10/05/2022 - 10:24

Willing Property snaps up development sites

10/05/2022 - 10:24

Bookmark

Save articles for future reference.

Tim Willing plans to develop an end value of $100 million in projects across three sites.

Willing Property snaps up development sites
Tim Willing is planning to grow his development pipeline.

Willing Property has bought three sites in Mount Lawley, Coolbinia and Perth, as the developer positions itself for growth.

The Willing Group subsidiary bought 141 West Parade in Mount Lawley from the Linfoot family, via Linfoot Super Pty Ltd, for $1.83 million.

In addition, it purchased 139-141 Lake Street in Perth and bought 2 and 8 Adair Parade Coolbinia for undisclosed amounts.   

Willing Property founder Tim Willing said the acquisitions represented a substantial increase in activity for the development group, which currently has a $62 million pipeline of projects underway.

His plans include a residential project with an end value of $27 million at West Parade in Mount Lawley, a $28 million project in Lake Street and a project in Coolbinia, believed to be $44 million.

“We look to identify projects in the market no-one is considering and propose a new way of living in well loved and established areas for those who are typically making the decision to move from a large home to a home sized apartment or townhome,” he said.

Willing Property is currently developing two Mount Lawley apartment and townhouse developments, at the corner of Clifton Crescent and Central Avenue and at Field Street.

Its Field Street project is due for completion in April 2023, and Clifton and Central is expected to be finished at the end of this month.

Willing Group, in its tenth year of operation this year, plans to develop the three newly purchased sites within the next 18 months.

“We typically focus on one, perhaps two projects at any one time so we can keep absolute control over the entire process, and while that will still be the case, this is a real market of growth for us as a company,” Mr Willing said.

He added that the decision was brought about due to the availability of what he considered “exceptional sites that represent a once in a generation opportunity”.

“We see a real growth for Perth as our economy continues to diversify, immigration gathers pace and people become more attuned to new ways of living.”

Last year, Willing Property kept its Clifton and Central apartment complex afloat, after its builder Pindan collapsed.

Mr Willing said though construction costs remained high, he was bullish about Perth’s market.

“Perth has gone from recording the highest median house price in the country at the peak of the previous mining boom in 2007 to the second lowest behind Darwin,” he said.

“My strong belief is that the conditions remain very favourable here and that Perth will only continue to make its way up towards the top of the list again.”

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options