Victorian property players Wolfdene and Oreana Group have acquired a 72ha parcel of land north of Ellenbrook, with a view to developing a $300 million project.
Wolfdene and Oreana Group have purchased a 72-hectare parcel of land north of Ellenbrook for $30 million, with a view to developing a $300 million project.
The acquisition, from Rangedale Corporation, marks Wolfdene’s second major purchase this month in Western Australia following its Wellard buy earlier this month.
For Oreana Group, it marks the company’s entry into WA.
Oreana and Wolfdene plan to deliver housing for up to 2,000 residents in the 72ha parcel, close to Tonkin Highway and the soon to open Ellenbrook Train Station.
"This acquisition is another important milestone for our Western Australian growth strategy and reflects our continued confidence in the region’s potential,” Wolfdene managing director Michael Goldthorp said.
“We’re pleased to continue the momentum from our recent Wellard acquisition by adding a project of this scale to our portfolio and further strengthening our holdings in the West.”
Since 2020, Wolfdene has bought more than $100 million of greenfields land in Perth, growing its WA pipeline to more than $2 billion.
Oreana Group managing director Tony Sass said the acquisition marked part of the company’s national expansion.
“Supported by increasing population and jobs growth, we see tremendous upside in the Perth market, and we are excited to partner with Wolfdene.”
Australian Securities and Investments Commission documents show that Frank Soldo and Iain Watson, of South Perth, are joint shareholders of Rangedale Corporation.
Rangedale bought into the area, which sits with the North Ellenbrook district structure plan (DSP), in 2007.
The land sits within the North Ellenbrook (West) DSP, approved by the WAPC in August 2022, which provides for up to 4,500 new dwellings and accommodates a population of between 12,000 and 13,500 people.
The combined end value of Wolfdene’s land holdings in Victoria and WA have now surpassed $4 billion, the company said.
“Strong market conditions in Perth continue to present attractive acquisition opportunities,” Wolfdene General Manager (WA) Mitch Brown said.
“Western Australia enjoys a streamlined planning and development pathway that gives developers more certainty that they can deliver profitable projects.”
Project sales for the North Ellenbrook development are expected to begin in 2029, with construction set to commence in mid-2029.
