The Ranges, Karratha
The Ranges is conveniently located 1.5 kilometres from Karratha's CBD. Folkestone's 25.0 per cent interest in The Ranges is in a joint venture with a consortium including experienced real estate developers and investors who have extensive experience in developing and marketing real estate in Western Australia, including the North West of Western Australia. Karratha is the largest community in the Pilbara Region and is home to approximately 15,000 people. The Pilbara Region has a rapidly growing population and a number of large scale natural resource projects underway comprised mainly of oil and gas together with iron ore and mineral mining. Continuing investment in new projects and public infrastructure are expected to drive further economic and population growth in the Pilbara Region, which in turn will lead to increasing demand for permanent and shortâ€term accommodation.
Stage 1 of The Ranges comprises 2.2 hectares with a "Tourism" zoning and DA approval for 108 single level, one bedroom villas with shared guest facilities, including a pool and BBQ area. The development will provide much needed short and long-term accommodation for visitors to Karratha and the Pilbara region.
Stage 1a comprising 41 dwellings is completely sold out and a further 14 dwellings in Stage 1b have now been sold reflecting 51.0 per cent of the project's total dwellings. Settlements of Stage 1a dwellings are anticipated to occur in late 2012. A campaign to sell the balance of 53 dwellings commenced in mid 2012 targeting retail and corporate investors.
The construction of Stage 1a commenced in February 2012 and is progressing well with all 41 dwellings being commissioned on site. The joint venture has also successfully negotiated an option to purchase the adjoining 7.1 hectares, with settlement subject to rezoning and authority approval. The rezoning of this parcel to "Development Zone" is now complete with the necessary development and stakeholder approvals well progressed.
For more information, please click here to go to The Ranges website.
|SIZE||108 apartments (Stage 1)|
|EQUITY COMMITMENT||As at 30 June 2012 - $3.6m
Total Equity Commitment - $3.6m