Oceanside jewel in Perths northern growth corridor hits the market
Oceanside jewel in Perth’s northern growth corridor hits the market
| 1 August 2018
Two prized englobo development sites in Perth’s northern beaches are being offered to the market for sale, unlocking over 1km of ocean front land in one of the city’s fastest growing precincts.
CBRE’s Lloyd Jenkins and Ryan McGinnity, along with Victor Sankey and David Molony of McGees Property, have been appointed to market for sale the combined 171.7ha properties, which are located 45km north of the Perth CBD in the suburb of Eglinton.
Lot 5000 comprises a 91.12ha parcel that offers over 1km of ocean frontage as well as frontage to Pipidinny Road. Lot 5001 is an 80.60ha site located on the ocean side of Marmion Avenue, providing frontages to both Marmion Avenue and Pipidinny Road.
Situated adjoining Stockland’s Amberton Estate to the south and overlooking Satterley’s Allara Estate to the north-east, the land has been zoned for urban residential development. With planning and environmental approvals in place, residential densities are anticipated to range from R20 – R100 and will include associated commercial, mixed use and tourism precincts.
The vendor, Eglinton Estates, owns land to the south, which is being developed by Stockland, as well as other parcels in the corridor. The sale is a rationalisation of the group’s urban ‘super lots’ in the Eglinton area.
Mr Jenkins said the sale opportunity came at a time of strengthening confidence and investment in the Western Australian economy
“The tide has turned in Western Australia, with early signs of an economic recovery further spurred by several recent announcements of large resource projects in the state,” Mr Jenkins said.
“There are very few, if any, sites of this quality and scale in the Perth metropolitan area. With the added advantage of de-risking from a planning and environmental perspective, the properties represent an outstanding opportunity to capitalise on the huge growth of this area.”
Perth’s northern urban growth corridor is slated for major transformation over the coming years, with a number of the infrastructure projects planned or underway having a direct impact on Eglinton. These include upgrades of Marmion Avenue, the Yanchep rail extension, which includes a station at Eglinton, a possible further extension to the Mitchell Freeway and potential development of a marina at Eglinton.
“With several existing residential subdivisions in the surrounding locality and continued government infrastructure spend, this rapidly maturing northern beachside corridor offers huge growth potential,” Mr McGinnity said.
“In our opinion, these properties represent the best oceanside englobo land to be offered for sale in many years. Located amongst existing subdivisions and services, and with the advantage of environmental and major planning approvals already in place, the properties provide developers an opportunity to quickly lodge subdivision applications to allow subsequent development of the land.”
He added: “Further to this, the commitment from federal and state governments to spend substantial funds on infrastructure in Perth’s northern suburbs, only makes the opportunity more appealing – knowing you are investing alongside others who have made substantial commitments to the success of the region.”
The properties will be sold in one line or individually via Expressions of Interest closing 13 September 2018.
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