23/04/2008 - 08:55

Aspen secures Woodside for project

23/04/2008 - 08:55

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Diversified property player Aspen Group Ltd has secured agreement with Woodside Petroleum Ltd to be the major tenant for the development of a new $28 million residential village in Karratha.

Aspen secures Woodside for project

Diversified property player Aspen Group Ltd has secured agreement with Woodside Petroleum Ltd to be the major tenant for the development of a new $28 million residential village in Karratha.

The Aspen Karratha Village, which will be constructed over a 2.9 hectare site owned by Aspen Group, represents a significant development for the Karratha region.

Aspen Managing Director Mr Angelo Del Borrello said the development was an excellent result for all parties involved.

"The Aspen Karratha Village is an exciting development for Aspen which provides Woodside with quality accommodation, and represents a significant contribution to easing the critical housing shortage in the township," said Mr Del Borrello.

The contract with Woodside comprises a five year lease plus five year option over 160 rooms of the 180 rooms being developed.

When fully developed and occupied the accommodation village will produce initial annual revenue of $10.2 million, on total project costs, including land, of circa $28 million.

The project will be funded through Aspen's existing facilities.

"Once fully developed the village will provide Aspen with a significant long term revenue source, secured by a major tenant in Woodside," said Mr Del Borrello.

Construction is to commence in April 2008 and will comprise clusters of high specification cabins complemented by communal facilities and services including restaurant, tennis courts, swimming pool, and gymnasium.

It is expected that the village will be ready for its first residents in July this year.

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