Mount Cottrell, VIC
The facility is expected to be refinanced with an alternative lender in mid-to-late June.
Cowaramup, WA
The facility was refinanced in April into a new 9-month land facility, with the expectation that it will transition to a construction facility upon maturity. No material updates are anticipated over the coming months, after which preparations will commence for the transition to the construction facility.
Inclement weather is forecast to move through the region shortly, resulting in a temporary suspension of heavy machinery works for an estimated three months from June.
Windsor & Prahran, VIC
The borrower continues to hold the property as an investment asset. ARK has offered new terms at a 65% LVR for a further 12-month term, which the borrower is currently considering.
Athol Park, SA
The land facility is expected to be refinanced by BankSA into a construction facility. The borrower has requested that the facility maturity and repayment date be aligned from the current date of 19 June to 3 July, being the settlement date of another property they own that has been sold. Indicatively, both the incoming lender, BankSA, and ARK are supportive of the proposed extension to the refinance date.
Edinburgh North, SA
The property has been sold, with settlement expected to occur on 3 July, at which time the facility will be fully repaid.
North Beach, SA
Earthworks are now significantly underway, with road kerbs, stormwater and building pad bulk earthworks also progressing with the installation of underground servicing commencing.
Wallaroo, SA
The asset will be held by the borrower as an investment for the duration of the facility.
Banks, ACT
The asset will be held by the borrower as an investment for the duration of the facility.
Gungahlin, ACT
The properties will be held by the borrower as a land bank for the duration of the facility, although the sale of one property may occur during the term.
Munno Para Downs (Smitham Road), SA
Shepparton North, VIC
Four settlements were completed within the Stage 1 and Stage 2 residual stock facility this month, with none occurring in the Stage 3 residual stock facility.
Works within Stage 4 are currently focused on the completion of concrete and footpath works, which are approximately 50% complete. Upon completion, topsoil and asphalt works will commence.
Bulk earthworks and sewer works within Stage 5 have been completed.
Munno Para Downs (Andrews & Hatcher Road), SA
Communication between the borrower, the town planning consultant, and the council is ongoing to address all remaining outstanding council requirements. The borrower expects these matters to be nearing completion, with planning consent anticipated shortly.
Morwell, VIC
The refreshed sales and marketing campaign was launched this month. As part of the campaign refresh, a press release was issued, the new project website went live, social media advertising commenced, and the project is being listed on platforms including RealCommercial, Commercial Real Estate, and Development Ready. Initial market feedback has been positive, with the sales agents receiving a strong level of enquiries to date, which they will continue to actively convert into sales.
Warragul, VIC
A civil contractor has now been appointed for Stage 1 of the project, with the construction contract fully executed by both parties. The contractor is expected to mobilise on site next month.
There has been strong interest in the project since the borrower and sales agent commenced active marketing and sales activities. As at month-end, nearly two-thirds of the available lots had been sold, materially exceeding the minimum debt cover requirement for the facility.
Waterloo Corner, SA
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.
Deanside, VIC
Construction works have commenced on site, with the existing dwelling now demolished and the contractor mobilised. The updated construction contract has been agreed between the borrower and contractor and has been fully executed. Importantly, the contract includes a special condition expressly preventing the contractor from submitting any further variation claims or cost escalation claims.
Munno Para Downs (Smitham Rd #2), SA
The borrower will continue to advance planning approvals throughout the facility term.
Hope Valley, SA
Groundworks have been completed, with concrete slabs successfully poured. Construction has progressed to the structural phase, with timber framing now underway.
Burpengary, QLD
Bulk earthworks have been completed and topsoil stockpiled, with retaining walls well advanced. Sewer works are nearing completion with manholes well progressed, stormwater works are well advanced with pit installations progressing, and roads have been boxed out.
New Farm (#1), QLD
Renovations are ongoing, with a formal extension request submitted and currently progressing through the relevant approval process.
Toowong, QLD
The borrower continues to work with council to progress the planning application.
Mount Rascal, QLD
The project continues to advance on schedule, with site establishment and stripping complete, cut and fill operations nearing completion, and road construction now underway. Stormwater works are progressing concurrently, and additional presales were secured throughout the month.
Thornleigh, NSW
External painting is largely complete, aluminium windows and door glazing are nearing completion, wet area tiling and fit-off have been completed, electrical fit-off is mostly installed, internal painting is underway, driveway works are in progress, and boundary guardrail installation is also progressing.
Hemmant, QLD
Development approval works are progressing, with the RFI response submitted to Council and builder coordination and design activities continuing in parallel. Construction commencement is targeted for later this year. A 14-day extension has been approved to allow the junior lenders additional time to execute the sublease termination, with both the sublessee and Ark having already done so.
New Farm (Brunswick Street), QLD
Planning and design work is progressing toward development approval.
Indooroopilly, QLD
Substructure works are well advanced, with bored piers complete, foundations including concrete pours, reinforcement and initial waterproofing are progressing, and below-ground tanking and waterproofing nearing completion.
