The Coast Road development sites fetched $2.4 million.
Nicheliving has bought two development sites in Dayton for $2.4 million, with plans to release 31 new house-and-land packages.
The Perth homebuilder bought lots 9008 and 9009 Coast Road from Queensland-based Strive Financial, as a mortgagee-in-possession sale.
The two sites have a total land area of 14,192 square metres and sit adjacent to Swan Valley residential development Mataro Private Estate.
Nicheliving general manager developments, Jay Sarmadi, said the purchase followed the completion of several developments in the area by the company during the past decade.
“We forecast strong investor and owner occupier activity in the affordable end of the market given the limited availability of supply, comparatively low new construction starts, historically low vacancy rates and strong yields,” he said.
“The Ellenbrook train line and connectivity combined with relative affordability make Dayton an attractive up-and-coming locale that we expect will outperform the rest of the market in the near term.”
Ray White Commercial WA agents Lachlan Burrows and Tom Jones brokered the deal via an expressions of interest campaign, which attracted seven offers.
“The Coast Road sites comprised flat, cleared land over two titles in Perth’s north, suitable for a residential development of potentially 35 residential lots,” Mr Burrows said.
“The majority of land in the area is owned by private owners looking to do small developments.
“The medium size of this lot allows for a larger residential development to be completed.”
