ Identifier/Certificate of Computer Register – Land Information New Zealand
➢ Property-Guru information
➢ PropertySmarts (Headway Systems Limited)
➢ Christchurch City Council (www.ccc.govt.nz)
➢ Environment Canterbury (www.ecan.govt.nz)
➢ FordBaker Valuation Limited sales and rental database information
➢ Client information as provided by KFS Consulting (Luke Choi), Kara Financials and lead
architects - Hierarchy Group
➢ Canterbury Earthquake Recovery Authority (CERA – now disestablished) information
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [12]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
➢ QuickMap (Custom Software Limited)
➢ Google Maps (www.google.co.nz/maps)
➢ Real estate agents, negotiators, consultants and websites
➢ Registered Valuers (internal and external)
➢ Google Earth (https://www.google.com/earth)
1.6 Extent of Investigation
The extent of investigation includes but is not limited to; an onsite inspection of the subject
property including measuring the building(s) and other structural improvements, calculation of
floor areas and visual external inspections of comparable properties.
1.7 Special Conditions & Assumptions
➢ The building being completed in a professional and tradesman like manner in accordance
with the plans and specifications prepared by Hierarchy Group Limited.
➢ Compliance of the property with the Building Act 2004, the Resource Management Act
1991 and all Local Council By-Laws and requirements.
➢ Inspection by the valuer following practical completion of construction.
➢ Clear separate Unit Titles being issued.
➢ The issuing of a Code of Compliance Completion Certificate.
➢ This assessment reflects market conditions up until the date of report only. Our assessment
does not consider any potential future changes in the market. Should the effective date be
later than the date of report, our valuation reflects the market as at the date of report.
➢ This valuation is subject to the building having a seismic strength of no less than 100% New
Building Standard (NBS).
➢ This valuation is subject to the structural improvements on the site obtaining/maintaining full
replacement cost insurance cover, including full earthquake/natural disaster cover. It is
assumed that the insurance cover is based on commercially standard terms and conditions,
with no significant variations including change to excess levels, premiums or cover terms.
1.8 Compliance Statement
This valuation has been completed in accordance with International Valuation Standards and
API/PINZ Valuation Standards. FordBaker Valuation Limited confirm that:
➢ The statements of fact presented in this report are correct to the best of the Valuer’s
knowledge
➢ The analyses and conclusions are limited only by the reported assumptions and conditions
➢ The Valuer has no interest in the subject property
➢ The Valuer’s fee is not contingent upon any aspect of the report
➢ The valuation was performed in accordance with the PINZ Code of Ethics and the API/PINZ
Valuation Standards and Guidance Notes
➢ The Valuer has satisfied professional education requirements and holds a current Annual
Practicing Certificate
➢ The Valuer has experience in the location and category of the property being valued
➢ The Valuer has made a personal inspection of the property
➢ The valuer is in a position to provide an objective and unbiased valuation and is competent
to undertake the valuation assignment
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [13]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
No-one, except those specified in the report, has provided professional assistance in preparing
the report.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [14]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
2. PROPERTY DETAILS
2.1 Record of Title Details
1) 150 Tuam Street
Identifier: 799319
Legal Description: Lot 2 Deposited Plan 508853
Estate: Fee Simple
Land Area: 518 m² (more or less)
Land Registry District: Canterbury
Registered Proprietor: Ōtākaro Limited
Registered Interests: ➢ Subject to Part IV A Conservation Act 1987
➢ Subject to Section 11 Crown Minerals Act 1991
➢ Consent Notice 10886363.4 pursuant to Section 221
Resource Management Act 1991 – 5 September 2017
2) 9 Mollett Street
Identifier: 799320
Legal Description: Lot 3 Deposited Plan 508853
Estate: Fee Simple
Land Area: 518 m² (more or less)
Land Registry District: Canterbury
Registered Proprietor: Ōtākaro Limited
Registered Interests: ➢ Subject to Part IV A Conservation Act 1987
➢ Subject to Section 11 Crown Minerals Act 1991
➢ Consent Notice 10886363.4 pursuant to Section 221
Resource Management Act 1991 – 5 September 2017
Comments on Interests: ➢ The above interests have been taken into account in our
valuation assessment and do not adversely affect the property
or its value. Refer Appendix – Copy of Records of Title Freehold
2.2 Resource Management Considerations
2.2.1 Zone
The property is zoned ‘Central City (South Frame) Mixed Use’ (CFS) within the Christchurch City
Council Replacement Operative District Plan.
