Consultant Report - IPART

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CONTENTS Definitions 4 SECTION ONE 5 Executive Summary 5 SECTION TWO 10 Report Overview 10 Instructions 10 Overview of IPART Formula 11 Approach Taken For This Review 12 Part 1 - Market Review 12 Part 2 - Discount Factors 12 Part 3 - Analysis of Waterfront Action Group (WAG) Submission 13 LPI Analysis and Recommendations 15 Data Matching and Cleansing and Use of Static Base Date Data 15 Use of Postcode Median in Calculation of PSLVs 15 SECTION THREE 16 Review of Rentals and other Market Data 16 Explanation of Context 16 Market Research of Rentals 16 Swing Moorings in Commercial Marinas 16 Berths of Various Size, with Jetty Access, in Commercial Marinas 17 Dry Storage Facilities for Boats 17 Advertised Private Rental Information 17 Comparison against current rentals assessed by IPART formula 18 Conclusion 18 SECTION FOUR 19 Review of the WAG Submission on the Discount Factor and supporting Analysis 19 Assumptions Used in Review of WAG Submission 19 Assumptions Used in Analysis of WAG Submission 19 Comments on WAG Submission 20 SECTION FIVE 21 Analysis of Discount Factor Based on Precinct Sample 21 Overview 21 Benchmark Valuation Methodology 22 Investigation of Discount Factor used for determining rentals for Domestic Waterfront Occupancies Page 2 of 72
Methodology for Valuing Reclaimed Land 22 Methodology for Valuing Wetland 23 Occupancy Areas 24 Calculation of Discount Factor 24 Methodology Used to Determine Discount Factors 24 Methodology Used in Calculating Weighted Averages for Discount Factors 25 Summary of Information in Tables of Recommended Discounts 25 SECTION SIX 26 Findings and Recommendations 26 Disclaimer 29 SECTION SEVEN 30 Annexures 30 List of Annexures 30 Investigation of Discount Factor used for determining rentals for Domestic Waterfront Occupancies Page 3 of 72
Page 1: Valuation Services Client: Independ
Page 5 and 6: SECTION ONE Executive Summary 1. In
Page 7 and 8: . 3. LPI Findings 1. The current fo
Page 9 and 10: a) Quality of wetland (neither the
Page 11 and 12: Overview of IPART Formula In 2004,
Page 13 and 14: Reclaimed land was valued by refere
Page 15 and 16: LPI Analysis and Recommendations Th
Page 17 and 18: It is noted that the provision of s
Page 19 and 20: SECTION FOUR Review of the WAG Subm
Page 21 and 22: SECTION FIVE Analysis of Discount F
Page 23 and 24: etween them. These judgements were
Page 25 and 26: Methodology Used in Calculating Wei
Page 27 and 28: 12. LPI analysis identifies that a
Page 29 and 30: Report Prepared By Mark Grezar Dist
Page 31 and 32: Annexure 1 TABLES OF RECOMMENDED DI
Page 33 and 34: TABLE 4: - SINGLE DISCOUNT FACTOR B
Page 35 and 36: SUMMARY OF DISCOUNT FACTORS SHOWN B
Page 37 and 38: PID Occ Post code Address Precinct
Page 39 and 40: PID Occ Post code Address Precinct
Page 41 and 42: PITTWATER MARKET EVIDENCE 2011 Enti
Page 43 and 44: NELSON BAY MARKET EVIDENCE 2011 Ent
Page 45 and 46: BRISBANE WATER MARKET EVIDENCE 2011
Page 47 and 48: GEORGES RIVER MARKET EVIDENCE 2011
Page 49 and 50: SOUTH COATS MARKET EVIDENCE 2011 En
Page 51 and 52: SYDNEY HARBOUR MARKET EVIDENCE 2011
Page 53 and 54:
Annexure 5 MOORING FEES NSW MARITIM
Page 55 and 56:
Annexure 6 SMALL PARCEL SALES TO AD
Page 57 and 58:
Annexure 7 VARIATION IN LAND VALUES
Page 59 and 60:
Annexure 8 WAG OCCUPANCIES EXCLUDED
Page 61 and 62:
Annexure 9 CROWN LAND PSLVs CALCULA
Page 63 and 64:
Annexure 10 MARITIME PRECINCT PSLVs
Page 65 and 66:
Annexure 11 BENCHMARK LOCATION MAPS
Page 67 and 68:
BECNHMAK PROPERTY LOCATIONS SYDNEY
Page 69 and 70:
BECNHMAK PROPERTY LOCATIONS NORTH C
Page 71 and 72:
Annexure 12 WAG ANALYSIS OCCUPANCIE
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Consultant Report - IPART

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