Pindan Capital has bought residential land estate The Reef at Two Rocks, in a deal understood to be worth around $37 million, the third big purchase of prime coastal land in Western Australia recorded in 2015.
The 38.4-hectare tract of beachside land includes an already established residential estate with further development potential, as well as more than 50 titled lots.
The transaction was brokered by Savills, which did not disclose the purchase price. However industry sources say the agency was seeking interest during the official sales campaign in the order of high $30 million.
Savills was working on behalf of landowner P&N Landreach Pty Ltd, an entity associated with P&N Bank.
Savills WA managing director Paul Craig said the estate could eventually provide up to a further 685 residential lots, with the purchase elevating Pindan Capital five spots on BNiQ’s list of land developers, to be ranked 22nd.
The Reef at Two Rocks estate, highlighted in yellow.
Earlier this year, Pindan Capital was involved in the purchase of a 4.4ha industrial site in North Fremantle in joint venture with Singapore’s Roxy-Pacific Holdings and Hostplus,with that deal worth $59 million.
The land is to the south of Mirvac Group's Leighton Beach apartments precinct, with Pindan Capital looking to rezone the plot for residential and commercial development.
Pindan Capital will act as development manager for the project.
The Two Rocks sale is the second large coastal land estate sale brokered by Savills this year, following Tony Poli’s Aigle Royal Developments spending $13.5 million on a 59ha site at Port Geographe.
That land will be subdivided into 120 new canal lots and 530 residential blocks over the next decade.
Mr Craig said the deals at Two Rocks and Port Geographe were indicative of rising developer interest in WA landholdings.
“There is particularly strong interest in providing affordable living and land sub-divisions to meet ongoing demand from the new home market,” Mr Craig said.
“While these two sales were being finalised over the past six months, Savills has noted a significant increase in appetite for these types of landholdings and we are regularly being approached for further opportunities.”
