ILUKA Resources has sold a 504-hectare parcel of freehold land at Mundijong to residential developer Urban Pacific Limited for $18.2 million. The land is mostly zoned urban deferred, with the remainder of the site designated as parks and recreation, and is expected to be developed over the next 20 years. The land was originally acquired by Iluka to secure access to the Mundijong mineral sands resource, however a feasibility study has since shown the deposit can not be removed econ-omically. After a review conducted with Grant Samuel, the Mundijong land was identified as surplus and then sold through CB Richard Ellis, where 13 offers were received from a range of private and government sector land developers. Urban Pacific Limited CEO Steven Papadopoulus said Western Australia’s strong underlying economic fundamentals were key factors in the decision to invest in the site. “Western Australia is a powerhouse state and this, along with the success of our Somerly transit oriented design development at Clarkson, has underpinned our confidence in this long-term project,” he said. The Mundijong acquisition brings Urban Pacific’s interests in property development projects in Australia to more than $5 billion, including developments in Sydney, Newcastle, Adelaide, Melbourne, Brisbane and the Gold Coast. Mr Whitby said the project was expected to come on line once necessary zoning and regional planning scheme approvals had been gained.
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