2-10 Old Walgrove Road, Horsley Park Goodman Property Services (Aust) Pty Ltd Planning Agreement

The Planning Agreement requires the Developer to make a development contribution comprising the payment of monetary contributions by instalments (Contribution Amounts) determined at the rate of $226,193 per hectare of net developable area of the Subject Land (subject to indexation in accordance with the Planning Agreement) (Development Contribution). The Development Contribution is provided for the purposes of the provision of regional transport infrastructure and services in Western Sydney Employment Area, being the land to which Chapter 2 of State Environmental Planning Policy (Industry and Employment) 2021 applies (WSEA).

However, the Developer is required to satisfy the requirement to pay each Contribution Amount by using its “Excess Contributions Credit” generated under an earlier planning agreement, namely, the Oakdale West Estate Planning Agreement, being an agreement between the Minister and Goodman Property Services (Aust) Pty Ltd and BGMG 11 Pty Limited as trustee for the BGMG 1 Oakdale West Trust dated 26 July 2019 (2017/8367).

Under the Oakdale West Estate Planning Agreement, the “Excess Contributions Credit” available to the Developer was $22,576,932.04, as at 1 July 2023. The estimated Development Contribution under the draft Planning Agreement is $11,140,570.73 (subject to indexation).

The Developer, together with BGAI 12 Pty Ltd (ACN 637 474 545) as trustee of the BGAI 1 Oakdale East Trust (BGAI 12), also has available “credit” under the Oakdale East Stage 1 Planning Agreement, being an agreement between the Minister and Goodman Property Services (Aust) Pty Ltd and The Austral Brick Co Pty Ltd dated 20 December 2019 (SVPA2019-11). (BGAI 12 replaced The Austral Brick Co Pty Ltd as a party to the agreement, by deed of novation dated 1 November 2021.) The Developer may, if BGAI 12 consents, also use the credit (referred to as the “Offset Amount”) under that agreement to satisfy its obligation to make the Development Contribution under the draft Planning Agreement.