Eglinton properties hit the market
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Two large englobo sites, ripe for residential development and comprising 171.7 hectares in Eglinton, have been listed for sale.
Located 45 kilometres north of Perth’s CBD, the properties are being jointly marketed by CBRE WA senior managing director Lloyd Jenkins and associate director Ryan McGinnity, as well as McGees Property agent David Molony.
The land parcels fall within Perth’s northern corridor, which has been slated for a number of infrastructure projects, including: upgrades to Marmion Avenue; the Yanchep rail extension, which includes a station at Eglinton; a potential extension to the Mitchell Freeway; and the possible development of an Eglinton marina.
Lot 5,000 offers more than 1km of ocean frontage within a 91.12ha parcel, which also has frontage to Pipidinny Road.
The adjoining site, Lot 5,001 consists of 80.6ha site located on the ocean side of Marmion Avenue, providing frontages to both Marmion Avenue and Pipidinny Road.
The land has already been zoned for urban residential development and, with planning and environmental approvals in place, residential densities are anticipated to range from R20 (average site area between 350 square metres to 450sqm) and R100, which allows for medium density.
The approvals also allow for associated commercial, mixed-use and tourism precincts.
Vendor Eglinton Estates said the sale was a rationalisation of the group’s urban ‘super lots’.
The marketed sites neighbour Stockland’s Amberton Estate to the south and overlook Satterley’s Allara Estate to the north-east.
“The tide has turned in WA, with early signs of an economic recovery further spurred by several recent announcements of large resource projects in the state,” he said.
“There are very few, if any, sites of this quality and scale in the Perth metropolitan area. With the added advantage of derisking from a planning and environmental perspective, the properties represent an outstanding opportunity to capitalise on the huge growth of this area.”
CBRE’s Mr McGinnity said located among existing subdivisions and services, and with the advantage of environmental and major planning approvals already in place, the properties provided developers an opportunity to quickly lodge subdivision applications to allow subsequent development of the land.
The properties will be sold in one line or individually via expressions of interest closing September 13 2018.