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John Smith
Claymore Advisory for, Echidna Capital Pty Ltd as Trustee for the Echidna Mortgage Trust
First mortgage security
Thursday, 12th July 2018
987654321
123456789
Mortgage
Full inspection
None Given
Executive Summary
Assessment Details
Market Value
$1,000,000
Inclusive
Friday 16th January, 2018
$1,000,000
Fee simple with vacant possession
19 February 2018
20 February 2018
90 days from the date of valuation, or such earlier date if you become aware of any factors that have any effect on the valuation.
Andrew Ballard AAPI CPV
Regional Director
API No: 12345 WA Lic No: 67890
Inspecting Valuer
Claire Robinson AAPI CPV
Associate Director
API No: 98765 WA Lic No: 43210
Counter Signatory
Key Metrics
$1,000/ha
$950/ha
$850/ha
$1,200/ha
Market Risk Overview
Security Certainty
Are there any significant concerns to be investigated prior to the subject property being taken as security?
Buyer Profile
What is the likely buyer profile of the subject property?
Saleability
Are there any attributes of the property which would significantly impact on its ability to be saleable at the assessed value level within a six month marketing period?
Market Volatility
Is the market for this asset likely to have an abnormally high degree of volatility?
HIGH
Location
LOW
Asset
STEADY
Cashflow
LOW
Asset Management
HIGH
Environment
STEADY
Climate
STEADY
Market
LOW
Supply
Property Details
Western Plains Shire
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Example, Example 1, Example 2
Road
Horsham @20kms
Ballarat @200kms
- Good quality alluvial creek country
- Irrigated and dryland cultivation
- Rises to cleared and developed grazing country
- Undulating timbered range country
- Lowset timber dwelling
- Several ensuited cabins
- Cottage
- Multiple sheds
- Large set of timber steel portable panel cattle yards
- 5 main grazing paddocks
- 10 smaller cultivation paddocks
- Condition of fencing varies but most is in sound stock proof condition.
- Irrigation bore along front fence
- Several stock bores
- Permanent water in Spring Creek
- Several dams have also been constructed
- Lake is located on the western portion.
- beef cattle grazing primarily
- hay production
- owner reporting to currently carry 330 head of mixed cattle
Market Intelligence
Market
Reasonable — given non-specific improvements however somewhat offset by the lack of office component.
The quick brown fox jumped over the lazy dogs. The quick brown fox jumped over the lazy dogs. The quick brown fox jumped over the lazy dogs.
Experiencing low sales volumes and limited activity.
Softening
The market for similar properties in this location in the past has generally demonstrated moderate market volatility.
Estimated 3-6 months, assuming proper marketing and a realistic asking price. The estimated selling period is typical for this type of property in this location.
Owner occupier
$253,000 ($230,000 on an assumed GST exclusive basis) on 14 June 2005
The GST status of this sale is unknown
$400,000 (GST Status yet to be confirmed by vendor) on 29 January 2018.
In assessing the Market Value, we are aware that the property is currently under contract for $400,000 dated 29 January 2018.
Having sighted a copy of the contract we advise no detrimental conditions or restrictions are contained within the contract which would adversely impact on the assessed Market Value. Based on the most recent comparable sales evidence, the current contract price of $400,000 is considered to be in in line with market. 1
Market Research
Grazing Land
(ex Buildings)
Irrigation Land
Property Profile & Risk
Asset
The property is functional for the existing use.
Non-specialised asset
During our inspection we did not note any items requiring immediate capital expenditure, other than items which would normally be undertaken as part of an ongoing regular maintenance program..
Nil noted
Nil noted
Occupancy/Cashflow
The property is currently owner occupied, and in accordance with Valuation Standards our valuation for mortgage security purposes has been assessed on a vacant possession basis.
Leasing demand for properties similar to the subject is currently softening.
4-6 months (with incentives typically required).
Currently foreseeable factors which may impact specifically on the future value of the subject property include; Foreseeable increased supply of similar style property; Possible upward pressure on yields which (all other factors held constant) would have an adverse impact on value; Expected improvement in local economic conditions
SWOT Analysis
Strengths
- Proximity to major arterial roads including Reid Highway and Alexander Drive
- Provision of on-site car parking
- Located within an established industrial locality
- Subject development has good exposure to vehicular passing traffic
- Non-specific improvements well suited to a variety of industrial uses
Weaknesses
- Internal unit within the development and
- Current soft economic conditionsand property market
Opportunities
- Rental income derivable through leasing the premises
- Provision of office accommodation
- Improvement in current economic conditions and/or property market/li>
Threats
- Development of competing premises leading to potentially extended clearance rates and competitive pricing conditions
- Downturn in the property market and/or economic climate
- Economic factors including interest rates
- Inherent property risks (including insurable and un-insurable risks)
Valuation Rationale
Direct Comparison and Summation
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$2,000,000 — $5,000,000
$5,000/ha — $10,000/ha
- Upper end; very good irrigation development
- Low end; minimal development or access to irrigation
- Two grazing sales support a range of $694 to $1,540 per hectare
- Inferior grazing land to irrigation sales
- Good quality developed country
- Inferior timbered grazing country
- $5,000 per hectare for the cultivation area
- $400 per hectare for remnant grazing country
- $1,500 per hectare for the cleared and developed forest country
- The structural improvements have been valued on an added value basis which is consistent with our sales analysis. We consider these assumptions are in line with the market evidence after taking into account all factors including the location, Freehold tenure, country type and extensive development.
Title & Location
Title Details
Location Details
300kms from capital city
Nearest town and amenities...
Wheat processing, grain terminal market
Assumptions, Conditions & Limitations
We have not sighted the Strata Company minutes or any bylaws/management statements. Our valuation assumes no onerous conditions special levies or major short term capital work items have been raised. Should there be any special levies raised or onerous conditions in by laws we recommend the matter be referred back to our company for further comment as to the likely impact if any on the market value.
90 Day Rule
We confirm that the valuer does not have any pecuniary interest that would conflict with the proper valuation of the property.
- Pest Infestation
- Other Example
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Apart from the above, the valuation is subject to other Assumptions, Conditions and Limitations.
These can be viewed by clicking on the following link:
Annexures
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