10/12/2021 - 11:55

Qube Property buys Wanneroo land for $10m

10/12/2021 - 11:55

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Qube Property Group has bought a 7.3 hectare parcel of land in Wanneroo for about $10 million, which it plans to develop into 110 residential lots.

Qube Property buys Wanneroo land for $10m
Qube Property Group bought the 7.3ha parcel of land in Wanneroo for about $10 million. Photo: Qube.

Qube Property Group has bought a 7.3 hectare parcel of land in Wanneroo for about $10 million, which it plans to develop into 110 residential lots.

The Subiaco-based property developer finalised the investment this week, in the site bordered by Caporn Street and Saponara Drive in Wanneroo.

The acquisition follows Qube’s purchase of a Canning Vale industrial asset for $12 million in October.

Qube managing director Mark Hector said the purchase followed a near record year for the company, which is looking to expand its asset base once WA’s borders open in 2022.

He added that Qube had benefitted from improved local market conditions and low interest rates which fuelled investor appetite for property assets.

“The success of our recent capital raisings, and the evident investor appetite for assets such as these, is of course due in part to strong growth in the property sector across the board but also evidence of the high level of support we continue to enjoy from our investor base,” he said.

Qube has sold more than 500 lots in the past 18 months across Perth’s growing southern corridor, including Apsley Estate.

“We have invested strongly in this area for almost two decades and have seen it evolve into a thriving residential community,” he said.

“While we are prudent in terms of our investment decisions, especially in a rising market, we will continue to look out for further opportunities in this area and develop them accordingly.”

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