The sale campaign for a Two Rocks residential development site spanning 38.43ha has been reignited – unlocking a prime coastal development opportunity in Perth’s northern suburbs.
CBRE’s Ryan McGinnity has been appointed to manage the sale of the landholding, located at 99 Reef Break Drive, Two Rocks. The campaign follows the original sales process, which was paused in 2020 following the initial onset of COVID-19.
The property, which forms the balance of the original The Reef estate, is located on the eastern side of Two Rocks Road and is only minutes to the Two Rocks Marina and shopping precinct.
Close to schools, retail and other essential services, the estate is designed to benefit from ocean views, with the land rising from west to east; its proximity to the future Yanchep Train Station; and the forecast population growth of Perth’s northern beaches.
Mr McGinnity said the decision to reinstate the sale campaign highlighted growing confidence in control measures around COVID-19, as well as the continued strengthening of Perth’s residential market.
“As confidence grows around Australia’s response to COVID-19, the economic benefits are becoming evident – with new jobs created and previous jobs recovered – all of which are encouraging buyers back into the Perth housing market. Coupled with the recent Government stimulus for new home builds, many developers are now running low of house and land packages or lots to sell,” Mr McGinnity explained.
“In the past eight weeks, nine of the 30 single residential lots remaining within the estate have been sold and enquiries continue to be received. With the opportunity to develop approximately 640 coastal lots, we expect genuine interest from local and national developers.”
He added: “The Mitchell Freeway extension to Romeo Road and the railway to Yanchep are expected to be completed by late 2022, meaning access to Perth CBD and the city’s inner suburbs is easier than ever.”
Two Rocks – together with Eglinton, Alkimos and Yanchep at the northern edge of the city’s expanding north-west urban growth corridor – is tipped to cater for over 50% of the City of Wanneroo’s population growth in the next 20 years.
“With the northern suburb’s population expected to exceed 350,000 people by 2036, the State Government is focused on providing adequate infrastructure to enable affordable coastal living,” Mr McGinnity said.
Expressions of Interest, closing 3pm (AWST) on Thursday, 18th March 2020.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
