22/11/2005 - 21:00

Homeswest in housing estate JV

22/11/2005 - 21:00

Bookmark

Save articles for future reference.

Property Resources Management Pty Ltd and its partner, Lang Walker’s Walker Corporation, are to be the private sector developers of a new 338-hectare housing project called Banksia Grove.

Property Resources Management Pty Ltd and its partner, Lang Walker’s Walker Corporation, are to be the private sector developers of a new 338-hectare housing project called Banksia Grove.

State housing authority Homeswest will represent the government in the joint venture, which will be close to Wanneroo and 27 kilometres north of Perth’s central business district.

The project consists of almost 3,000 housing lots to support a population of around 8,500 people, with a significant affordable housing content.

Founded in 1998 by Steve Robertson as a property development and mangagement consultancy, PRM has previously partnered with Homeswest to be project director for a 1,600-lot residential estate called Mevé at Beeliar worth $95 million.

In WA, PRM has also worked on the Ellenbrook joint venture, Vines Resort Development, Esperance Shopping Centre and Secret Harbour.

PRM has previously provided strategic planning and project consultancy work for Walker Corporation in both Queensland and Victorian projects.

The Walker Corporation Pty Ltd floated in 1994, and in 1999 Lang Walker decided to sell his shareholding in Walker Corporation to Australand Holdings Limited, but reserved the rights to re-use the Walker Corporation name after January 2003.

This right was exercised, and Walker Corporation now has more than $2 billion worth of projects to deliver on Australia’s eastern seaboard in the next five to seven years.

In this year’s BRW Rich 200 list, Lang Walker’s personal wealth was listed as $1.1 billion dollars, up $400 million from the previous year.

Housing and Works Minister Francis Logan said PRM had been chosen ahead of several other high-quality applicants because it represented an excellent standard in land development and marketing expertise.

He said he hoped the new partnership would build on the government’s joint venture program.

Mr Logan said attention would be given to ensuring a supply of blocks in the affordable housing price range. The Department of Housing and Works would retain a number of lots as part of its public housing program and would include provision for seniors and the disabled.

“When seeking a joint venture partner for this project, the DHW placed enormous emphasis on the community planning criteria because it is important that new and existing developments merge seamlessly to form a fully integrated community,” he said.

“The submission by PRM and Walker Pty Ltd incorporated strong and workable initiatives for sustainability and affordable housing, together with proven ideas for employment creation.

“Planning for Banksia Grove called for a highly accessible subdivision, with a linked series of parks and bushland reserves.

These will be creative and efficient responses to the social and recreation needs of the community, as well as meeting the prerequisites of environmental sustainability.”

Mr Logan said the proposed initiatives would meet state government triple-bottom-line objectives toward integrating economic, social and environmental sustainability through the creation of vibrant and attractive communities.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options