Feb 28 2017Add to Favorites
Perth, 27 February 2017 – Close to 15,000sqm of developable land in Perth’s southern suburbs has been listed for sale in a move expected to generate strong interest from developers looking to capitalise on the state’s increased First Home Owners Grant.
CBRE’s Ryan McGinnity and Matthew Elliott have been appointed to sell 535 Millar Road in Wellard – comprising 14,668sqm of ready to develop land fronting the Kwinana Freeway.
Wellard, located approximately 38km south of Perth, is one of the city’s fastest growing suburbs, with a population growth rate of 5.16% per annum expected to boost the area’s residential base to about 21,000 by 2036.
Mr McGinnity said the opportunity came at time when Western Australia’s residential market had received a considerable boost with changes to the First Home Owners Grant.
“Given the State Government’s recent decision to increase the First Home Owners Grant to $15,000 for new builds, residential development opportunities in high growth suburbs such as will be of strong interest to developers,” Mr McGinnity said.
“With development approval to accommodate 22 green title lots, this property presents an attractive opportunity to undertake a residential project in a proven growth area.”
Mr Elliott said the property’s close proximity to a wide range of amenity would further enhance its residential development appeal.
“Located about 4.7km from the Wellard Town Centre, this property is located nearby public transport networks, nature reserves, shopping centres and a host of schools,” Mr Elliott added.
The property is being offered for sale via Private Treaty, with expectations of around $2.1 million.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
SOURCE: Press Release
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