Satterley Property Group has made its second acquisition in Perth’s eastern suburbs in less than a week, paying $90 million for a 140-hectare tract of land in the Swan Valley.
The developer is expecting to produce 1,717 lots at the Upper Swan site, which is located adjacent to the Vines and Ellenbrook.
The project will also include a new primary school, while 2ha will be set aside for a retail development.
Construction is expected to commence in 2017, with the first lot titles anticipated in early 2018.
Satterley announced last week it was planning to build up to 420 homes in Forrestfield, following the purchase of the old Western Power site on Hawtin Road from the state government, in a $30 million deal last week.
Chief executive Nigel Satterley said the deals were both indicative of the company’s strategy of increasing its exposure in the eastern growth corridor.
“We see huge potential to deliver a beautiful community along the picturesque Ellen Brook with plenty of housing choice – perfect for those who the rural lifestyle in the Swan Valley, while still living close to the city,” he said.
“With construction of Northlink WA commencing next year and the Ellenbrook Bridge in 2017, this new community will have great access to transport links.”