October 2024: Investment Updates

The latest investment updates are set out below with most projects progressing steadily.

In Victoria, construction at The Base – Oakleigh is progressing well, with increased sales expected after the display suite completion. Tatura is seeing strong sales and settlements, while bulk earthworks continue at Morwell. The Ballarat North PSP amendment is expected by Q4 2024. Mount Cottrell is land banking, and Leakes Road has been sold with a September 2026 settlement.

In Queensland, the BRC – Tallowood project in Toowoomba is nearing settlement, while Sunvista Homes in Deception Bay was repaid in late September. Sunvista’s Burpengary project has settled, and Bracken Ridge is nearing practical completion. Everland’s Morayfield project has titles issued, with settlements starting soon. Fenbury Newport in NSW has a significant sale pending.

In South Australia, Citify’s Sellicks Beach is progressing with 28 out of 42 lots presold, while Gawler East has strong presales with over 80% sold in Stages 4-7. Munno Para is finalising planning for a late 2024 sales campaign. Overall, projects in South Australia are advancing well with robust sales and development activity.

View Updates:

Banks, ACT

The borrower continues to work towards the refinance of the facility.

Oakleigh, VIC

Work on site has progressed steadily this month, despite minor delays from inclement weather. The Level 1 slab is now 80% complete, with Level 2 reaching 60%, and approximately 70% of the precast panels have been installed.

The recent completion of the ramp pour marks a milestone for the project.

Morwell, VIC (Mezzanine)

Tatura
Stage 2 civil works are progressing well, following the practical completion of Stage 1. The borrower has secured 95 presales out of 113 available lots for both Stages 1 and 2. Additionally, 46 settlements have been successfully completed to date for Stage 1.

Morwell
Bulk earthworks for Stages 1, 2, and 3 are currently ongoing at Morwell, with a total of 49 presales achieved across all three stages of the project.

Ballarat North, VIC

The Ballarat North PSP amendment to include the Expanded PSP Area containing the property is expected to be announced by the end of 2024. Gazettal of the Ballarat North PSP is unchanged and anticipated to occur in mid to late 2025.

The Victorian Planning Authority has advised that if the Ballarat North PSP is included in the Expanded PSP Area, amended zoning will be completed in H1 2025.

Mount Cottrell, VIC

The borrower plans to hold the two remaining security properties as a land banking opportunity while due diligence progresses on the Oakbank PSP. They are also exploring the potential to sell the properties within the facility term.

Leakes Road, VIC

The property remains under contract with settlement scheduled for September 2026. Notably, there was a sale of an adjacent property at 562 & 600 Leakes Road in October for a total of $100m which is equivalent to $2.1m per hectare, this is approximately $700k per hectare higher than the latest valuation of the subject property.

Gungahlin, ACT

The Borrower continues to explore several development scheme options.

Baldivis, WA

The property has been sold and will settle in December, repaying the facility in full.

Sellicks Beach, SA

Significant progress in the civil works was achieved on-site during the month, with practical completion scheduled for November 2024.

With 28 of the 42 residential lots already presold, the strong demand for Sellicks Beach allotments is clearly evident.

Toowoomba, QLD

The borrower has advised that following the lodgement of the survey plan in the middle of October, titles have now been issued.

Settlements will commence in early November to progressively repay the facility.

Box Hill, VIC

The sales agent is actively working with interested parties to secure a sale of the property at an acceptable price.

Newport, NSW

Heavy machinery is active on-site, making steady progress with civil works.

Several interested purchasers are progressing through the design phase of their builds following land acquisition to bring their vision to life.

Gawler East, SA

Sales activity across the estate has been strong and well-received within the Gawler market. Stages 4 to 7 currently have 180 presales, representing over 80% of the available lots in these stages.

Key construction activities are progressing on-site, including common service trench installations, rock excavation, and the construction of retaining walls. Road and kerbing works are also ongoing, contributing to the steady advancement of the development.

Practical completion of civil works on Stage 4 is anticipated by the end of December 2024, with settlements to occur shortly thereafter.

Munno Para (Smithham Road), SA

The City of Playford has experienced unexpected delays due to a surge in planning applications throughout 2024. The borrower aims to secure development approval by November.

Once approved, the borrower plans to appoint a civil contractor and commence site activation for construction in the first quarter of 2025.

Morayfield, QLD

Titles have been issued for the lots within the project, and several settlements have already occurred. Additional settlements are anticipated in November.

Shepparton North, VIC

Works on site have continued to advance, with practical completion anticipated by the end of next month. The first presales milestone has now been met ahead of the scheduled due date.

Bracken Ridge, QLD

Works on site are being finalised, with practical completion expected in early November.

This month, works on site have included the installation of acoustic wall posts, the completion of stormwater, sewer, and water reticulation works, and the nearing completion of external sewer works. Additionally, external road rectification and stormwater works have now commenced.

The civil contractor is anticipated to demobilise from the site shortly. Plan sealing was lodged on October 30, 2024, with titles expected to be received during December.

Wellington Street, WA

The sales campaign has concluded which received strong interest. The borrower is now assessing their options, considering whether to proceed with a sale or to advance the proposed development.

Burpengary, QLD

Initial works on site are progressing well, with house demolition completed and site clearing underway.

The civil construction tender process has concluded and the contract has been awarded to Shadforths, a highly experienced contractor. Shadforths recently completed a project in Deception Bay, QLD which was funded by ARK.

Munno Para (Andrews & Hatcher Road), SA

Following settlement of the property in September, the borrower has commenced the development application process for the proposed 213-residential subdivision.

Elizabeth South, SA

The facility reached financial close this month. Civil works are progressing ahead of schedule, with the demolition of existing structures completed and strip footings set to be poured early November.

Presales have been strong, with 9 out of 24 lots presold.

Salisbury Plain & Kent Town, SA

The facility reached financial close this month. Civil works are progressing ahead of schedule, with the demolition of existing structures completed and strip footings set to be poured early November.

Presales have been strong, with 9 out of 24 lots presold.