95 GRADWELLS ROAD DORA CREEK 2264 Universal Property Group Pty Ltd Planning Agreement

The parties to the Planning Agreement as amended by the Deed of Variation are the Minister administering the Environmental Planning and Assessment Act 1979 (ABN 20 770 707 468) (the Minister) and UPG 71 Pty Limited (ACN 625 490 726) (the Developer).

There has been no change to the land to which the Planning Agreement applies. The Planning Agreement applies to Lots 1-5 in Deposited Plan 1180679 known as 75, 79, 85, 95 and 101 Gradwells Road, Dora Creek NSW 2264 (Subject Land).

The proposed development was defined in the Planning Agreement as meaning the subdivision and construction of approximately 234 residential dwellings to be constructed in approximately 16 stages over a 15-20 year period.

On 10 December 2013, Lake Macquarie City Council granted development consent to DA/55/2012 in respect of development at Lots 1, 2 and 3 in Deposited Plan 1180679 (Original Consent). The Original Consent has been modified a number of times. The Original Consent, as modified, proposes a 350-lot residential subdivision of the Subject Land, in 3 stages (345 residential lots, 4 drainage reserves, 1 public reserve).

The Deed of Variation amends the Planning Agreement to:
• replace the monetary contribution that is payable under the Planning Agreement with a contribution in the amount of $3,260,000 to satisfy condition 37 of the Modified Consent;
• reduce the amount of security required from $77,000 to $20,000; and
• make minor administrative updates to the terms of the Planning Agreement.