This article is from the Australian Property Journal archive
A 2,103-hectare property in Western Australian has hit the market, marking one of the most significant ocean front residential subdivision opportunities to become available in recent years.
Moore River South, sits on the fringe of the Perth metro area in Caraban, sitting one hour north of the Perth CBD, is being offered with an approved masterplan that could incorporate housing for approximately 5,000 residents, in addition to retail, mixed-business, tourism and public recreation.
Sean Flynn and Nigel Freshwater from JLL, alongside Kane Malcomson and Trent Malcomson from Core Projects, have been appointed to manage the sale of the land, via an international offers-to-purchase campaign.
“Properties of this scale and quality across both the Australian and broader Australasian market are incredibly rare. Given the property’s immense size, ocean and river interface and views, and ready-to-develop nature, the property will be extremely well contested by both Australian and international development groups,” said Malcomson, director of capital markets at JLL, WA.
The property has been owned by the Plunkett family, well known in WA for their involvement in the state’s housing and construction industry, for more than 50 years.
“Moore River South is a prime investment opportunity offered to market at a time when developers can position themselves for the next property market upswing, taking full advantage of WA’s compelling housing affordability story, and booming resource driven economic conditions,” said Flynn, director of capital markets at JLL, WA.
The site features 5.7 kilometres of Indian Ocean frontage and 1.7 kilometres of Moore River frontage, while also offering an easy commute to nearby industrial areas in Neerabup and Bullsbrook, and the northern centres of Joondalup and Wanneroo.
“It’s important also to note that historically Perth residents have flocked to the city’s northern fringe coastal hamlets which once included Yanchep and Two Rocks,” added Flynn.
“As these communities are now effectively Perth’s northern suburbs, Moore River South is expected to serve as our new day-trip recreational destination whilst still offering an easy commute for permanent residence.”
In addition to the approved master plan and subdivision, the offering includes an operating cattle grazing operation, 1,952 lots for residential, tourism, a town centre and service commercial. As well as a development approval for a 10MW solar array and full approved and costed servicing methodology.
“The state’s economy is predicted to deliver further improvements to the labour market and increasing population growth, which will place further upward pressure on the already significant residential land and housing demand,” said Flynn.
Moore River South is set benefit from major state infrastructure projects that will enhance access to the key employment hubs of the Perth CBD, City of Wanneroo and the City of Joondalup.
This includes the currently underway construction on both the Mitchell Freeway extension and Yanchep Rail extension, which are scheduled to for completion later in 2023.
“We’re effectively offering one of the state’s largest land residential subdivision platforms with the right to own and operate the communities servicing infrastructure and an operating cattle grazing business. This is one of the most dynamic englobo opportunities we’ve seen,” concluded Malcomson.
The offers-to-purchase campaign for Moore River South is set to close on 25 May 2023.
