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Ingham's Wanneroo sale unlocks 40ha land parcel in metro Perth

Property Markets / Planning, Zoning, Infrastructure

Australia

May 18 2017

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Perth, May 15, 2017 – Ingham’s has appointed CBRE to manage the sale and leaseback of a circa 40ha land parcel in Perth’s northern suburbs – marking one of the city’s largest ever infill sites to be offered for sale. 

CBRE’s Lloyd Jenkins, Ryan McGinnity and Mark Granter have been appointed to sell the 1040 Wanneroo Road property, which is located in the northern suburb of Sinagra, just 1km from the Wanneroo Town Centre. 

Spanning 40.50ha, the property currently accommodates Ingham’s Feedmill, and is being offered for sale on a three-year leaseback. 

The property provides significant subdivision potential, with scope to accommodate approximately 800 dwellings. 

Mr McGinnity said the sale represented a landmark opportunity to gain a prime landholding underpinned by both scale and location. 

“The sale of this Ingham’s property represents one of the largest infill opportunities in Perth in recent memory. The future withdrawal of Ingham’s from the site will open the land up to residential development, potentially netting in excess of 800 residential lots only 30 minutes from the CBD,” Mr McGinnity said.  

“We anticipate this site will provide a huge vote of confidence for the Perth residential housing market, with its large land area, surrounding amenity and proximity to the sea and city creating strong buyer interest.” 

Located 24km from the Perth CBD, the property benefits from a central position within an established and expanding residential area, providing proximity to shopping centres, primary and secondary schools, as well as a host of community amenities. 

Mr Jenkins said the leaseback arrangement would provide flexibility and a source of interim revenue. 

“The larger developers appreciate that we work in quite predictable property cycles and although we are currently experiencing lower retail demand at present, we will return to higher demand over the next two - three years,” Mr Jenkins said.  

“In addition to the economic/property cycles, developers must continue to replenish their ‘landbanks’ in an ever shrinking Metropolitan Regional Scheme (MRS) of greenfield development opportunities.”

“The three-year leaseback provides prospective purchasers an attractive opportunity, allowing for the generation of a secure income stream while undertaking the necessary planning and development preparation for a future residential development project.” 

The property is being offered for sale via Expressions of Interest. 

 

SOURCE: Press Release

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