Busselton – realestatesource https://www.realestatesource.com.au Commercial and residential property news Thu, 30 Jun 2011 04:00:46 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.3 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Busselton – realestatesource https://www.realestatesource.com.au 32 32 Luke Saraceni Seeks to Get Busselton Project Moving, WA https://www.realestatesource.com.au/luke-saraceni-seeks-to-get-busselton-project-moving-wa/ Thu, 30 Jun 2011 04:00:46 +0000 http://realestatesource.com.au/wordpress/luke-saraceni-seeks-to-get-busselton-project-moving-wa.html PERTH-based property developer Luke Saracini is looking for new financial backer to help get a 900-unit mixed use redevelopment in the Busselton area moving.

The Vasse Newtown project (aerial, right) has been largely on hold, because Mr Saraceni told the AFR, he “couldn’t agree on a price” with another local investor the Perron Group.

Mr Saraceni owns 49 per cent of the project while a syndicate of largely wealthy West Australian families owns the balance.
]]> 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.

]]>