Luke Saraceni Seeks to Get Busselton Project Moving, WA

Just 60 blocks have been developed since 2006.

It needs about another $135 million invested “to meet development goals”.

Bank St George has a first mortgage over the physical land, meaning it hasn’t yet called on its $10 million debt.

The land was worth about $90 million before the 2008 economic downturn, but is worth about $45 million now. The AFR reports Mr Saraceni has tipped about $40 million into the project.

Exclusive private Perth boys school Christ Church Grammar also has about $1.2 million exposed to the coastal Vasse Newton project.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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