Developer Cedar Woods Properties has announced a $60 million joint venture with local Geraldton investors to build a 50-apartment development at the Batavia Coast Marina.
The development comprises two 25-apartment residential buildings - South Shore, aimed at owner-operators and North Shore, aimed at investors.
The North Shore apartments come with an option to buy fully furnished with a give year lease to hotel operator Mantra Group.
The North Shore building will also include four boardwalk commercial tenancies suitable for offices and cafe/restaurant developments.
The development has received local council approval, building licences have been issued and basement works are nearing completion.
Subject to finalisation of the joint venture arrangments, Cedar Woods said it expected to complete the development in early 2013.
Cedar Woods WA state manager Stuart Duplock said he was excited at the company's entry into the Geraldton market.
"Along with our recent expansion into the Pilbara, we regard Geraldton as a significant regional growth area and this joint venture represents a sound opportunity to diversify our revenue streams and efficiently manage our capital," Mr Duplock said.
