Developer Urbex has entered the Western Australian market after buying a 17,822 sqm development site in the Perth suburb of Gosnells.
Located at 120 Homestead Road, the development will become a 50-lot subdivision offering land sizes ranging from 300 sqm to 710 sqm. The sale price was not disclosed.
The property is situated in one of Perth’s premier growth corridors, about 26km southeast from Perth’s city centre.
Urbex General Manager Peter Sherrie said Gosnells presented a unique opportunity for a boutique entry into a tightly held land market.
“After three years of searching for the perfect land for our West Australian expansion, Gosnells offered the opportunity to solidify our national footprint to the standard expected of any Urbex project,” Sherrie said.
The ‘Homebrook’ site is near the Canning River foreshore, road and rail transport, and modern amenity.
Urbex Realty General Manager Craig Covacich said the project would cater to the needs of young families who dream of homeownership with a local population that has grown 5.7% over the past five years.
“In purchasing Gosnells we saw the key owner-occupier values of location to CBD, easy access via strong road and rail networks, proximity to respected schools and colleagues as well as open space for parks,” Covacich said.
In recent residential development news, ID_Land bought three parcels of land spanning 59 hectares in the southeast Melbourne suburb of Clyde for $140 million last week.
Earlier this month, Stockland and Western Sydney University announced plans to develop a 99-hectare site at the university’s Penrith campus into a mixed-use precinct, while Stockland and Japanese homebuilder Sekisui House teamed up to boost new housing in growth areas in the southwest and northwest of Sydney.
Developer Peet took full ownership of its Flagstone City project in Brisbane’s southeast growth corridor after acquiring Spirit Super’s 50% stake for $46.15 million last month, as National Pacific Properties sold a town centre development site in Melbourne’s outer suburb of Clyde to an interstate developer for $67.65 million last December.