Banks, ACT
The asset will be held by the borrower as an investment for the duration of the facility.
Morwell & Tatura, VIC
Tatura:
- Koham Property continues to actively market the remaining lots across Stages 1 and 2. A number of settlements have now been achieved across Stage 2 and further sales secured.
Morwell:
- Civil works are underway across Stages 1–3.
- The contractor’s forecast timing for practical completion across these stages remains broadly in line with prior guidance as advised by Winslow.
The facility remains in default. ARK has formally reserved its rights following the 7 March 2025 expiry, including the right to apply default interest, pending an agreed resolution or satisfactory exit with the borrower.
Ballarat North, VIC
No further updates have occurred since the property’s exclusion from the Ballarat North PSP.
Mount Cottrell, VIC
The borrower continues to hold the properties as a land bank. The due diligence period on the Oakbank PSP has been completed. The VPA has submitted the 2025/2026 business plan to the Minister for Planning which includes prioritisation of Horizon 2 PSPs. There is potential for the Oakbank PSP to be included in the business plan, while no official timeframe for approval has been provided.
Gungahlin, ACT
Sellicks Beach & Gilberton, SA
Two of the five residential lots have sold and settled, with the remaining three currently pending settlement, expected in March 2026. The two remaining commercial allotments are to be refinanced by ARK or an alternative lender into a construction facility for their respective uses.
Newport, NSW
The facility, which expired on 28 July 2025, remains in default, with interest continuing to capitalise until repayment.
Core civil works on site have now been completed, with titles forecast to be registered in April 2026.
The Marina DA has had positive progress following a court hearing where approval will be received after minor changes have been agreed by both Northern Beaches Council and the Sponsor. This is expected to be formalised mid-March 2026.
Gawler, SA
‘More than 95% of lots across Stages 5–7 have now been sold, and when including Stages 8–9 the broader project continues to demonstrate strong buyer demand. Although the current facility applies specifically to Stages 5–7, the overall sales performance across the estate remains encouraging.
Civil works across Stages 5–7 are progressing steadily, with completion presently anticipated in Q2 2026.
Munno Para Downs (Smitham Road), SA
- Earthworks have been completed
- Retaining wall installation in progress
- Stormwater pipes installation in progress
Shepparton North, VIC
There were four settlements within the Stage 1 and Stage 2 residual stock facility during the month.
One new contract of sale was executed for a lot in Stage 3.
Sewer and drainage works for Stage 4 have now been completed, and construction of the wetland is approximately 90% complete.
Burpengary, QLD
Munno Para Downs (Andrews & Hatcher Road), SA
Elizabeth South, SA
RSF #1: An additional sale has been secured and is under contract, with the property to remain leased until settlement. Two further sales are scheduled to settle within the next several weeks. Sales activity continues to track strongly.
RSF #2: Two lots have been sold and settled, with corresponding loan repayments received. Further sales are anticipated in due course.
Devon Park, SA
Civil works are now underway, with fill being delivered to site as part of the initial stages of construction activity.
The recent Stage 3 lot release has generated positive buyer interest, resulting in an additional five sales and further underpinning the transaction.
Cowaramup, WA
The borrower is currently finalising feasibility assessments across a range of funding options. They will provide funding scenarios for review, following which ARK may consider presenting an offer in accordance with its First Right of Refusal. In the interim, the existing land facility will be extended on a 30-day short-term basis to allow this process to be completed.
New Farm, QLD
Morwell, VIC
The project’s sales and marketing campaign will undergo a comprehensive refresh following the formal appointment of two new sales agents, engaged on a conjunctional basis. The updated campaign is anticipated to launch by April however both agents will shortly begin engaging with their respective databases to commence prospecting activities.
Hackney, SA
The West Lakes property has now settled, with proceeds applied toward partial repayment of the existing facility. The remaining component (hotel and apartments) were separately refinanced by ARK and another lender.
Warragul, VIC
The facility has been extended for a further three months. The borrower anticipates commencing construction within this extension period. The construction tender has been issued, with submissions due by the end of March.
Windsor & Prahran, VIC
The borrower continues to hold the property as an investment asset. A forthcoming refinance with an alternative lender has been indicated.
Mackay, QLD
The borrower continues to work with council in preparation for securing the planning permit.
Athol Park, SA
Development approval was secured in December 2025. A sales campaign has since been launched across major commercial real estate platforms, with CBRE appointed as the exclusive selling agent.
The borrower is progressing preparations to commence construction. ARK is currently preparing a term sheet to provide construction finance in late April, which is materially ahead of the original forecast repayment timing of June.
Waterloo Corner, SA
The Approval Package, including the engagement report, has been submitted to the Minister of Planning’s department. The Code Amendment will be further progressed once the Interim Infrastructure Agreements are finalised by the Government’s Growth Infrastructure Coordination Unit.
Toowong, QLD
The borrower continues to work with council to progress the planning application.
Gawler Belt, SA
Construction funding has been activated, and the project is now over 33% pre-committed, with 8 of the 32 units under contract.
Reo footings, pads, and underfloor electrical and plumbing works are currently underway. Excavation has commenced in preparation for pouring strip footings and pads, with the QS forecasting practical completion in December 2026.
Deanside, VIC
The borrower secured five additional sales this month, bringing total sales to date to 10, representing approximately 20% debt cover. Construction commencement has been slightly delayed and is now scheduled to occur in early March.
Moe, VIC
The project is progressing in line with expectations, with the majority of consultants now engaged and a portion of consultant fees incurred. Preparations for construction commencement are underway and works are anticipated to commence in March 2026.
Wakefield, SA
The project continues to progress in line with expectations, with pre-construction activities and construction readiness works advancing as planned. The sponsor remains focused on finalising remaining documentation and coordinating key workstreams to support the commencement of main works, with expectation of first claim in March 2026.
North Beach, SA
The civil works facility was refinanced into a turnkey construction facility during the month. Bulk earthworks are currently heavily advanced.
Mount Rascal, QLD
Civil works have commenced on site, and marketing of the lots is scheduled to commence by the end of Q1 2026.
Thornleigh, NSW
Site establishment has been completed, with in‑ground services, grease arrestors, and the ground slab now fully prepared.
Kyabram, VIC
The site has been secured with perimeter fencing, bulk earthworks are largely complete, and the demolition of the existing improvements has been finalised. A project marketing board has been installed at the entrance to the Orchardfield Estate, providing strong visibility to passing foot traffic and clearly signalling active development on site.
Glenelg, SA
The facility settled during the month and relates to a partially completed townhouse development. The Sponsor acquired the site with the project approximately 80% complete following the collapse of the previous developer.
The Sponsor commenced preliminary works prior to settlement and has completed approximately one month of on-site activity, including fixings and internal linings.
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