Major Melbourne developers buy Perth site for maiden project
EXCLUSIVE
Prominent private Melbourne developers Oreana Group and Wolfdene have scooped up a major north east Perth site for a housing estate – spending $30 million.
The 72 hectare North Ellenbrook parcel is earmarked for a c800 lot subdivision, able to accommodate some 2000 residents – the pair’s first joint venture.
The end value of the project should exceed $300m, the buyers said.
Marketing and construction isn’t expected to begin until 2029.
Ellenbrook, a relatively new master-planned community, is 28 kilometres from Perth’s CBD.
East coast developers go west
The Oreana/Wolfdene site is affected by the North Ellenbrook (East and West) District Structure Plan, approved in August, 2022, covering 611ha with amendments being considered this year adding another 393ha including in Bullsbrook.
It is also near the Ellenbrook train station, set to open in December (image, top), and Tonkin Highway (story continues below).
The deal comes a month since Wolfdene with Blueways Group outlaid $7.5m for a Wellard site set to yield 146 lots and house 350.
“This [North Ellenbrook] acquisition is another important milestone for our Western Australian growth strategy and reflects our continued confidence in the region’s potential,” Wolfdene managing director, Michael Goldthorp,said.
“This collaboration also gives us a great opportunity to partner with Oreana, a business with a strong track record of delivering quality commercial and residential developments across the APAC region,” he added.
“Since 2020, Wolfdene has transacted on $100m of Perth greenfield acquisitions and has growth its pipeline in the west to over $2 billion (Gross Realisation Value), quickly establishing itself as one of Western Australia’s largest private developers,” according to the executive.
Also today we are reporting Oreana is paying $31m for a Wyndham Vale, Melbourne, housing estate site near another it bought 18 months ago.
Its founders meanwhile, brothers Steven and Tony Sass, have also just outlaid $61m amalgamating a clifftop Sorrento property for a family compound.
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