Explorers Drive & Jackey Jackey Streets, MISSION BEACH QLD – Mortgagee in Possession On 5 September 2012, ARL took possession of this asset and appointed FTI to assist ARL in their role as mortgagee. The asset is made up of two irregular shaped vacant properties, totaling approximately 203.67 hectares. The property has extensive frontage to Jackey Jackey Street and Explorers Drive, South Mission Beach. The property is extensively cleared and is almost entirely surrounded by rainforest. The property has improvements including some clearing and pasture, rural fencing, aquaculture ponds and channels, two storage sheds and workshops as well as a low set residence. A valuation of the property was conducted in November 2012 (due to the information being commercially sensitive the value cannot be disclosed). FTI appointed a local real estate agent to market and sell the property. In late April 2013, the property was contracted for $2,325,000 (exclusive of GST) and is now unconditional and due to settle mid October 2013. The property market in Mission Beach is extremely difficult and this is considered a good result for investors.
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