The land is in a small, exclusive pocket that recently achieved Urban Zoning classification from the WA Planning Commission under the Metropolitan Region Scheme (M.R.S). As such, developers can progress local planning approvals and development infrastructure for residential R20/40 blended subdivision, like nearby estates.
A proposed subdivision plan, in collaboration with neighbouring owners, provides for synergies on costs and increased lot yield.
Mr Milne said the landholding’s proximity and easy access to Wanneroo Central, Joondalup City Centre, the freeway network and public transport would help underpin buyer interest.
“The allotment is ideally located, abutting a built-up residential estate and roughly 1km from a modern retail centre, schools and amenities,” Mr Milne said.
Mr Del Borrello also noted that the site offers one of the only Urban Zoned sites of this size in the north-eastern growth corridor – expecting to garner interest from local and national developers and aged care providers.
“Only 22km from the Perth CBD, this is an opportunity to acquire infill, residential zoned land in the established and expanding City of Wanneroo,” Mr Del Borrello said.
Major institutions Stockland and Charter Hall have recently placed their confidence in the City of Wanneroo; Stockland acquiring the Ingham’s site for AU$53 million and Charter Hall currently undertaking a AU$20 million redevelopment of the Wanneroo Central sub-regional shopping centre.
The sale, through an Offers Invited process, closes Thursday, October 18.
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