Saraceni eyes Vasse deal

PROPERTY developer Luke Saraceni is in negotiations for the purchase a large tract of land at Vasse, including plans for a major town.

The 370-hectare parcel of land is the site for the new Vasse town site, a $60 million development including a high school, a commercial centre, sport and recreational facilities and up to 1,100 housing lots.

The land was originally put on the market 12 months ago following a decision by Vasse Newtown directors Kim Slatyer and Leon Ivory that the $60 million project required the support of a major developer.

Messrs Slatyer and Ivory were directors of the Bridgeland Vineyards, a tax effective vineyard that was to supply grapes to Hotham Valley winery.

Bridgeland failed to secure enough investors for the project and, as a result, the Margaret River property was sold.

The initial plans for the site also included a major wine and produce centre.

Hanson Bridge managing director Geoff Hanson said Mr Saraceni, as director of Seaport, currently had the land under contract.

“We are in the process of finalising due diligence and we expect to complete it shortly,” he said.

The planning process will result in the development of two new zones and will rezone approximately 400ha of land around the existing Vasse town site. The expanded Vasse town site is expected to support a population of up to 5,000.

The town of Vasse has been identified by government bodies as an appropriate site to develop a new township to relieve some of the pressure on neighbouring towns such as Dunsborough, Busselton and Margaret River.

Mr Saraceni confirmed he was in negotiations for the purchase of the land, however he said it was a bit early to discuss the deal.

“It’s at a critical point,” Mr Saraceni said.

“And it depends on the some valuations I am having done.”

Leon Ivory was unavailable for comment when WA Business News went to press.