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Opinion by

Zak Fennell Zak Fennell

Published

September 30, 2025

Investment Updates: September 2025

In Cowaramup Western Australia, the facility has been refinanced for six months to finalise design and execute the Wormall civil works contract.

Banks, ACT

The borrower continues to work towards the refinance of the facility.

Morwell & Tatura, VIC

Tatura

  • The majority of settlements for Stage 2 have now occurred across August and September, with the balance expected to complete in October 2025.
  • The borrower has reported 42 presales out of the 48 remaining lots across Stages 1 and 2.
  • Only 2 lots remain unsold in Stage 1, with one of these now contracted.

 

Morwell

  • Civil works on Stages 1–3 commenced in August 2025.
  • Winslow’s latest forecast anticipates PC for Stages 1 & 2 by Q1 2026, and Stage 3 by July 2026.
  • Presales to date comprise 50 lots across Stages 1–3, 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 is continuing to work with the sponsor to maintain covenant compliance and protect investor interests, with the facility expected to be resolved by the end of October 2025 through a confirmed strategy. Discussions with the borrower remain constructive, and ARK is confident of achieving an outcome aligned with investor interests.

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

There has been a delay to the extension of the facility and this is now expected to be finalised in the following month.

Sellicks Beach & Gilberton, SA

At Sellicks Beach, 4 of the 8 remaining residential lots are still available, with one set to be subdivided into two, projecting a strong premium over the most recent valuation. The previously contracted commercial lot has since been terminated. At The Buckingham, the project has advanced through the pre-construction phase, with progress made on design and preparation for the build. Sales are being led by Taarnby who have received strong enquiry levels and registrations indicating solid sales momentum.

Newport, NSW

Facility Status

  • The facility, which expired on 28 July 2025, is now in default with interest capitalising until repayment.
  • Repayment via a refinance solution is expected following practical completion, which is now forecast for early December 2025.

 

Project Status

  • Civil works are approximately 95% complete, with practical completion now forecast for December 2025.
  • Remaining works include footpaths, sewer connections, electrical and NBN installations.
  • Ark has appointed Evoc Property as independent Development Manager to manage completion and title registration.

 

Planning

  • At the Section 34 Conference held on 19 August 2025, approval was granted for the Marina DA with minor amendments, confirming eight berths (one per lot).
  • This represents a positive outcome, avoiding a Court hearing and decoupling the marina approval from subdivision title registration.

 

Sales

  • Negotiations remain ongoing for the sale of Lot 8. While progress has been made, further work is required before exchange can occur.

Gawler, SA

‘Sales momentum remains strong, with more than 95% of lots sold across Stages 5–9, noting the facility only relates to Stages 5–7.
Civil works for Stages 5 and 6 are progressing, with completion still expected in Q1 2026.

Munno Para(Smitham Road), SA

Demolition of the existing improvements on site has been completed. Due to inclement weather in August, bulk earthworks only commenced this month.

Shepparton North, VIC

Construction continues to progress and the latest status of works include:
  • Bulk earthworks are well advanced
  • Roads have been boxed

Burpengary, QLD

The facility was refinanced into a new 12-month facility during the month which will provide the borrower with additional time to secure planning consent and progress towards construction readiness.

Munno Para Downs (Andrews & Hatcher Road), SA

Civil works continue to progress well, with 97% of contracted works now complete and practical completion forecast for October 2025. All roofing, including structural steel, has been completed, façade works are significantly advanced, and all warehouse floor slabs have now been poured.

Elizabeth South, SA

Remediation works have now been completed, with all soil and vapour validation returned within required limits. Excavation of contamination hotspots and slab removal have also been finalised, with validated backfill placed, resolving a key project risk. Vapour and groundwater monitoring will continue through to the completion of earthworks, ensuring compliance and site readiness.

Salisbury Plain & Kent Town, SA

The facility has been successfully refinanced into a new facility for a six-month term, providing sufficient time to finalise the design and execute the civil works contract with Wormall, the appointed civil contractor.

Devon Park, SA

Following the three-month facility extension in August, ARK has commenced discussions with the sponsor in preparation for a refinance expected to occur in November 2025.

Cowaramup, WA

Bulk earthworks are well advanced. Although delays in sewer approvals have resulted in 22.5 days of Extension of Time claims, approvals are now imminent. The project manager is actively working with the contractor to identify opportunities to mitigate further impacts to the program.

New Farm, QLD

During the month, the project successfully achieved title registration. The borrower has advised that settlements have now been called, with full facility repayment anticipated by the end of October.

Morwell, VIC

Bulk earthworks are well advanced. Although delays in sewer approvals have resulted in 22.5 days of Extension of Time claims, approvals are now imminent. The project manager is actively working with the contractor to identify opportunities to mitigate further impacts to the program.

Morayfield, QLD

During the month, the project successfully achieved title registration. The borrower has advised that settlements have now been called, with full facility repayment anticipated by the end of October.

Hackney, SA

Skyloft Apartments

  • Construction of Level 4 is complete and fully fitted out, with inspections by prospective purchasers currently underway.
  • Level 5 is nearing completion, with finishing works in progress and final clean-up to follow.

 

Hotel Component:

  • Practical completion is now expected in late October. The sponsor has a buyer that is wanting to operate the hotel component itself not including the food and beverage area.
  • Ascott has now issued the termination notices of both the HMA and TAA which will incur costs of circa $350K which the sponsor will be required to pay. This was expected and allows for the sale process to progress now with the operator removed and the intended purchaser wanting a specific operator.
  • Certificate of occupancy is expected to be issued in October 2025.

 

Sales & Settlement Update:

  • The sponsor has successfully sold 2 of the Level 5 Sky Loft apartments above valuation.
  • The West Lakes property remains on track to settle in mid-October 2025.

Enfield, SA

ARK has received the valuation for the future childcare development and has issued indicative terms for the proposed construction facility.

Warragul, VIC

The planning permit is still pending approval however the final assessment is in progress and the permit is expected to be issued by the end of next month.

Windsor & Prahran, VIC

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

Mackay, QLD

Since financial close, the borrower continues to work with council in preparation for securing the planning permit.

Athol Park, SA

The facility reached financial close during the month.

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