Peet, Myer, MTAA Super Kick Off Biggest Perth Coastal Development in 50 Years

PERTH's largest coastal development for more than 50 years has been launched in the Alkimos Eglinton area.

Peet Ltd has unveiled its $1.3 billion Alkimos development, about 40 kilometres north of the CBD. The land mooted for the development abuts another major block which the West Australian government is seeking to develop with a partner.

Combined, about 953 hectares of Perth's famous coastline will be affected. LandCorp, Delfin Lend Lease, Mirvac and a consortium including Perth based developer Satterley Property Group, are reportedly shortlisted on the government tender to build more housing.

Peet paid $300 million in January 2008 for its 243 hectare parcel with joint venture partners MTAA Super and the Myer family. About 3,300 dwellings - accommodating 500,000 people - are expected to be developed here between now and 2020, the AFR reports.

The first 20 lots sold yesterday averaged $310,000 each, but no land size was reported.