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Primary school snaffled by FAL

THE former Busselton Primary School site has been sold to independent grocery chain Foodland Associated Limited for $6 million.

The sale of the 2.19 hectare site in the heart of Busselton was negotiated by Chesterton International manager of industrial sales and leasing Ben Davies.

Chesterton was instructed to sell the Department of Education-owned site by LandCorp.

Mr Davies said, while the sale realised $245 a square metre and smashed all records in the area, it was not representative of local values.

“While the level of interest in the site confirmed the growing economic fundamentals of the South West, the price achieved was more about retail market share than it was about real estate values,” he said.

Mr Davies said the level of interest in the site was unprecedented.

“We issued more than 100 information memoranda and after assessing the responses we invited thirteen parties to submit a firm offer. Nine did and we are delighted with the results,” he said.

“Of the nine offers submitted, the three major supermarket operators – Coles, Woolworths and Foodland

– were all well ahead of the remaining six parties. Foodland’s $6 million bid, which we believe to be well above valuations for the land, won the day,” he said

The sale follows the Shire of Busselton’s decision to zone the land ‘business’.

The shire has formally endorsed the development of a shopping centre on the site.

The centre is likely to include a discount department store, café and a office strip along Prince Street, as well as consulting rooms and community areas.

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