Sydney-based property giant Mirvac Ltd is to take on development of the Binningup townsite north of Bunbury, entering a deal with Binningup Nominees Pty Ltd, the long-running proponent of Lakewood Shores.
Sydney-based property giant Mirvac Ltd is to take on development of the Binningup townsite north of Bunbury, entering a deal with Binningup Nominees Pty Ltd, the long-running proponent of Lakewood Shores.
The 270 hectare project is expected to be worth as much as $1 billion on completion in 20 years, with work likely to start next year. The project represents about 2,000 of the 10,000 lots Mirvac controls in Western Australia.
Binningup has been a sleepy village for holiday makers and workers on the nearby coalfields but over the past decade the town has grown with various stages of the Lakewood Shores development driven by the a company led by Barry Waller.
The exisiting development has been tied into the first nine holes of a scenic golf course designed by Terry Gale. Mirvac has committed to expanding this to the 18-hole course originally intended.
A location near the townsite was also selected for the state's second major desalination plant which will cost nearly $1 billion, including associated upgrades to the water distrubition system. The plant will supply 45 gigalitres of water each year, the same output at the $387 million Kwinana desalination plant which was officially opened earlier this year, with water expected to be distributed to metropolitan Perth, the Mid West and the Goldfields through the Kalgoorlie pipeline.
Biningup is also the site of a $30 million strata-titled resort development by Rapley Wilkinson. That company has today been bought by Henderson-based Nomad building Solutions Ltd for $40 million.
Full announcement pasted below:
Mirvac is pleased to announce that it has entered into a development services agreement with Binningup Nominees Pty Ltd to transform more than 270 hectares of land located alongside the existing townsite of Binningup (in Western Australia's South-West region) into a vibrant coastal community.
The site features over 3kms of frontage to the Indian Ocean, an existing nine-hole golf course and attractive mature trees.
The vision for the site includes approximately 2,000 dwellings with a mixture of land lots, light-weight housing, apartments and coastal village featuring a range of mixed-use facilities. The development will be sympathetic to the location and existing landscape, and in keeping with Mirvac's strong commitment to sustainability will include environmentally responsive housing designs, incorporating a range of initiatives to save energy and water.
CEO of Mirvac Development WA, Evan Campbell, said "Mirvac's vision for the Binningup Beach development will transform the site into one of most exciting coastal communities in Western Australia, if not Australia,"
"Mirvac also intends to extend the existing golf course from nine to 18 holes and provide opportunities for resort style accommodation, and mixed use facilities creating a vibrant new village centre in the heart of the project,"
"The existing natural features of the site, including the high quality tuart trees, vegetation, coastal dunes will be integral to the vision of the project. Mirvac plans to embrace this natural environment in the design approach and retain the unique and relaxed coastal character of Binningup Beach throughout the development," he continued.
With work progressing well on the new Mandurah by-pass (due for completion in 2009), travel time will be greatly reduced from Perth to Binningup to just under an hour-and-a-half.
"We believe that Binningup Beach is a very exciting opportunity for Mirvac, and will strengthen our reputation for developing quality land estates and masterplanned communities throughout the South West region - following the success of our three Mandurah estates and complement our presence at Preston Beach, "Mr Campbell said.
Binningup Beach is located approximately 140kms south of Perth and only 25kms north of Bunbury, now the state's fastest-growing regional city and Australia's third fastest.
Work onsite is anticipated to commence in 2009, and the project duration is expected to take approximately 20 years to complete.
Mirvac now controls approximately 10,000 lots in Western Australia and this agreement once again demonstrates Mirvac's ability to continue to restock its development book with quality projects.
