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23% Projected IRR – NZ Development Opportunity – Retirement Village Partially Complete , NZ$4.5M approx

13 June, 2011

The subject property comprises a partially complete Retirement Village in Stoke, Nelson – a highly desirable South island (New Zealand) city sought after by retirees and ‘baby-boomers’. The village “as is” comprises the completed community centre and a total of 12 residential villas having been constructed, 10 of which are complete with the remaining two currently being fitted out internally. The villas are of a high quality construction and finishing, with above average linings and amenity, however some specifications of the newly built villas differ from the original villas, for example the roofing.

Resource Consent has been granted for a 219 unit Retirement Village, including 77 apartments, with the development of these units having been split into seven stages. All the units built thus far are contained within Stage One, and the hard earthworks, being sewerage and drainage, have been completed over the entire site.

The investor will be required to initially commit approx NZ$4.5M although the final arrangement may vary depending on finance and construction time-frames. Projected IRR of 23% over the estimated 79 months of the project. Full valuation and other supporting information is available. Serious investors will be invited to conduct your own due diligence as required.

This opportunity is only available for a limited time-frame due to pressure from the financier. As such, expressions of interest are invited.

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