Glenvale, QLD
The facility reached financial close during the month.
Morwell & Tatura, VIC
Tatura:
- Koham Property continues to actively market and settle the remaining lots across Stages 1 and 2.
- Civil works have progressed on Stage 3, the final stage of the estate.
- A potential refinance of the senior debt is under consideration, with ARK’s consent contingent on the provision of Clyde share security.
Morwell:
- Civil works are underway across Stages 1–3.
- The contractor’s forecast timing has been delayed, with practical completion expected for Stages 1, 2 & 3 in early June-26, mid June-26 and July-26 respectively.
The facility remains in default, with interest being capitalised monthly. ARK has formally reserved its rights following the 7 March 2025 expiry, including the right to apply default interest.
ARK is in the process of finalising a restructured facility, which has taken considerably longer than expected. With executed term sheet, the restructure is now forecast for completion in August 2026.
Ballarat North, VIC
The borrower has refinanced the facility into a new first mortgage facility with a 24-month term to support a land banking strategy. While rezoning in the near term is unlikely following the property’s exclusion from the Ballarat North PSP, the asset is expected to be rezoned over the medium to long term as additional supply is required in the region.
Sellicks Beach, SA
The facility will be extended for a further 90 days to early September and subsequently transition into a new facility alongside Citify’s upcoming project. This extension provides additional time to determine the most suitable development outcome for the site.
Newport, NSW
The facility, which expired on 28 July 2025, remains in default, with interest continuing to capitalise until repayment.
Clean-up works are now completed, with the Subdivision Certificate and title issuance expected in June 2026.
The Marina DA was formalised on 12 March 2026, a key milestone.
The sponsor has commenced a new sales strategy for the completed product with Belle Property.
Ark has received an indicative term sheet for the potential refinance of the facility, subject to a satisfactory valuation and other conditions precedent.
Gawler, SA
‘Sales performance across the estate has remained strong, with Stages 5 and 6 fully pre-sold and Stage 7 more than 70% pre-sold, resulting in a combined pre-sale level exceeding 93% across Stages 5–7. Ongoing sales activity is limited given the high level of contracted stock, though pricing depth remains evident with terminated sales achieving strong premiums above original contract prices.
Ark is working towards a refinance, targeted for the end of June 2026, to allow the completion of Stages 5–7 and activate construction of Stages 35–38, the next sequenced stage.The restructure would extend the term and incorporate subsequent stages, with execution following an updated valuation expected in early June 26.
Civil works across Stages 5–7 are progressing well, with bulk earthworks complete, sewer largely done, and stormwater, water and roadworks progressing toward completion in Q3 2026.
Devon Park, SA
Titles have now been issued, enabling settlements to commence from 2 June onwards. This relates to 19 of the 47 allotments, with South Australia allowing settlements to proceed on completed portions of the site while works continue across the balance of the development.
Site remediation works have now been completed.
Recent sales releases have continued to be well received, with ongoing buyer demand supporting continued absorption of the remaining allotments.
Hackney, SA
An unconditional sale was secured in mid-April, with settlement now targeted for early June, demonstrating the effectiveness of the ongoing sell-down strategy. Additional prospective buyers remain engaged in active discussions.
Mackay, QLD
The sponsor is progressing site office setup and preparatory activities ahead of commencing construction in the coming months.
The project has also secured a Tranche A allocation under Round 3 of the Housing Australia Future Fund (HAFF), covering a significant portion of the first three stages of the site.
Gawler Belt, SA
Construction continues to progress well, with key foundational works and essential services now completed. Precast panels are ready for installation, supporting ongoing site momentum. Practical completion is currently forecast for mid-December 2026.
The sponsor intends to retain seven units, reducing the available stock to 19 units. Buyer interest to date has been strong with several sales have achieved.
Moe, VIC
The site has been sold above its ‘as is’ value, with settlement targeted for 22 July 2026. Proceeds are expected to fully repay the facility.
Wakefield, SA
Despite a delayed commencement, piling works are now well underway on site. Additional groundwork activities are scheduled to mobilise in the coming period.
Kyabram, VIC
While there have been some timing delays related to external authority approvals, this coordination is expected to enhance project efficiency by reducing the scope of required infrastructure works.
Key civil works are progressing well, with retaining walls nearing completion and sewer reticulation works now commenced. Timelines continue to be closely monitored, with the sponsor updating the anticipated completion from late July to late August 2026.
Sales activity remains strong, with confidence in achieving the 75% pre-sales milestone by early June.
Glenelg, SA
Construction is nearing completion, with the sales campaign scheduled to launch at the beginning of June under the appointed agent, ProRealty.
Koo Wee Rup, VIC
The facility reached financial close during the month. The slab-on-ground installation and footings have been completed, along with in-ground services. The project is expected to reach practical completion by the end of October 2026.
Kilmore, VIC
The facility reached financial close during the month.
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