Banks, ACT
Initial discussions have taken place with the borrower regarding a potential refinance into a new 12-month facility.
Morwell & Tatura, VIC
Tatura
- All but two settlements for Stage 2 have now occurred, with the remaining presales withdrawn or terminated and set to be resold at a premium
- 2 of the larger lots remain unsold in Stage 1.
Morwell
- Civil works are ongoing for Stages 1 & 2, with practical completion expected in March 26 and April 26 respectively. Stage 3 is forecasted for one month later in May 26.
- Presales to date comprise 57 lots across Stages 1–3 that includes 7 builder holds, with a further 9 achieved in Stage 4
The facility remains in default, with ARK reserving its rights from the facility expiry on 7 March 2025 to charge default interest until an appropriate resolution or exit is reached with the borrower.
Ballarat North, VIC
Following the property’s exclusion from the Ballarat North PSP, a valuation was completed reflecting a reduced value.
ARK has worked with the sponsor to maintain covenant compliance and protect investor interests, with the facility balance reduced in October 2025 accordingly.
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
The borrower is working to satisfy the outstanding conditions precedent for the refinance. As the current facility has now expired, the loan is in default pending financial close of the new facility.
Sellicks Beach & Gilberton, SA
Approval has been received by the sponsor for the refinance of the Buckingham with an external financier which is expected to be completed in December 2025.
At Sellicks Beach, 4 of the 8 remaining residential lots are still available, with one set to be subdivided into two.
Newport, NSW
Facility Status
- The facility, which expired on 28 July 2025, is now in default with interest capitalising until repayment.
Project Status
- Works have continued to progress steadily in the past month, with Avenue Road now signed off by Council, the filtration unit installation underway, and Ausgrid confirming the outage date of 10 December 2025.
- Based on the current program, the subdivision remains on track for lodgement by 17 December, with title registration expected in early to mid-January 2026.
Planning
- Council issued further feedback on the marina DA on 22 October 2025. The planning and architectural teams are preparing a coordinated response to address the comments and progress the application toward approval.
Gawler, SA
Across Stages 5–9 90% of lots have been sold, noting the facility only relates to Stages 5–7. However, several lots have been terminated at the sponsor’s discretion and are expected to resell for a premium.
Civil works for Stages 5-7 are progressing, with completion expected in Q1 2026.
Munno Para(Smitham Road), SA
The civil contractor has commenced early site works. Stump clearing is currently underway, with extracted material being removed from the site. Temporary fencing has also been installed to secure the area in preparation for further works.
Shepparton North, VIC
Both the Stage 1 residual stock facility and the Stage 2 construction facility have now been refinanced into a new combined Stage 1 and 2 residual stock facility.
Practical Completion for Stage 3 was achieved during the month and settlements are anticipated to commence in November.
Burpengary, QLD
Construction continues to progress and the latest status of works include:
- Bulk earthworks are complete
- Topsoiling of lots is underway
- Retaining walls have commenced
- Stormwater works have commenced
- Sewer works have commenced.
Sales momentum remains strong, with pre-sale debt coverage exceeding 100%.
Munno Para Downs (Andrews & Hatcher Road), SA
Elizabeth South, SA
Practical Completion has been successfully achieved during the month and settlements are forecasted to commence in mid-November 2025.
No new sales were recorded this month, although several contracts are in advanced negotiations with the sponsor expecting them to settle by late November.
Devon Park, SA
Remediation works have been completed, with all soil and vapour validation returned within required limits. The final report will be ready for submission to the EPA in November 2025, with an additional few weeks required for the EPA’s confirmation. On completion, civil works will be expected to commence immediately, with a tender price accepted and documentation being prepared.
Vapour and groundwater monitoring will continue through to the completion of earthworks, ensuring compliance and site readiness.
Cowaramup, WA
The borrower is continuing to finalise the detailed design and execute the civil works contract to enable the project to progress into the construction phase.
New Farm, QLD
ARK is in the process of issuing terms for a new six-month facility to allow adequate time to complete the renovations, which are expected to deliver significant value to the property and position it for refinance with an alternative lender.
Morwell, VIC
Hackney, SA
The project has reached completion, with the Certificate of Occupancy issued on 23 September 2025. An offer to lease the hotel component has been received from Urban Rest for an initial three-year term, with the lease expected to be executed in early November, enabling the hotel sale to proceed with a binding lease in place.
The West Lakes property settlement has been delayed from 14 October to 17 November 2025 due to outstanding site clearance works. The heritage section of the hotel has been sold and leased to a food and beverage operator, with settlement scheduled for 1 December 2025.
Two of the six Skyloft Apartments remain unsold. The overall facility position is expected to reduce over November and December as settlements progressively occur, resulting in a residual LVR of approximately 60%.
Enfield, SA
The facility is expected to be refinanced with a major lender upon expiry of the current term, subject to credit approval being obtained from the incoming lender.
Warragul, VIC
The borrower has received the draft permit conditions however the issuance of the final planning permit has been delayed due to errors in the authority sign-offs, which must be corrected before the permit can be finalised. It is anticipated that the permit will be issued next month.
Windsor & Prahran, VIC
The borrower continues to hold the property as an investment asset.
Mackay, QLD
The borrower continues to work with council in preparation for securing the planning permit.
Athol Park, SA
The borrower is continuing to engage with the council to progress the planning permit approval.
Waterloo Corner, SA
The facility reached financial close during the month.
Toowong, QLD
The facility reached financial close during the month.
Gawler Belt, SA
The facility reached financial close during the month.
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