This article is from the Australian Property Journal archive
INVESTA has sold a 112 hectares landholding in Perth's north eastern suburb of Henley Brook for $76.8 million.
The Henley Brook landholding was jointly owned by Investa’s Clarendon Residential division and the Investa Enhanced Fund.
A parcel of 95 hectares was sold to Multiplex Development and Opportunity Fund Multiplex Development Opportunity Fund for $63.8 million, whilst another 17 hectares was sold to Belswan Pty Ltd for $13 million.
MDOF has acquired lots 308, 309, 311, 16 and 17 while Belswan has acquired lot 15.
Investa bought the Henley Brook holding in two parcels from private investors. The first in 2004 comprising 60.95 hectares for $15.26 million and the second in 2005 comprising 51.05 hectares for an undisclosed sum, but it is believed to be have been around $19 million.
Henley Brook is located only 17 kilometres northeast of the Perth CBD, within the popular wine and tourist region of the Swan Valley.
Investa’s group executive of external funds Les Vance said the Investa Enhanced Fund has already been able to take advantage of the strength of the Perth residential market, and divest at what it considers to be an optimal time.
Meanwhile, the sale follows Clarendon Residential’s purchase of 50 hectares of land at Mundijong, which is 38 kilometres south east of the Perth CBD, for approximately $20.2 million.
Clarendon expects to develop 500 home sites at Mundijong over the next 7 years.
The land, previously used for farming and grazing, is currently zoned ‘Urban’ under the State Government’s Metropolitan Region Scheme and the town of Serpentine Jarrahdale’s Town Planning Scheme.
The Mundijong/Whitby townsite will provide future housing for approximately 30,000 people over the next 30 years. The town of Serpentine Jarrahdale is currently preparing a District Structure for the Whitby and Mundijong areas which will specify development parameters and provide an outline of how development in the area will proceed.
Clarendon Residential’s group executive Robert Lynch said the sale of Henley Brook and the Mundijong acquisition is an example of our disciplined approach to replenishment of Investa’s development inventory.
“With the slowing down of the booming Western Australian market the timing for the sale of Henley Brook was optimal. By recycling capital from the Henley Brook sale we have been able to better position ourselves at the lower end of the market in Mundijong,” he added.
Australian Property Journal
