This article is from the Australian Property Journal archive
THE Perron Group is offloading a 50% joint venture stake in Busselton’s Vasse Estate, one of regional WA’s premier mixed-use developments.
The partially delivered land development in WA’s South-West region, around 230km out of Perth, is a fully operational masterplanned residential estate that will eventually house around 6,500 residents.
So far, around 1500 lots delivered to date and over 1000 lots to come, subject to statutory approvals.
Vasse Estate comprises amenity including the Vasse Village comprising a Coles Supermarket, Vasse Village by Bunbury Farmers Market, Vasse Primary School, Cape Naturalist College, Wadandi Track and recreational facilities.
Sean Flynn, Nigel Freshwater and Dean Weeks from JLL are managing the sale of the freehold 50% JV interest via an expressions of interest campaign.
“This is an unparalleled opportunity for investors to enter a thriving market in one of Australia’s most desirable regions. Vasse Estate’s strategic location and diverse offerings make it a standout investment in Western Australia’s property landscape,” said Flynn, senior director of WA capital markets at JLL.
Vasse Estate also boasts a diverse mix of assets including residential and commercial stock, new and future development stages and further land with potential for future subdivision.
With precincts in the offering including Armstrong, Vasse North, and Rural land, plus the balance of Dawson, Vasse Village and Light Industrial Area for a total of circa 164-hectares.
“The booming South-West region, coupled with Western Australia’s strong economic fundamentals, positions Vasse Estate as a prime investment opportunity,” added Freshwater, senior director of WA capital markets at JLL.
“The estate’s mix of residential, commercial, and industrial components provides a balanced and potentially lucrative portfolio for the right investor.”
The estate is located in the popular Busselton-Margaret River tourism area and is strategically placed between the city of Busselton and the famous tourism towns of Dunsborough, Yallingup and Margaret.
Annual compound growth rates in the residential market have exceeded 10% since 2020, with demand forecast to increase with planned infrastructure improvements including the Bunbury Outer Ring Road and the expansion of the Busselton-Margaret River Airport.
Perron Group is offloading the 50% holding to meet the group’s foals to realign its asset mix to better meet its core purpose as a permanent endowment to support the work of the Stan Perron Charitable Foundation.
“Vasse Estate is a quality asset and we are extremely proud of the role the Group has played in the creation of what is already a vibrant community and we look forward to its next chapter in the hands of another joint venture partner,” said Adam Irving, CEO at Perron Group.
Initial registrations of interest for the expressions of interest campaign for the 50% stake in Vasse Estate are set to close on 12 December 2024. With the campaign itself scheduled to close on 6 March 2025.
