- Millions in infrastructure development, including an airport, is driving growth.
- The waterfront Busselton Beach Resort is listed for sale and redevelopment.
- A new $5M residential sales record was set for Yallingup Beach Margaret River.
Investors, developers, and operators are looking for the opportunity to purchase a beach side parcel of WA’s Southwest coastline.
The recent opening of the Margaret River-Busselton Airport linking the Southwest to the East Coast of Australia in April 2022, has further cemented the already popular region as a global tourist destination. Jetstar currently flies two flights per week between Melbourne and Busselton, with expectations of additional routes added in future.
In the wider South West region, massive recent investment includes a Margaret River main street makeover, increased aged care accommodation, upgrades to transport infrastructure, the Bunbury business park, a manufacturing and technology hub and more.
CBRE’s Peter De Chiera said there are many growth drivers to recommend Busselton to investors as well, “Busselton has been identified as one of the state’s fastest growing regional cities and has seen a significant amount of public and private investment in the last decade with major projects totaling just under $300 million, including the recently completed $120 million Busselton Health Campus, $20 million Busselton Performing Arts & Convention Centre and $35 million Busselton Central Shopping Centre Redevelopment which only further strengthens the towns appeal for locals and tourists.”
Busselton resort redevelopment opportunity
The Bussleton Beach Resort, four kilometers from the Busselton Jetty and Town Centre, has been listed for sale by local vendors, offering an opportunity for redevelopment of the 1.7ha Marine Terrace site.
The resort was one of the last major timeshare resorts in WA, spending 40 years as a regular holiday spot for a group of investors involved in One FS Pty Ltd.
The original resort development was built in the early 1980’s and has 208 meters of coastal frontage with four direct points to Busselton’s Geographe Bay.
The resort comprises of 32 two- and three-bedroom self-contained villas with a kitchen, living and dining areas, car, caravan, and boat parking. Leisure amenities on the property include tennis, squash, and basketball courts as well as a mini putting and bowling green, an outdoor heated pool and spa, and a gymnasium and sauna.
CBRE’s Expressions of Interest campaign closing 9th March 2023.
Yallingup treasure sold
Space Real Estate’s Justin Davies and Paul Manners have set a new residential sale
record for the West Australian coastal town of Yallingup, securing $5 million for the
historic property.
The property sits atop of Yallingup Hill, which was first developed by entrepreneur
Alan Bond nearly 60 years ago. With unrivalled views across the coastline, the modest
three-bedroom cedar log cabin on 850sqm had been held by the original owner’s
family since it was developed.
When the original property owner first heard about Alan Bond’s Yallingup Hill development, he apparently spent days walking up and down the hill to find the lot with the most complete view of the stunning coastline below.
They settled on what is now 55 Wardanup Crescent, which takes in a view of ‘Three Bears’ beach right through to Smiths Beach, and is considered the best outlook in the area.
At the time, a local carpenter sourced some cedar timber and built an atmospheric log cabin on the site. It was the first home built on the hill and stands almost the same today, as the day it was built.
Understandably, the Wardanup Crescent property was hotly contested, selling in days to top the town’s previous residential record by half a million dollars.
“We had more than half a dozen buyers who were very interested in this
property, and will now be looking for the next opportunity,” said Mr Manners.
“This really is a breathtaking part of the world. While the home itself is very modest,
the location and views are unrivalled. This sales record is proof of the growing
interest in the Yallingup and south-west market. There are many local, interstate and
overseas buyers that are determined to get a foothold into this amazing part of the
world,” said Mr Manners.
The $5m sale of 55 Wardanup Crescent, Yallingup tops the town’s previous
residential sales record of 62 Wardanup Crescent. Sold in 2021 for $4.5m, the
previous record-holder was a relatively new build.
Space Real Estate director Justin Davies said the property sparked significant interest.
“When we photographed the property with a drone, a local resident walked over
asking if the property was coming to the market, as her son-in-law would be
interested in buying.
“From there we organised a pre-launch viewing and word spread. Before long we
had over ten groups wanting to view the property. As soon as the home went online,
we were swamped with inquiries, but unfortunately for all of those people, it had
been snapped up within 24 hours of viewing.
“With a square meterage rate that is similar to Marine Parade Cottesloe, it is fantastic
to be breaking new ground in the south-west,” said Mr Davies.
Mr Manners adds that the new owner is local and plans to keep the home’s heritage
in place.
“While the property comes with its original log cabin, it largely represents land value.
Other recent sales in the area, including the previous record, have come with new
buildings or much more developed homes. However, it’s my understanding that the
local buyer intends to keep the current cabin, and add tasteful renovations in the
future,” said Mr Manners.
