Developer Port Bouvard has passed a significant milestone in the development of its Point Grey master-planned community, gaining subdivision approval for the project’s first 341 lots.
Port Bouvard said the approval from the Western Australian Planning Commission took it closer to kicking off development on the first stage of Point Grey, which will ultimately yield more than 3,000 lots.
Chief executive John Wroth said the group was also well advanced with regards to the approval process for the development’s proposed marina, with a final recommendation from the Environmental Protection Authority expected to be issued before the end of 2011, and federal environmental approval achieved before the end of next year.
“We are delighted to have received the ODP and subdivision approval from the WAPC,” Mr Wroth said in a statement.
“Both these approvals represent another key step towards bringing this wonderful site to life, and increase the value of Point Grey to the group.
“We are now working to achieve the final environmental approvals, required before works may commence.”
At close of trade today, Port Bouvard’s stock was steady at 5 cents.
