This article is from the Australian Property Journal archive
A RESIDENTIAL englobo development site is being put to market in Perth’s north-west urban growth corridor.
The 86-hectare development land, Lot 801 Marmion Avenue, Eglinton, sits 42 kilometres north of Perth and is being offered by one of the largest land owners on the northern beaches, Eglinton Estates.
Ryan McGinnity from CBRE and David Molony from McGees Property have been appointed to sell the subdivision, via a formal offers to purchase process.
The land is anticipated to produce over 1,100 residential dwellings and is zoned Urban under the Metropolitan Region Scheme and Urban Development by the City of Wanneroo.
The land has existing WAPC conditional subdivision approval for 274 residential lots, as well as a neighbourhood commercial centre on Marmion Avenue.
“This site offers considerable development potential and coupled with its location and access to transport options, it is expected to attract significant interest from local, national and international development groups,” said Molony.
Additionally the development will benefit from its fronting to an existing subdivision, its frontage to Marmion Avenue, the underway Eglinton Train Station and Metronet rail line.
In addition to infrastructure expansion including the $531 Perth to Yanchep Rail extension which adjoins the site and the $215 million extension of the Mitchell Freeway to Alkimos.
“These works, together with the establishment of facilities on the ocean at Eglinton and Alkimos will underpin further population growth in the corridor,” added Molony.
The north-west urban corridor, from Alkimos to Two Rocks, is anticipated to see more than 26,000 residential lots sold by 2041, with a further 150,000 residents.
“Demand for housing in the corridor is growing exponentially and, with significant infrastructure being delivered, now was the ideal the time to offer this land to the market,” said Ryan McGinnity, director of capital markets at CBRE.
The formal offers to purchase process for the Eglinton development land is scheduled to close on 28 October, 2021.
