Perth developer and BRW Rich lister Nigel Satterley has snapped up a 140-hectare greenfield site in Swan Valley for $90 million.
The rectangular site in Upper Swan, next to the Vines Resort precinct, was put up for sale in May 2014 after six neighbouring land owners pooled 11 titles and had them rezoned from rural to urban use.
A preliminary concept plan over the land allows for 1700 residential lots and a town centre over four hectares.
It is the second big land acquisition by the Satterley Property Group in a month, after it acquired the old Western Power site on Hawtin Road in Forrestfield in the city’s south-east from the state government for $30 million, with plans to build 420 homes.
Satterley is Perth’s biggest residential land developer, and has projects in Melbourne and one in Cairns.
“As part of the company’s strategic vision we are on track with increasing our land bank in this popular growth corridor,” Mr Satterley said.
“We see huge potential to deliver a beautiful community along the picturesque Ellen Brook, with plenty of housing choice – perfect for those who want the rural lifestyle in the Swan Valley, while still living close to the city.
“With construction of NorthLink WA [the Perth-to-Darwin Highway] commencing next year and the Ellenbrook Bridge in 2017, this new community will have great access to transport links.”
Satterley plans to develop a masterplanned community on the site, incorporating 1717 single residential lots, as well as a primary school, playing fields and a shopping centre. Construction is scheduled to start in 2017, with the first titles anticipated in early 2018.
The sale of the site was brokered by LJ Hooker’s Vincent Siciliano, who said the vendors were all long-time neighbours, some of whom had owned their properties for more than 80 years.
“We came very close on two occasions from overseas investors. However, the deal was unable to be concluded,” Mr Siciliano said.
“Satterley remained interested in the land throughout the entire process and with their strong track record of purchasing property at that pricing level, the combined owners were determined not to miss out for a third time,” he said.
“It has been somewhat of a roller coaster ride, but it is pleasing to see the transaction concluded.”