Acquisition &
Feasibility

Design
Approval

Construction
Approval

Construction

Completion

Project Progress

Construction of both units has now been fully completed and are at practical completion. Minor defect resolution remains. Unit 1 has been accelerated to bring to market and is now ready for sale.

Key achievements for period include:

• Construction has been completed. Key performance measures for construction are very positive being:
  Duration 16mths (Budget 9mths)
  Construction Cost $850K (Budget $942K)
  Scope 102% (Budget 100%)
• OC is well progressed and likely for Oct completion
• Torrens Title DA has started and will be lodged upon successful OC.
• Staging (Furnishing and Styling) of U1 for sale has occurred
• Local agent has been appointed and sales and marketing campaign commenced. First open scheduled for 12 Oct 2018 with auction on the 30 Nov 2018.

Unit 1 (1 Oakes Ave) is targeted to be sold in Nov 2018. Current sales forecast is consistent with original (Pre DA) budget but market has deteriorated significantly from is peak  (during CC). Market feedback during the campaign of Unit 1 will be used to assess and decide on approach to maximise project return.  Option’s of further sale or, hold and sell, of Unit 2 should be considered.