Unlisted property fund Multiplex Development and Opportunity Fund has bought a 95 hectare land parcel at Henley Brook for $63.8 million, to be developed as a residential and commercial precinct, near its Vale project.
Unlisted property fund Multiplex Development and Opportunity Fund has bought a 95 hectare land parcel at Henley Brook for $63.8 million, to be developed as a residential and commercial precinct, near its Vale project.
The site, acquired from Sydney-based Investa Property Group subsidiary Clarendon Residential, is planned to house 1265 residential lots and 3 commercial sites, and is due to be completed by August 2014.
The full text of an announcement from Clarendon is pasted below
CLARENDON RESIDENTIAL LAND TRANSACTIONS
- Sale of 112 hectares at Henley Brook, WA
- Purchase of 50 hectares at Mundijong, WA
Clarendon Residential, a division of the listed Investa Property Group, today announced two land transactions in Western Australia; the sale of 112 hectares at Henley Brook, east of Perth and the purchase of 50 hectares of land at Mundijong, south east of Perth.
The Henley Brook landholding, owned equally by Clarendon and the Investa Enhanced Fund, was sold for a total gross sale price of $76.8 million. A parcel of 95 hectares was sold to Multiplex Development and Opportunity Fund (MDOF) for $63.8 million while another 17 hectares was sold to Belswan Pty Ltd for $13 million.
Investa Group Executive External Funds Les Vance said: "The sale is an excellent result for the Investa Enhanced Fund. Only recently established in June 2006, the Fund has already been able to take advantage of the strength of the Perth residential market, and divest at what it considers to be an optimal time. This, in conjunction with the fact that the Fund has also completed its original acquisition program some two years ahead of schedule, highlights Investa's ability to opportunistically acquire and divest of projects in order to maximise returns to the investors in its External Funds."
MDOF has acquired lots 308, 309, 311, 16 and 17 while Belswan has acquired lot 15. Investa acquired its Henley Brook holding in two parcels in 2004 and 2005 from private vendors.
The sale follows Clarendon Residential's purchase of 50 hectares of land at Mundijong for approximately $20.2 million, which will allow for about 500 home sites to be developed over the next 7 years.
Clarendon Residential Group Executive Robert Lynch said the sale of Henley Brook and the Mundijong acquisition is an example of our disciplined approach to replenishment of Investa's development inventory.
"With the slowing down of the booming Western Australian market the timing for the sale of Henley Brook was optimal. By recycling capital from the Henley Brook sale we have been able to better position ourselves at the lower end of the market in Mundijong," said Mr Lynch.
Located 38 kilometres south east of the Perth CBD, the Mundijong project consists of land on three separate lots in the town site of Mundijong.
The land, previously used for farming and grazing, is currently zoned 'Urban' under the State Government's Metropolitan Region Scheme and the town of Serpentine Jarrahdale's Town Planning Scheme.
The Mundijong/Whitby townsite will provide future housing for approximately 30,000 people over the next 30 years. The town of Serpentine Jarrahdale is currently preparing a District Structure for the Whitby and Mundijong areas which will specify development parameters and provide an outline of how development in the area will proceed.
