12 Bank Street, Wollongong

Investor Reports and Accounts

eastwood

Overview

This is a Joint Venture Residential apartment development between Quantum Property Syndicate No. 4 and Miltonbrook Pty Ltd on the beach in Wollongong NSW. The development potential of the site allows for a three (3) staged development scenario, which are briefly summarised below:

Stage 1 - Fairways

A 60 unit landmark residential development directly opposite city beach and the Wollongong Golf Course. Development was completed in November 2002 and to date 90% of the units have settled. As indicated earlier in this report, Stage 1 of this development was officially recognised with 2 UDIA awards. The success and quality of Fairways has opened up a whole new residential precinct in Wollongong along the city beach.

Stage 2 - The Pavilions

This is a 52 unit $30 million residential development due to commence construction in April 2003. Following on from the success of Fairways, The Pavilions will further enhance the city beach precinct and as of 31st Dec 2002 approximately 50% in pre-sales already being achieved. An artist's rendition of The Pavilions was on the previous page.

Stage 3

Stage 3 of the City Beach Development is a proposed development of 110 high quality retirement lifestyle apartments following a similar theme to Fairways and The Pavilions. This stage of the development is expected to be undertaken in late 2004/early 2005.

Key Information