The Ranges, Karratha, WA
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 short-term accommodation.
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.
The Ranges, Karratha as at 30 June 2016
|Location||Karratha, WA||JV Partner||Various Parties|
|Area/Size||Stage 1 – 2.2ha
Stage 2 – 7.1ha
|FLK Funds Invested||$3.3m|
|Acquired||Stage 1 – June 2011
Stage 2 – January 2013
|Settlements Started||March 2013|
|Total Villas||Stage 1 – 108||Price Range of Villas||$493,000 to $565,000|
|% of Villas Sold||73% (includes 32 villas pre-committed in Stage 1b)||Forecast Project Value – Gross Revenue||Stage 1 – $55.0m|
For more information, please click here to go to The Ranges website