Brown-Neaves tips in to Atop by MGroup

A Beeliar subdivision has attracted investment from one of the state’s best-known names in home building.

Home building industry veteran Garry Brown-Neaves has emerged as a major investor in MGroup’s Beeliar subdivision, pre-sales of which were launched last month.

Mr Brown-Neaves and his family have taken a 60 per cent stake in Atop, attracted by the location and character of the subdivision as well as it being an infill site.

Mr Brown-Neaves established his family office Brown-Neaves Investments (BNI) in 2016 when he sold his interests in ABN Group, the second biggest homebuilder in Western Australia.

A Business News 40under40 winner in 2007, Lloyd Clark founded MGroup, formerly known as Match, in 2001 as a boutique apartment developer, before branching out to comprise real estate services, construction, maintenance works, and land development.

John Wroth, a former executive at ASX-listed property developer Port Bouvard, joined MGroup in 2015, and heads the group’s land development arm, Monument.

Atop is MGroup’s second subdivision, following a 67-lot estate in Secret Harbour, which was released late last year.

Mr Clark said the investment by Mr Brown-Neaves was testament to the quality of the Beeliar site.

“While we had already identified Atop Beeliar as a quality opportunity for development, BNI’s investment really highlights what a special project we have on offer,” he said.

“We welcome Garry’s experience, knowledge and input into the project.”

Atop is located along the Western Trade Coast, a land corridor forecast to generate more than 11,000 jobs through a $2.3 billion government injection into road and rail projects, including Metronet.

A local structure plan approval has been granted for 171 residential lots across the 11.8-hectare land parcel, with the release of lots expected in four stages over the next two to three years.

The estate will also include integrated parkland and the preservation of a number of established tuart trees.

Blocks at Beeliar range in size from 217 square metres to 630sqm with prices expected to start at $245,000.

Mr Brown-Neaves said he was attracted to invest in the Beeliar site because of its location and character, the available views, and because it was an infill site with nearby access to Fremantle and Cockburn.

“All my (Perth) assets are spread across the metropolitan area, and a lot in the greenfields,” Mr Brown-Neaves said.

“When this opportunity was presented to me I thought it could be considered an infill development and we were keen to get on board.

“It’s in a location we don’t have any assets, it is an infill site and it has unbelievable views.

“It’s a beautiful bit of land and we considered it a good investment and a project we wanted our name attached to.

“It is a good project in so far that it has a varied product to meet a range of customers. Some of the smaller lots will give people with smaller budgets the opportunity to live in this area.

“It is important to us to do quality investments and continue along the same lines as I had in the building industry.”

Mr Brown-Neaves’ family investment company has an interest in more than 4,000 lots, mostly in Western Australia, but with some exposure in Brisbane, Cairns and Melbourne.

“We like to have between a 15 per cent and 50 per cent share,” Mr Brown-Neaves said.

“John Wroth brought the deal to us. We go into business with people we believe are trustworthy, and we certainly believe in John and Lloyd.”

Bulk earthworks have been completed at the site, retaining walls are under currently construction and pre-sales have commenced.

Despite Mr Brown-Neaves’ experience in residential building, he said the developers were open to using any and all builders at Beeliar, with a focus on good design and good value.

Mr Wroth said despite current weakness in the metropolitan property market he was confident the Atop development would be well received.

“Atop is being developed as an infill site, which means it is prime land that has simply never been available to the public,” he said.

“The lots are being released as buyer confidence returns to the land market and demand is beginning to soak up existing land titles.

“In this climate, we are likely to see developers push the urban boundaries further from the city to meet demand, which is in contrast to Atop’s offer of premium land in an established and sought after location, with jobs and infrastructure already in place.”