The ASX-listed developer has spent $136 million on more than 100 hectares of land in Mariginiup for its 1,700-lot estate.
Stockland has spent $136.22 million on a significant chunk of land in Mariginiup for its 1,700-lot estate in the area, north east of Perth.
The ASX-listed land developer has purchased several parcels of land totalling 123 hectares in Mariginiup from private investment company Squarcini Group, Business News can reveal.
The deal follows years of negotiations between the two parties, as Stockland awaited the land to be rezoned for residential development.
The land, at 200 Mariginiup Road and 285 Rousset Road, will form Stockland’s 1,700-lot Grevillea Estate, which commenced construction last month.
The properties fall within the first 28 precincts of the East Wanneroo District Structure Plan, recently approved by the Western Australian Planning Commission.
The plan will allow for the delivery of 50,000 homes within the next five decades in the area, about 30km north east of Perth.
ASIC shows that Squarcini Group directors Heidi Whitfield, Adam Levin and Kimberley Swift are also directors of Shafto Pty Ltd and Justin Corporation Pty Ltd.
According to Landgate, these two entities were the registered proprietors of the Mariginiup land, which Stockland lodged a caveat on in 2021.
Ms Whitfield, Mr Levin and Ms Swift are joint shareholders of Squarcini Group, a property investment company registered in West Perth.
Part of the recently acquired land on Mariginiup Road. Photo: Michael O’Brien
East Wanneroo is one of the state’s fastest growing regions, identified as a key growth corridor by the Urban Development Institute of Australia.
Stockland’s Grevillea was the first to get underway in the area and will comprise about 2,000 homes across 1,700 lots and a 300-dwelling land lease estate.
Responding to Business News’ enquiries about the acquisition, Stockland general manager WA development Col Dutton said the scale of Grevillea was unique.
“Unlike some of the surrounding land in East Wanneroo which is generally fragmented into smaller parcels, we have the opportunity at Grevillea to create a truly masterplanned development,” he said.
“Under the Local Structure Plan, there are plans for around 30 per cent of open green space with local parks and multi-use sporting fields and facilities.
“There are also proposals for two primary schools, a high school, a neighbourhood shopping centre and a rapid transit station.”
Earlier this week, Ben Lisle-led Hesperia launched its 1,000-lot Botania Park estate, which sits adjacent to Stockland’s project.
Mr Lisle said Botania Park was the result of years of negotiations with about 20 land owners.
Image: Western Australian Planning Commission
At the launch of Stockland’s Grevillea estate, Premier Roger Cook emphasised the importance of the area for Western Australians.
“We are planning for the future to ensure these new neighbourhoods will have access to the services and community infrastructure they need to thrive,” he said.
Planning and Lands Minister John Carey said developments such as Stockland’s newest estate was key to boosting housing supply in WA.
The East Wanneroo structure plan includes provisions for services including a transit corridor with two new stations.
