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Esplanade buys in to Dunsborough Lakes project

AN entity of Entrust Funds Management has taken an $8 million stake in the Aspen Group’s recently acquired Dunsborough Lakes Project, joining the Wyllie Group and listed Western Australian property trust Aspen in each holding a 20 per cent stake in the project.Entrust will undertake a capital raising, and the Esplanade Property Fund will hold the interest in the development.Aspen settled the purchase of the Dunsborough Lakes residential development from Ric Stowe’s Griffin Group for $93.68 million and will manage the project.The Dunsborough Lakes deal involves the sale of a 230-hectare development site encompassing residential, commercial, tourist and industrial lots surrounding an 18-hole golf course located in Dunsborough.WR Carpenter bought Dunsborough Lakes in 2002 from Perth-based Axiom Properties for $7.73 million, and Mr Del Borrello said WR Carpenter had subsequently spent $30 million filling some of the estate, a further $26 million on adjoining land, and $11 million on the creation of 190 blocks.

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