Victoria Park-based building company, Westwide Developments Pty Ltd, is making headway with its move into land development, preparing to develop 110 hectares of land in Baldivis over the next few years.
Earlier this month, the company’s subsidiary, Tasica Developments Ltd, launched a prospectus to raise $5.5 million for its 75-lot residential subdivision in Baldivis, to be managed by Westwide.
Plans for the 4.7ha site, which will contain lots of about 350 to 450 square metres, are currently before the WA Planning Commission.
Meanwhile, Westwide is planning another residential development on a 7ha site in Brookdale, which will contain 80 blocks of about 900sqm.
An application is before the Armadale Regional Authority and the company believes the approvals process will be completed within the next three to four months.
The two projects are part of a move by Westwide towards more residential development, primarily in Perth’s southern corridor around Baldivis, where the company has a total holding of 110ha.
Westwide executive director Dr Russel Kingshott said the company was seeking to capitalise on infrastructure projects in the Baldivis region, including new water and sewerage systems currently under construction.
“We feel that with the government infrastructure going ahead, this is an appropriate area to develop,” he said.
“Collectively, we’ve got about 20 land banks or developments at the moment.
The plan is to get Baldivis and Brookdale up and running and then develop the other lots from there.
“But we haven’t decided whether to build on these properties yet.” Dr Kingshott said the company’s feasibility studies showed blocks in Baldivis were expected to fetch about $230,000, and up to $250,000 in Brookdale.
Westwide’s primary business is custom built, high-end residential developments, in suburbs such as Dianella, Nedlands and South Perth.
However, the company is planning to diversify into commercial and larger residential projects.
“Within the residential market, the top end is there for the taking, but we find that it has an impact on cash flow, so we’re looking to spread the risk,” Dr Kingshott said.
Westwide is also developing 400sqm of office space in East Victoria Park, which it intends to complete within the next 12 months.
The project will include 10 strata titled residential units and plans are currently before the council.
