Luke Saraceni Seeks to Get Busselton Project Moving, WA

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.

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Receivers to Sell Luke Saraceni Perth Site

RECEIVERS are about to seize control of a sixth site controlled by embattled property developer Luke Saraceni (right).

The seizure, for a hotel site at 18 The Esplanade, in Perth, comes as Saraceni prepares to test in court whether his $500 million Raine Square office tower project can be completed.

Financiers have also seized control of an office tower at 251 St Georges Terrace, in Perth, owned by Saraceni’s business partner, developer Hossean Pourzand. The Bank of Scotland and Bankwest called in the receivers, according to reports.

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