02/10/2012 - 13:59

Devereaux Farm returns to market

02/10/2012 - 13:59


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Devereaux Farm returns to market

Ric Stowe’s sprawling Devereaux Farm in Bullsbrook is back on the market, with Jones Lang LaSalle and Garland International appointed by PPB Advisory to sell the property by tender.

PPB’s Daniel Bryant said the tender process was chosen to allow the market to determine the value of the near 2,700-hectare estate.

The sale will be handled by Jones Lang LaSalle’s Phillip Fogliani and John Williams, as well as Garland International’s John Garland.

The tender process will close November 30.

“This is a significant and highly desirable estate close to Perth and there has previously been strong interest from buyers,” Mr Williams said.

“The tender process will send a clear message of the vendor’s intent to sell so we can expect that interest to focus over the coming weeks.”

PPB Advisory were appointed as receivers over Mr Stowe’s Devereaux Farm Pty Ltd in January last year, in the fallout of the $1 billion collapse of the Griffin coal and power empire.

Mr Stowe had originally appointed prominent real estate agent Willie Porteous to sell the farm, reportedly seeking around $70 million.

There was no interest at that price, however, and the property was set to go to auction in May last year, with agents expecting the farm to fetch around $50 million.

The auction was cancelled in late May.





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