The Canterbury Earthquake Recovery Authority (‘CERA’) established the Christchurch Central
Development unit (‘CCDU’) and appointed a consortium to develop a ‘Blueprint’ for the
development of central Christchurch. The CCDU was appointed to prepare a recovery plan for
the CBD within 100 days and presented its plan on 30 July 2012.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [15]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
The recovery plan defined the shape of the Central City, identified the locations of the Key
Anchor Projects to boost the recovery and delivers implementation timelines. It included a
volume of amendments to the existing Christchurch City Plan.
The Plan specifies exactly where the Anchor Projects will go. It also utilises the Minister of CERA’s
power to designate sites for that purpose. A number of Anchor Projects are placed on private
land. The government has been involved in an extensive acquisition process since September
2012 and has acquired most of the land required. The recovery Plan also seeks to facilitate
development and investment by the private sector in the Anchor Projects and across the
Central City.
The Core
➢ A new consolidated business hub covering 40 hectares ‘the previous Central City zone
covered around 90 hectares’.
The Frame
➢ To the north, east and south of the Core to stimulate the core by reducing the supplied
developable land within a lower density greenspace area (with the south Frame providing
for an office campus environment).
A New Mixed Use Area Beyond The Frame
➢ Intending it to be complementary to, rather than compete with, the Core.
Key Anchor Projects
The key Anchor Projects that will boost the Central City rebuild are:
➢ Convention Centre ➢ Central Library
➢ Multi-Purpose High Performance Stadium ➢ Avon River Precinct
➢ Metro Sports Facility ➢ Cathedral Square
➢ Justice & Emergency Services Precinct ➢ Health Precinct
➢ Performing Arts Precinct ➢ Public Transport Hub
➢ Cricket Oval ➢ Cultural Centre
➢ Earthquake Memorial ➢ The Square
➢ Innovation Precinct ➢ Residential Demonstration Project
Central City (South Frame) Mixed Use
The South Frame forms the southern part of the Frame surrounding the Central City Business
Zone. In the South Frame, buildings are enabled in an accessible, open space environment.
One purpose of the Central City (South Frame) Mixed Use Zone is to enable development
which supports delivery of the Frame.
The new zone provisions enable the development of a high quality, urban, missed use
environment. They give clear direction on the types of activities that are anticipated within
the South Frame and those that are not encouraged.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [16]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
The provisions recognise that the Innovation and Health precincts are distinct from the rest of
the Central City (South Frame) Mixed Use Zone. Both precincts rely on a ‘clustering’ of like-
minded activities. For this reason, the zone provisions enable appropriate activities to establish
there. They enable offices and commercial services in the Innovation Precinct, but impose a
tenancy size limit in the southern block to encourage small to medium enterprises only. Office
developments are also more generously enabled in the Health Precinct recognising that
offices are a key component of a thriving Health Precinct.
As with the rest of the Central City, the high-amenity environment of the South Frame makes
the area both suitable and attractive for residential development. The provisions encourage
this activity.
The following activities shall be permitted activities provided they comply with all of the
relevant development, community and critical standards, and the citywide standards.
