Mount Hotham

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Property Management

Leasing

Since the adoption of the Alpine Resorts Leasing Policy in 2002, 12 new leases have been issued in the Alpine Standard Lease form. The most recent new lease issued was with the Australian Alpine Club in April 2008. New lease negotiations are also progressing at 15 sites. Of these there are 12 expired leases which are still under occupation by the original lessee. Four negotiations have reached the stage of obtaining Ministerial approval-in-principle and these should be finalized in the next reporting period.

Planning and Development

Investment activity in the resort is still strong with a number of new development and refurbishment works approved or underway. The most significant new development approved last year was the Hotham Freehold subdivision. This exciting new project will see the development of the highest freehold land in Australia into 20 allotments serviced by an internal road providing vehicular access and on-site car parking. A triangular piece of land at the southern end of the site which makes up more than a quarter of the total site area has also been set aside as a fauna reserve and this land will be transferred into public ownership as Crown land.

More than $16M of investment and redevelopment activity has been generated through the granting of new leases under the new leasing policy.

Fully Enclosed Covered Area (F.E.C.A.)

The sum of all such areas at all building floor levels, including basements (except unexcavated portions), floored roof spaces and attics, garages, penthouses, enclosed porches and attached enclosed covered ways alongside buildings, equipment rooms, lift shafts, vertical ducts, staircases and any other fully enclosed spaces and useable areas of the building, computed by measuring from the normal inside face of exterior walls but ignoring any projections such as plinths, columns, piers and the like which project from the normal inside face of exterior walls. It shall not include open courts, light wells, connecting or isolated covered ways and net open areas of upper portions of rooms, lobbies, halls, Interstitial spaces and the like which extend through the storey being computed.

Unit of measurement: Square Metres (m²)

Note: The definition of exterior walls in multi-tenanted buildings is to include the building as a whole, not the sum of the individual apartments.