THE Peet Yanchep Land syndicate has settled the $62 million purchase of its development site after Peet Limited bought the majority of syndicate shares.
The syndicate is still in talks with a cornerstone investor to buy 20 million units, and 20 million other units have already been sold.
The syndicate had a total of 55 million units for sale, and Peet Limited has purchased the remaining 35 million units while it waits for other investors to come on board.
As well as continuing talks with a major investor, the company said it was also speaking to a small number of institutions interested in the syndicate.
Peet said in a statement that, despite the delays in securing investors, prospects for the property still looked very strong and the company expected development and sales to begin at the site before the end of the year.
The 151-hectare property adjacent to Yanchep National Park is expected to yield just less than 1,500 residential lots of between 300 and 1,000 square metres in size.
The property also has 4.3 kilometres of frontage to the Sun City Country Club golf course, making it the only development in Perth’s north-west corridor that can offer golf course frontage.
Peet’s property will become part of a wider, master-planned community in Yanchep, where 155,000 people are expected to be housed by 2060.
Peet’s property is directly adjacent to what will be the town centre.
Yanchep is part of the City of Wanneroo, and is 50km north of Perth’s central business district and 3.5km from the ocean.