We are pleased to announce that the Arana Hills SPV Pty Ltd has entered into an Agreement to Lease with an established gym operator. The gym operator will assume 100% of the proposed gym at completion, on a 15-year lease term.
The conclusion of the Agreement for Lease further underwrites the value of the site and investors security, while continuing to validate the NorthRock vision for the 139 Bunya Road, Arana Hills, QLD, site.
We note we have advanced negotiations to sell the remainder of the site to nationally recognised organisation.
NorthRock’s Arana Hills project is located approximately 12 km northwest of Brisbane’s CBD. It is predominantly residential with essential amenities and green spaces. The industrial area in Arana Hills is relatively modest compared to larger industrial hubs in the region. It primarily caters to local businesses and services that support the residential community.
We would like to inform our investors and potential investors that Mr Michael Daley has left the company. We sincerely thank Michael for his time and contributions to NorthRock and wish him all the best in his future endeavours.
Further information is set out in the Information Memorandum dated 22 May 2024.