➢ Retail activity – subject to Development Standard 2b.2.16 and Critical Standard 2b.3.1
➢ Commercial services subject to Development Standard 2b.2.15 and Critical Standard
2b.3.2
➢ Places of entertainment
➢ Recreation activity
➢ Gymnasium
➢ Community facility
➢ Education activity
➢ Day Care facility
➢ Pre-school facility
➢ Health facility
➢ Spiritual facility
➢ Offices subject to Development Standard 2b.2.15 and Critical Standard 2b.3.2
➢ Residential activity
➢ Travellers’ accommodation and hotel
➢ Tertiary education and research facilities
2.3 Situation and Locality
2.3.1 Situation
The property is situated on the southern side of Tuam Street between Cambridge Terrace/
Durham Street intersection to the west and Colombo Street to the east within the South Frame
being the southern boundary of ‘The Core’ which is the consolidated business hub for
Christchurch providing retail, offices, tourist accommodation and hospitality developed to
ensure the city has a central focal point to attract residents and visitors to the central City.
The property has rear frontage to Mollett Street and its eastern boundary fronts Sugarloaf Lane
both of which form part of the south frame green wallkway precinct. Mollett Street is a laneway
developed to be pedestrian friendly with landscaping and a communal focal point being just
behind the property (Mollett Street yard), whilst Tuam Street forms part of the Christchurch City
one way system travelling in an easterly direction from hospital corner/Hagley Park through to
Barbadoes Street and thereafter two way to Fitzgerald Avenue.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [17]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
The location of the subject property is indicated on the following map:
Source: www.google.co.nz/maps
2.3.2 Locality
The site is directly opposite the substantial Justice and Emergency Services Precinct which near
occupies a full block from Tuam Street to Lichfield Street to the north and west of Cambridge
Terrace/Durham Street accommodating the Courts, NZ Police and other emergency services
with associated carparking. A substantial working population is accommodated in this building.
Located nearby to the Colombo Street frontage between Tuam and Lichfield Streets is the
Hoyts EntX cinema and food market entertainment complex which has recently opened and
draws significant visitors to the city centre. Reports are this development is a positive asset to
Christchurch and the central business district. Furthermore, the inner City school – Ao Tawhiti
Unlimited Discovery School is presently under construction positioned to the north west corner of
St Asaph Street and Tuam Street (one block south of the subject) which is also due to open in
2019 and there has been some public comment that a Quest Hotel is considering development
on Mollett Street near to the subject.
Additionally, located in Tuam Street is the substantial Environmental Canterbury building
complex (east of Colombo Street). The retail core/precinct is located one block to the north
which is framed by Lichfield Street to the south, High Street to the east, Hereford Street to the
north and Oxford Terrace to the west, with the most awaited development presently under
construction being ‘Riverside’, a mixed use market and specialty retail complex presently under
construction to the corner of Cashel Street Mall and Oxford Terrace. Significant new
development has already been completed in the retail precinct including BNZ Centre, The
Crossing, ANZ Centre and The Terrace (hospitality) and the long established Ballantynes
department store is one block to the north.
We note within this locality there is a hospitality hub positioned to the St Asaph Street frontage
including popular restaurants and bars including Engineers, Baretta Empire and Valentinos.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [18]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
2.4 Land Description (Combined Site)
2.4.1 Site Particulars
Area: Area: 1036 m² (more or less)
Tuam Street Frontage: 24.12 metres
Mollett Street Frontage: 24.12 metres
Site Depth: 42.98 metres
Sugarloaf Lane Frontage: 42.98 metres
Dimensions: The dimensions of the site are as indicated below:
Source: QuickMap
Access: The site presently has three entrances/access points, being vehicle access
to Tuam Street, pedestrian access to Sugarloaf Lane and further pedestrian
access to Mollett Street and with vehicle and pedestrian carriageways/
lane providing effective setbacks, the site enjoys potential to provide
excellent natural light.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [19]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
From the below plans the frontages have been utilised in the overall
development design with drive in access and egress to the on level parking
from Tuam Street and pedestrian access from the other street frontages
including the main entrance lobby off Sugarloaf Lane (pedestrian).
