The borrower has now executed a term sheet with ARK to refinance the facility and is forecasting completion of the refinance in April 2026. While rezoning in the near term remains unlikely following the property’s exclusion from the Ballarat North PSP, the property is still expected to be rezoned for an alternative future use in the medium term.

No updates. 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 facility has been progressively repaid through settlement proceeds from the five contracted residential lots, all of which have now settled. The remaining two commercial allotments are intended to be refinanced into a construction facility for their respective uses, subject to potential sale discussions currently underway.

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

Core civil works are largely complete, with remaining clean-up works forecast for completion in early April 2026. The Subdivision Certificate is expected to be issued in April 2026, with titles to follow shortly thereafter.

The Marina DA was formalised on 12 March 2026, representing a key milestone for the project following several months of delays and uncertainty. This supports the overall positioning and value of the completed estate.

There are currently no presales in place and all sales hurdles have been missed, with the sponsor now preparing a sales strategy for the completed product.

Sales performance across the estate remains strong, with over 95% of lots across Stages 5–9 now contracted. Pricing depth continues to be supported, with terminated sales achieving premiums of 30%+ above original contract prices.

A readjustment to the existing facility is currently being considered to extend the term and incorporate subsequent stages, pending an updated valuation expected in early May 2026.

Civil works across Stages 5–7 are progressing steadily, with completion now forecast in early Q3 2026.

All contracted sales across both facilities have now settled, with corresponding loan repayments received. As a result of settlements to date, each facility is now considerably de-risked from an LVR perspective. The remaining assets are expected to be leased and refinanced in due course, supporting an orderly exit of both facilities.

Remediation works on site took longer than initially anticipated, which has delayed the commencement and progression of civil works. These remediation activities are now largely resolved, with civil works underway and progressing.

As a result of these delays, the overall program has shifted, and an extension to the facility will be required to allow sufficient time for title issuance and the sale of pre-sold stock.

Sales releases continue to be well received, with ongoing buyer demand supporting the take-up of remaining lots.

Borrower has requested a 45 day extension to the existing land facility. Borrower is requesting equity repatriation and a new land facility to enable delivery of turnkey development on site. Ark are currently proposing to also provide construction financing, to be established in the next couple of weeks, as the existing facility now expires 30 April 2026.

The refreshed sales and marketing campaign continues to progress. A new branding concept has been developed and will be rolled out across all new marketing materials. A new website and updated collateral will also be created to support the sales agents in presenting to prospective purchasers.

There has been positive sales negotiations progress for the Skyloft apartments, supporting the outlook for continued sell-down of the remaining stock.

A real estate agency has been appointed as the master sales agent for the project. The borrower is also engaging with six wholesale groups concurrently. In addition, a group of volume builders has met with the agent to broaden distribution channels and market reach. A one-week extension was granted for the construction tender due to an addendum, with submissions now due in early April.

No change. The borrower continues to hold the property as an investment asset. A forthcoming refinance with an alternative lender has been indicated.

Development Approval (DA) for the project was achieved on 4 March 2026, representing a key milestone and materially de-risking the planning position.

Following DA, the borrower is progressing preparations for the next phase of the development and is advancing discussions regarding a refinance of the facility to allow appropriate timing to activate construction.

A refinance is anticipated in April 2026, which is expected to include a partial return of sponsor equity for project costs and an extension of the facility to support the transition into delivery.

Borrower is progressing toward a construction facility refinance. Ark have provided terms to provide the construction facility, noting the Right of First Refusal in place from the land facility. However, there are competing offers from a major bank who may win the right to deliver construction financing due to more favourable pricing.

The Mumford Road Code Amendment has been formally approved by the Minister for Planning confirming the rezoning of the subject land. The rezoning supports the establishment of a State Significant Industrial Employment Precinct and Nationally Significant Economic Cluster, facilitating employment growth and long-term industrial development in the area.

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

Construction is advancing well, with the rear warehouse concrete footings, underground electrical conduits, and water and sewer plumbing now completed. Practical completion is forecast for 30 November 2026.

In terms of sales, 6 of the 32 units have been sold, with the agent reporting strong ongoing interest and continued discussions with prospective purchasers.