Woolworths sells Bunbury block to developer
Woolworths’ development arm Fabcot has sold a prominent site with three street frontages at Australind, about 160 kilometres south of Perth, in Western Australia’s Greater Bunbury region.
The 3.03 hectare square shaped parcel, 22 Norfolk Lane, within the Kingston estate, collected $3.55 million from VR Property.
A c4500 square metre commercial project could be considered, according to Cushman & Wakefield marketing agents, Nick Charlton and Ben Younger.
An essential services product, including a childcare centre or health hub, was also permittable, as was a residential subdivision.
The buyer is believed to be considering a mixed use residential and retail complex.
Growth area
Australind, about 17 kilometres north of Bunbury, in the Shire of Harvey, has seen solid population growth since the 1980s (story continues below).
The Greater Bunbury region is nowadays considered a growth area, with the population expected to grow from c80,000 to 173,000 by 2056.
It should exceed 100,000 by 2031.
Last week we reported ASX-listed Aspen Group acquired an 18ha Australind parcel with plans for an over-55s community.
That block cost $32.5m.
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