Services: The site is served by sewer, high pressure water, electricity and telephone
cabling.
2.5 Qualifications
2.5.1 Geotechnical
We are not expert in geotechnical matters and therefore cannot therefore certify as to the
structural soundness or integrity of the land. Our valuation is based on a visual inspection of the
land only and assumes that there are no geotechnical issues with the property unless
specifically identified. Should subsequent expert advice be counter to this, then we would
reserve the right to review our valuation.
2.5.2 Local Authority Memorandum
In preparing this report and unless otherwise stated, services to the property have not been
tested nor have we searched local authority records to ascertain restrictions affecting the
property.
2.5.3 Survey
We have not undertaken a survey of the property and its boundaries and assume no
responsibility in connection with such matters. Unless otherwise stated, it is assumed that all
improvements lie within the Computer Freehold Register boundaries. Any sketch, plan or map
in this report is included to assist the reader in visualising the property and should not be relied
upon as being definitive.
2.5.4 ‘LLUR’ Property Statement (Listed Land Use Register)
In May 2014, Environment Canterbury released the Listed Land Use Register, which identifies
where hazardous activities are known to have occurred or are currently occurring in
Canterbury. From reviewing the Register, the subject site is clear of any noxious, hazardous or
dangerous activities with no recorded possible site impairment.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [20]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxCommercial Market Valuation
150 Tuam Street and 9 Mollett Street (Sugarloaf Lane), Christchurch (South Frame)
Date of Inspection: 11 December 2018
2.5.5 Liquefaction Management Area (LMA) and Fixed Minimum Floor Level Overlay
We have researched the Christchurch City Replacement Plan and note there are two natural
hazard overlays relating to the property being:
➢ (i) Liquefaction Management Area (LMA) – A large proportion of Christchurch City,
particularly towards the east, has liquefaction identified and falls within the LMA. The
identification is so as any new development (such as the subject which was completed
post earthquake) built to the design and specification will mitigate any significant concerns
relating to the Geotechnical qualities of the site.
➢ (ii) Fixed Minimum Floor Area Overlay within Flood Management Area – The property is
identified as falling within the Flood Management Area (Fixed Floor Area Overlay) which
requires buildings to be built at a level above datum to ensure the floor has 400 mm free
build. As reported upon this building is built to New Standards and its floor is significantly
above the natural ground level with its design and construction built to mitigate the
Christchurch District Plan Natural Hazard Designation.
Source: Christchurch City Council
2.5.6 Christchurch Airport Protection Surfaces
The property is just outside the Airport Protection/Air Noise boundary but is within the area
designated as ‘Christchurch International Airport Protection Surfaces’.
This designation exists to protect the operational airspace surrounding the airfield. These rules
limit the height of structures, vegetation or other activities thus removing physical, operational or
navigational impediments to the safe operation of aircraft in the vicinity of the airfield.
2.5.7 Category 3 Noise Level, Central City South Frame Pedestrian Precinct Overlay
and Central City Frame Overlay
The sites are identified within the City Plan and subject to various zoning notations being part of
the overall initial blueprint and Christchurch City Replacement Plan with us noting the following:
(i) The Central City Frame Overlay describes an area defining the north, eastern and southern
extent of the Core of the Central City which provides for open space, recreational
opportunities and residential development while enabling the interface to be managed
between The Core and the large-scale anchor projects.
(ii) Category 3: Low Noise Level Area – The property is situated within the Low Noise Area
which restricts noise from people in outdoor areas of premises licence for the sale, supply
and/or consumption of alcohol up to a maximum size of 50 m2 between the hours of
7.00am and 11.00pm.
Matter Ref: 69502/rs FORDBAKER VALUATION LIMITED [21]
M:\Martin Cummings\2018\tuam150-154,mollett9_69502\Final Report\tuam150&mollett9.com18mrcREADDRESSED.docxYou can also read
