The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherStaff WriterThu 04 Sep 14

Land In High Demand From WA Residential Developers

P

The last remaining development stage of the Byford Central Estate, 33 kilometres south east of Perth has sold for $3.8 million, characterised by consistently high demand for prime residential development sites in WA.

Lot 9017 Larsen Road in Byford represented the final opportunity for an incoming developer to secure the last stages in the boutique estate.

The offering featured current conditional subdivision approval from the West Australian Planning Commission for approximately 79 residential lots and a high number of large, R20 zoned blocks, allowing the purchaser to quickly activate and benefit from immediate returns.

According to

JLL’s Director Sales & Investment WA, Phil Fogliani, the offer attracted eight formal bids at the close of the Expressions of Interest campaign.

“It was a strong result, with particularly high levels of enquiry from smaller private and syndicated residential developers.

“The campaign really confirms the high demand from developers for sites with advanced planning and approvals, and capable of immediate development,” said Mr Fogliani.


JLL’s Head of Sales & Investments WA, Nigel Freshwater, said the sale is indicative of a groundswell of demand from residential developers in WA, as evidenced by JLL’s bumper year in land transactions to date.

“We have either settled or have under-contract over $150.65 million worth of residential development land so far this year. Buyer activity in these transactions and those we have in negotiation confirms demand is set to continue at a high level across the latter half of 2014.

“Further to that, we are also expecting apartment sites will see continued demand as the trend toward apartment-style living in Perth continues to gain momentum,” said Mr Freshwater.

The recent sale of the Civic Triangle site in South Perth for $27.31 million, and 374-396 Murray Street in Perth to international hotel developer Fragrance Group Limited for $40 million, also speaks volumes of developer confidence in the WA market, according to Mr Freshwater.

“The Larsen Road, Byford campaign has demonstrated that on the under bidders alone, there is likely another $20 million in qualified capital actively seeking to secure new projects in WA,” said Mr Fogliani.

Additionally, Mr Fogliani said the campaign highlighted a shift in the market dynamic, seeing mid-tier developers increasingly priced out of substantial sized projects by larger developers.

“As a result the mid-tier developers are showing renewed interest in smaller development projects of 50 to 150 lots, meaning competition is also high for this type of site,” said Mr Fogliani.

“Given we are in negotiations on further residential development transactions totalling an additional $40 million, we are confident of a strong performance through to the end year in the development market,” said Mr Freshwater.

ResidentialAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
View All >
Singapore’s Furama Hotels reportedly picked up the Skye Suites for $68 million amidst an Australian acquisition spree.
Hotel

Sale of Sydney’s Sky Suites Year’s Biggest Hotel Deal

Renee McKeown
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
Justin Butterworth will speak on a panel at Urbanity 2025 on the Gold Coast.
Technology

Platforms Pump Up Rental Revolution: Justin Butterworth

Renee McKeown
The brains behind the foundation of Airbnb is moving in a new direction reshaping the face of the rental market…
LATEST
Singapore’s Furama Hotels reportedly picked up the Skye Suites for $68 million amidst an Australian acquisition spree.
Hotel

Sale of Sydney’s Sky Suites Year’s Biggest Hotel Deal

Renee McKeown
3 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Justin Butterworth will speak on a panel at Urbanity 2025 on the Gold Coast.
Technology

Platforms Pump Up Rental Revolution: Justin Butterworth

Renee McKeown
4 Min
Sherpa South Brisbane DA hero
Development

Sherpa Shifts Gaze from Beaches to Brisbane’s ‘Aria Territory’

Phil Bartsch
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/land-high-demand-wa-residential-developers