This article is from the Australian Property Journal archive
WESTERN Australian developer Aigle Royal Group have set a new Perth record with their $18.5 million purchase of a 10.2 hectare plot in Piara Waters, Perth.
The land plot in Perth’s south-east located on 713 Warton Road was hot property as it was the last landholding of such scale available in Piara Waters.
Aigle Royal Group are expected to kick off developments in the first quarter of 2023. While the lot has the potential for 200 lots, Aigle Royal are likely to develop somewhere between 160 and 170.
LJ Hooker Commercial Perth and Effective Property Solutions coordinated the campaign behalf of its owner GM Property Group, which was extremely competitive and received 89 inquiries with 12 firm offers.
Vincent Siciliano, founding principal of LJ Hooker Commercial Perth stated that the WA market has become a popular location for new land opportunities.
“There was a lot of interest from developers that are currently working in and around the Piara Waters-Harrisdale market and would have liked to have added this site to their portfolios.”
“Some east coast groups have seen a slowdown in activity in their home states, so they’re turning their eye to WA to seek out new opportunities,” he said.
“At the same time, local developers are keenly aware of the strength of not only the state’s economy, but also the growth potential of the Piara Waters corridor,” Siciliano added.
Effective Property Solutions managing director Erwin Edlinger said the price demonstrates how much of a unique opportunity this area is.
“Many of the developers active around Piara Waters are now sold out of lots, or they have extremely limited stock available.” he said.
“The interest we received for this landholding reflects the quality of Piara Waters as a residential enclave, as well as the scarcity of nearby offerings.”
