This article is from the Australian Property Journal archive
Perth-based property developer Port Bouvard has paid $92 million for a 275 hectares farming site at Point Grey, near Mandurah in Western Australia.
This site is located across the Peel-Harvey inlet from the company’s Port Bouvard Residential Resort Estate. Point Grey is within 9km from the Perth-Bunbury Highway (Peel Deviation).
And Port Bouvard is already planning to develop a residential community with more than 2000 coastal housing lots, with commencement of construction imminent and completion expected within the next three years.
On completion, the project was expected to be worth more than $1 billion, based on today’s land prices.
Port Bouvard’s managing director Ross Neumann said the site was similar in size and scale to the company’s Port Bouvard Residential Estate, however the water environment of the Peel-Harvey Estuary made the site unique and un-paralleled in terms of the lifestyle offered to residents.
“Point Grey, in our opinion, is the best residential land in the Shire of Murray. On completion, the project will be a “show case” asset, not only to the Shire, but the Peel Region…Point Grey is similar in nature to Port Bouvard, in terms of the number of lots, however it possesses a uniqueness due to its position in the Peel-Harvey Estuary.
“The company will be working closely with the Shire of Murray and State Government agencies over the next two years to develop a suitable plan to add to our vision for the land holding,” he added.
Neumann said winning the tender was a coup for the company, with the executive team working diligently with the board to allow the company to put forward its best offer to the sellers.
Point Grey is the fifth new project announced by Port Bouvard since the board confirmed in July that it had decided to continue operating Port Bouvard Limited as a development company.
In addition to the Point Grey land acquisition, the company recently bought strategic landholdings at Dawesville and Melros, south of Mandurah and close to Port Bouvard, and entered into joint ventures to develop broad acre residential subdivisions with landowners at Esperance, on the south coast, and Furnissdale, near Mandurah, also in the Murray Shire.
Meanwhile, Neumann said the Company is evaluating a range of scenarios to fund this acquisition, including a minor equity raising within Port Bouvard and/or an unlisted “fund” structure.
By Nelson Yap
