Description

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 14,000 people. The Pilbara Region has a rapidly growing population due to a number of large scale natural resource projects in the region comprised mainly of mining and oil and gas operations. Continuing expansion of these operations, new projects and continued investment in 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 short‐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.

As announced in August 2011, the joint venture has sold 50.0 per cent (54 dwellings) of the total 2.1 hectare Stage 1 project. Stage 1a comprising 41 dwellings is completely sold out and a further 13 dwellings in the next stage have been sold. A marketing campaign for the remaining 54 dwellings in Stage 1 is due to commence by mid 2012. Site preparation works have commenced and a construction contract has been executed with a WA based group, whose principals have more than 25 years experience in residential and commercial construction in the Pilbarra and Kimberley Regions of Western Australia. The joint venture has recently executed a facility offer with its lender for a construction facility for Stage 1a which runs to 28 February 2013.

For more information, please click here to go to The Ranges website.