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.

Share or Recommend article

Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of