Bunbury development site sells for $5m

Hong Kong-based Oriental Property has purchased a Bunbury development site for $4.95 million, indicating its intention for a large residential project.

The property group bought Lot 76 Ocean Drive from Sydney’s Certane SPV Management, in a deal brokered by Ray White Commercial WA and Elders.

The City of Bunbury has identified the 16,484 square metre site for permanent residential use, which Ray White’s Daniel Abisedon said suits the purchaser’s intentions.

“With the strategic focus on fringe metropolitan and rural tourist suburbs, alongside our guidance and expertise, Oriental Properties recognised Bunbury’s potential for significant development and economic prosperity,” he said.

There are two adjacent vacant lots on the market, which Mr Abisedon said provided “interested parties with the chance to secure their stakes in this promising venture”.