• CVC (70%) and private developer (30%) in joint venture to purchase 23.3 hectares of land
• Land rezoned to allow for core industrial development
• Located in Stage 1 of the implemented staging plan, allowing immediate activation

CVC Ltd has provided an update to shareholders regarding the status of the Officer South rezoning process. CVC (70%) in partnership with a private developer (30%) in joint venture (JV) has contracted to purchase land holdings which have been subject to rezoning. The land is part of the Officer South Employment Precinct Structure Plan (PSP), which has now been gazetted in the Victorian Planning Scheme, formalizing new land uses in the precinct. The JV's land holdings total approximately 23.3 hectares and have been zoned to allow for core industrial development. Importantly, the land is located in Stage 1 of the PSP's implemented staging plan, allowing for the land to be activated without restriction. Since the JV land holdings were contracted, the JV has advanced the planning approval as well as other authority and surrounding land owner engagement to prepare for this rezoning outcome. The financial details of the contracted position are a purchase price of $53 million, with a $5.5 million deposit paid and a settlement date of February 2028. Given the lead time until property settlement, the JV will now commence a planning permit application and other authority approvals to allow for immediate development commencement at the time of settlement. CVC is optimistic about this asset and is very pleased that this strategic industrial land parcel has been formally approved as a result of the rezoning of the PSP, which the Board believes is the next institutional industrial location in the south-east corridor of Melbourne.

CVC is optimistic about the potential of the Officer South land holdings and is pleased that the strategic industrial land parcel has been formally approved through the rezoning of the Precinct Structure Plan.