Satterley boosts stronghold with LWP deal

Satterley Property Group has bolstered its position as the state’s largest land developer, as its deal to take on LWP’s Western Australian business adds millions of dollars of projects to its books.

The Nigel Satterley-led company entered a service agreement to deliver LWP Group’s WA developments late last year, which it says will give it 40 per cent market share.

The deal has brought LWP’s 11 projects under the Satterley umbrella and saw LWP boss Brendan Acott appointed as Satterley Property Group’s new managing director.

It strengthens Satterley’s position as number one land developer in the state on Business News Data & Insights pages and Book of Lists publication released later this month.

Satterley Property Group founder Nigel Satterley’s role as chief executive of the group will not change as a result of the transaction.

“I will continue my focus on land acquisitions, investor and banking partnerships, and advocating on behalf of the industry with government and industry stakeholders on housing and development issues across Australia,” Mr Satterley said.

Satterley, which has been involved in more than 180 residential developments across WA and Victoria, will take on new projects in Yanchep, Alkimos, Banksia Grove, Dongara, Ellenbrook, Southern River, Treeby, Forrestdale, Wellard, Byford and Denmark, as part of the deal.

Mr Acott joined LWP in 2018 when that company merged with PRM Property Group, where he spent three years as managing director until 2018.

He will oversee the day-to-day operations at Satterley.

Mr Acott said the new structure would benefit purchasers and investors.

“LWP and Satterley Property Group have built strong reputations as urban developers … We see this continuing well into the future,” he said.

“The combining of forces has also significantly increased the Satterley landbank, with over 24,000 future lots earmarked for future development by Satterley across Western Australia, Victoria and Queensland.

“We have both been highly successful as separate entities – and it made sense to combine our strengths and capabilities into an amalgamated team as we take on the challenges of our industry and work on new projects.”

Mr Acott's appointment came before Satterley Property Group director of planning Megan Adair stepped away from the company to pursue her own consultancy.

Ms Adair, who started with Satterley in August 2021, was tasked with handling the developer's North Stoneville plan, which was recently refused by the Western Australian Planning Commission. 

The project has undergone several iterations since Satterley took it on more than 30 years ago, and the developer is expected to go back to the drawing board for yet another revision of the Stoneville estate. 

LWP will continue to run its Huntlee development in NSW but all of its WA operations have been absorbed into Satterley.

Satterley would not reveal the price of the LWP transaction.