No further updates have occurred since the property’s exclusion from the Ballarat North PSP, apart from an adjustment to the facility to maintain covenant compliance.

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.

The remaining allotments from Sellicks Beach have been refinanced into a residual stock facility secured against five remaining residential lots and two commercial allotments at a 75% LVR.

Following financial close, two of the five residential lots have sold and settled, with the remaining three currently pending settlement, leaving the two commercial allotments.

Buckingham Arms is expected to be refinanced in early February 2026.

The facility, which expired on 28 July 2025, remains in default, with interest continuing to capitalise until repayment.

Civil works on site have now been completed, with titles forecast to be registered in March 2026.

The Marina DA continues to progress, albeit slowly, with a resolution currently expected by March 2026.

Across Stages 5–7, and including Stages 8–9, more than 95% of lots have now been sold. While the facility relates only to Stages 5–7, sales across the broader project have remained strong.

Civil works for Stages 5–7 continue to progress, with completion currently now forecasted for Q2 2026.

The original construction facility has been restructured into two residual stock facilities to reflect the separate ownership of the remaining allocated lots.

Four settlements were achieved during the month, with two fully repaying the construction facility and the remaining two applied toward reducing the residual stock facilities.

Remediation works have been completed, with all soil and vapour validation results returned within the required limits. The audited remediation report has now been issued to the EPA for acceptance.

Civil works commenced in December 2025 and are currently in progress.

The borrower continues to finalise the detailed design and execute the civil works contract to enable the project to progress into the construction phase.

The development manager has taken over management of sales and marketing activities for the project. They are currently reviewing submissions from both local agents and larger firms, including Knight Frank. Interviews are underway, and following this process, a new sales agent is expected to be appointed to help drive increased sales activity.

Settlement of the West Lakes property is now forecast for early February 2026. Following settlement, it is expected that the hotel and the remaining Skyloft apartments will be refinanced with a major bank or alternative lender, supported by the hotel now being fully operational.

The hotel is currently operating under a 3-year lease with Urban Rest as the hotel operator.

Due to delays in receiving the planning permit, the facility will be extended by a further three months to provide the borrower with additional time to complete the construction tender process, finalise engineering, and commence sales and marketing.

The borrower continues to hold the property as an investment asset.

The borrower continues to work with council in preparation for securing the planning permit.

The development approval was obtained on 17 December 2025. A sales campaign has been launched on commercial real estate platforms, with CBRE appointed as the selling agent. The borrower is currently preparing to commence construction.

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.

The borrower continues to work with council to progress the planning application.

Planning consent was granted on 2 December 2025, followed by building consent on 19 December 2025. Construction funding was activated upon receipt of the required approvals. Civil works are underway, including survey and footings, with the quantity surveyor forecasting practical completion on 3 November 2026.