Nigel Satterley and other investors in a Satterley Property Group syndicate have sold the Austin Lakes Estate in South Yunderup, for $19.7 million.
The price falls far short of the $33m guide attached to the 630 hectare parcel when it hit the market in 2018.
At the time, the vendors wanted to invest proceeds into Melbourne projects.
Coincidentally, a Victorian buyer, Wolfdende, snapped up Austin Lakes Estate – its first interstate purchase – on behalf of BMP Property Investments.
South Yunderup, abutting Austin Bay, is about 80 kilometres south of Perth’s CBD and a 15 minute drive from Mandurah and Pinjarra.
Austin Lakes Estate, South Yunderup
The offering includes a 430 hectare holding off South Yunderup Road, zoned for residential subdivision and which contributed to $14.7m of the sale price.
A second site marketed as Parcel B, 206 hectares of unzoned land on Beacham Road, traded for $5m.
Satterley Property Group has already built about 450 homes at Austin Lakes Estate as well as a shopping centre, medical complex, childcare facility, primary and secondary school and parks.
The undeveloped land has the potential make way for another 3500 dwellings.
“It was an interesting offer as it was attractive to all major players due to its size, the fact that 400 lots had already been developed together with substantial infrastructure already in place,” Mr Nagle said.
“The Victorian purchaser took a position of the Perth market which is clearly in a recovery phase after five years of a correction and slow down”.
In March Mr Satterley as part of another syndicate spent $52.25m on a 143-hectare site with more than a kilometre of water frontage and the potential to be subdivided into 1750 lots at Madora Bay, about 23 kilometres north west of South Yunderup.
In Melbourne it outlaid about $130m for blocks in the north and south east.