Commercial and residential property developer VIMG has splashed an undisclosed sum on more than 11,000ha at Lancelin, north of Perth.
The land comprises the Lancelin South residential development of 4000 lots and the 8541ha broadacre farming land.
The Lancelin South development has approvals in place for a school, light industrial and housing, along with water treatment infrastructure to support the subdivision.
The property was the estate of the late Texan entrepreneur Joseph Matthews, who died in 2019, with the proceeds of the sale to be donated to US-based Karakin Foundation.
Axia Corporate Property Group special projects director John Garland said there had been strong interest from local and interstate buyers and the significant tract of land would unlock future mixed-use residential opportunities in the area.
Garland said the purchase would “complement Perth’s population trend and natural progression to northern coastal corridor regions”.
“While southern coastal districts like Mandurah, Busselton and Bunbury have advanced to full development, market trends are reflecting exceptional growth within Perth’s northern coastal corridor,” he said.
“The convenience of Wanneroo Road, and access to the Coral Coast via Indian Ocean Drive, means more people are choosing northern coastal towns like Jurien Bay, Cervantes and Woodridge as holiday destinations.
“They are still very close to home in addition to the city—and Lancelin is a big a part of that coastal trend.”
The parcel of land is the largest farming landholding in the district, which spans from the fishing hamlet of Lancelin to just north of Breton Point and has mostly ocean views along the iconic Indian Ocean Road.
JLL’s Sean Flynn told The Urban Developer that the former owner had spent more than $5 million on infrastructure to get the first stage of the residential estate prepared.
VIMG recently purchased the East Point Plaza building on Adelaide Terrace in Perth’s CBD.
The 13-storey tower has 10,000sq m of net leasable area and 91 parking spaces with main tenants including the West Australian government, and a law firm.
