Cedar Woods Properties has paid $49.5 million for a low density housing site in Eglinton, a coastal town about 45 kilometres north west of Perth.
The 86 hectare block, Lot 801 Marmion Avenue, is earmarked for about 1200 dwellings, a primary school and commercial hub.
It was offered by Eglinton Estates, led by the family of late conservationist and philanthropist Martin Copley, permit-ready for an initial 274-lot subdivision.
“With the beach only 1.9 kilometres away, the site is conveniently located close to existing shopping, education and recreation amenity as well as various employment centres including Joondalup,” the buyer said.
“The site will benefit from being within 500 metres of the new Eglinton train station and Perth-Yanchep rail extension, which is currently being delivered as part of the Western Australia government’s METRONET program, forecast to open in 2023,” it added.
Cedar Woods’ managing director Nathan Blackburne said the first lots should be available for sale in FY23; the project has an 11 year timeline.
“The site provides the company exposure to Perth’s popular north west growth corridor which has traditionally accounted for approximately 25 per cent of total metropolitan Perth land sales,” according to the executive.
The acquisition increases the group’s development pipeline to about 10,700 lots (story continues below).
CBRE’s Ryan McGinnity and McGees Property’s David Molony represented Eglinton Estates, a major local land owner.
“Current forecasting suggests more than 26,000 residential lots will be sold from Alkimos to Two Rocks between now and 2041, with the area expected to attract an additional 150,000 residents,” Mr McGinnity said upon listing the site.
“Demand for housing in the corridor is growing exponentially and, with significant infrastructure being delivered, now was the ideal time to offer this land to the market,” he added.
“Only minutes to Eglinton Town Centre and offering some of the best ocean views in the region, Lot 801 will be one of the most desirable estates in the corridor”.
Other major developers in the area include Peet, Satterley and Stockland.
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