02/09/2010 - 00:00

Satterley wins two land deals

02/09/2010 - 00:00

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RESIDENTIAL developer Satterley Group has responded to rising demand for residential land in the metropolitan area with the launch of two major new subdivision projects.

Satterley wins two land deals

RESIDENTIAL developer Satterley Group has responded to rising demand for residential land in the metropolitan area with the launch of two major new subdivision projects.

In one of Australia’s largest residential land purchases in recent years, privately owned Satterley has agreed to buy a 104-hectare tract of land in Harrisdale that could yield up to 1,200 lots.

Satterley beat a group of prominent developers, including the Perron Group and national developer Stockland with its $94 million offer to purchase the site from an offshore investment group.

The land parcel adjoins another Satterley-developed residential estate, the 549-lot Heron Park subdivision in Harrisdale, and is also adjacent to Stockland’s Vertu and Newhaven land developments.

Satterley managing director Nigel Satterley said there was significant interest in the Harrisdale project because of the short supply of residential land in the south-eastern metropolitan corridor.

“In the case of Harrisdale, the only masterplanned estate that has lots for sale at the moment is Stockland’s Newhaven,” Mr Satterley told WA Business News.

“So what this will do is bring on more housing choice in affordable packages, from $425,000 to $500,000 house and land, which in that area is a good price range.

“We’ve got lots of interest, we’ve got about 1,960 people on our database registered for the next release and it’s in a very strong growth area.”

The group is now working with the City of Armadale to develop a local structure plan and a subdivision plan.

Earthworks could start as early as next year if environmental approvals are obtained.

Satterley has also been named by the Tamala Park Regional Council as the preferred proponent for the development of a 2,700-lot residential estate just south of Mindarie.

Mr Satterley said the development would help to service skyrocketing demand in the north-west metropolitan corridor, which he estimated to be between 3,000 and 3,500 dwellings per year.

The Tamala Park development will encompass a wide range of housing options, from first homebuyers, through to senior living, Mr Satterley said.

 

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