One of the largest private landholdings within 100km of Perth has hit the market—and the proceeds of the sale to be handed to a not-for-profit charity.
Axia Corporate Property and JLL have been jointly-appointed to exclusively market the 11,700ha agricultural and development subdivision portfolio, which has been amassed by Texas-born entrepreneur and philanthropist Joseph Matthews during the past 40 years.
The property stretches from the fishing and holiday community of Lancelin South to Breton Bay and has a 21km frontage to the Indian Ocean Road.
In this TUD+ Briefing, JLL’s director of sales and investments Sean Flynn and Sam Williams of Williams Consulting discuss the background of the property, the scale of the listing and the eventual vision for the site.
“Following the passing of Mr Matthews in late 2019, his will dictated that the land be placed on the market with all of the proceeds from the sale going to his not-for-profit charity the Karakin Foundation,” Williams said.
The foundation assists adults with intellectual disabilities, provides educational scholarships and specially adapted homes for US veterans with a disability.
In recent years it has expanded its focus, providing clean drinking water and healthcare facilities in the developing nations of South East Asia and Africa.
While under Matthews’ control, planning approval was granted for the subdivision of a 300-lot residential estate.
JLL’s Sean Flynn said approval and infrastructure was also in place for the master-planned Lancelin South development, with up to 4000 residential lots across 540 hectares.
“The challenge (of this listing) is understanding the pricing for something of this scale,” Flynn said.
“The urban element to the property is substantial with Mr Matthews spending over $5 million of infrastructure to get the first stage prepared in the residential estate.
“The paradox is that there is renewed interest from buyers wanting to buy lots within the subdivision and estate and those lots are contained within the offering—so we are holding them at arm’s length.”