The requested news item does not exist. Please return to News
International EOI campaign launched for 40.5ha development site in Western Australia’s exceptional South West region
PERTH, 28 August, 2013 – A new international marketing campaign has been launched for the 40.5ha Smiths Beach development site following the appointment of receivers and managers KordaMentha to the project.
The much anticipated development recently received its final subdivision approval following a mediation process managed by KordaMentha at the State Administrative Tribunal, which provides the property with more certainty on planning outcomes.
The unique, north-facing Lot 4131 Smiths Beach Road is located approximately five kilometres south of Yallingup, the unique north-facing property commands a grandstand view over the Indian Ocean and has immediate access to the picturesque Smiths Beach.
Jones Lang LaSalle Director of Sales and Investments WA, Phillip Fogliani said the Expressions of Interest campaign would cover Australian and offshore markets.
Mr Fogliani said an initial campaign conducted late last year resulted in more than 120 registered enquiries, including several from South East Asia who were involved in the tourism development sector.
Receiver and Manager, Cliff Rocke of KordaMentha said: “The current development approval contemplated a high quality mixed use development with a mixture of permanent residential and tourism uses.”
KordaMentha Real Estate Partner, Tony O’Callaghan, noted: “The property remains one of the most exciting beachfront development opportunities in Australia, particularly as the South West region received almost two million domestic and international visitors in 2012.”
Mr Fogliani said the site, about three hours’ drive south of Perth, had been described as the jewel of the Cape to Cape Coastal strip and was the only available location permitted for this type of development.
“Its orientation and access to sheltered swimming and surfing beaches, combined with the nodal development zoning is unrivalled in Western Australia and places it on an equal if not better footing with sites on the northern NSW coast, Victoria’s Great Ocean Road and Noosa.”
Under the conditional subdivision approval, the proposed development would comprise a net development area of 19.11ha with a proposed national park extension of 21.38ha and features an elevation ranging from 4m to 58m.
A range of dwelling types could be erected on the site including up to 61 single residential lots from 430sqm to 701sqm, four R25 grouped sites totalling 21 units, and seven short-stay tourism lots ranging in size from 6,089sqm to 1.02ha which can be developed to a density of up to 40 units per hectare. A 3.34ha resort site could also be developed to a density of up to 80 units per hectare, while provision has also been made for 1,200sqm of retail and ancillary floor space to service the new settlement.
“Incoming owners would have the option of including a high quality 3.34ha beach club style resort covering the lower portion of the property, while the tourist lots and residential component would occupy the most elevated portion of the site.
“The tourism lots could be developed as built-form serviced accommodation or alternatively a survey strata style beach house or bush block concept could be pursued,” said Mr Fogliani.
Jones Lang LaSalle’s Head of Investment Sales, Nigel Freshwater added that the South West’s tourism appeal including the proposed Smith Beach development could be expected to receive a boost by the continued depreciation of the Australian dollar as well as planned upgrades to Busselton Regional Airport.
“The region already attracts the greatest number of visitors to WA while the surrounding Margaret River wine growing region is continuing to spotlight the South West in South East Asia and increasingly in Europe.
“With almost two million people visiting the South West in 2012, more than any other West Australian region outside Perth, the tourism industry has a positive impact on the local economy. The Chinese have also been active in WA in recent years, seeking both wine for their growing markets and opportunities to invest in the Australian real estate markets.
“Lot 4131 Smiths Beach Road is a truly unique opportunity, particularly given the ever evolving planning framework, including the recently published State Coastal Planning Policy Guidelines by the Western Australian Planning Commission.
“Under this Policy any future rezoning for a coastal property would require a much more substantial set-back from the beach than has applied in the past and to already approved projects like Smiths Beach. This makes the Smiths Beach site even more unique, representing beachfront and coastal development and lifestyle sites that will not be repeated,” added Mr Freshwater.
International Expressions of Interest close at 2pm (WST) on Thursday October 10 2013.
08 9322 5111