Goldfields has purchased its maiden Western Australian housing estate site at Margaret River.
The 47.12 hectare holding, 211 Darch Road, about three kilometres from the township, is setting the Melbourne group back $8 million.
It will make way for a c400-lot subdivision; construction of the first dwellings is expected to start by the end of the year.
The deal comes eight months since we reported Saracen Properties and Security Capital Australia -pre-committed Marriott International to manage a landmark hotel under construction at Gnarabup Beach, about seven kilometres west of Margaret River.
In December, Andrew and Nicola Forest’s Fiveight outlaid a speculated $10m for the 16.2ha Cape Lodge resort at Yallingup, about 30 km north of the Goldfields site.
Goldfields chief executive officer Lachlan Thompson said the Margaret River project would be the group’s first beyond the eastern seaboard – and that with it, a permanent Western Australia office will open.
“The team had been looking for areas with strong development potential on the western coast of Australia,” he added (story continues below).
“We’ve identified significant growth opportunities in Margaret River, due to favourable economic conditions, employment expansion and significantly constrained land supply,” according to the executive.
Colleague Gareth Wilson, general manager, WA, said demand for real estate in the area is unprecedented, which is reflected in prices achieved since 2020.
“Margaret River’s unique lifestyle offering and the strong Western Australian economy have created demand in the area, not only from the local population, but also holidaymakers and investors,” he added.
“The picturesque site is surrounded by world-famous beaches, renowned wineries and is a short drive into the Margaret River township,” according to the businessman.
“Not only will this new community help to meet the demand for housing, but it will also offer purchasers an affordable opportunity to improve their lifestyle in the south west”.
Knight Frank marketed the block.
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