Wolfdene secures another Perth growth corridor site
Melbourne developer Wolfdene has quietly purchased another Perth growth corridor housing estate site.
The nine hectare tract, covered by the East Wanneroo District Structure Plan, affecting over 8000ha, is earmarked for a 155-lot housing estate.
Blocks should average 348 square metres, the buyer said.
With an estimated end value circling $46 million, the estate will also include a 9000 sqm park.
Wanneroo is about 25 kilometres north of the CBD.
The deal comes six months since we reported Wolfdene teamed with Oreana, also from Melbourne, for its maiden Perth commercial project, at North Ellenbrook.
Wolfdene is also planning a 146-lot housing estate with Blueways Group on a Wellard block recently acquired for $7.5m.
Wolfdene backs Perth again
Wolfdene’s only non-Victorian projects are in Perth – Yanchep Junction – about 30km north of Wannero, and Austin Lakes at South Yunderup – 80km south of the CBD (story continues below).
If approved, marketing of the Wanneroo blocks could start this year with building start next.
“The acquisition underscores our confidence in the Western Australian market and aligns with our broader strategy to secure well-located sites in key growth corridors,” Wolfdene managing director, Michael Goldthorp, said.
“We’re capitalising on strong population growth and buyer demand in Perth’s north, where affordability and connectivity continue to drive interest from first home buyers and upgraders,” he added.
“East Wanneroo has been earmarked as a major urban expansion zone with the City of Wanneroo forecast to grow by 150,485 people – a 68 per cent increase – between 2022 and 2041,” according to the executive.
Wolfdene general manager, Western Australia, Mitch Brown, said strong fundamentals underpin the Perth land market.
“While we expect the Perth market to moderate somewhat over the next 12 months, sites like this close to well established amenity and lifestyle offerings continue to tick all the boxes for our strategic push into WA,” he added.
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