- Two Rocks residential development site returns to market after sale process was paused due to COVID-19.
- CBRE has been appointed to steer the sale process.
- Strong buyer sentiment looks to be a sign of incoming interested developers.
Due to growing confidence in how the WA government has controlled the spread of COVID-19, combined with strengthening sentiment driving Perth’s residential market (reported in this article), the sales campaign for a Two Rocks residential development site has been reignited after the original sales process was postponed in 2020.
Located at 99 Reef Break Drive, Two Rocks, the 38.43-hectare tract of Englobo land is ready to be developed and surrounded by modern residential homes.
The site provides convenience of location, being close to the Two Rocks Marina, shopping precinct, schools, retail, and other essential services. The property also forms the balance of the original The Reef estate, designed to benefit from ocean views with the land rising from west to east.
CBRE’s Ryan McGinnity has been appointed to steer the sale of the landholding. He said that as confidence grows around how the nation has managed COVID-19, new jobs will be created and previous jobs will return, providing massive economic benefits – encouraging buyers back into the Perth housing market.
“Coupled with the recent Government stimulus for new home builds, many developers are now running low of house and land packages or lots to sell.”
Mr McGinnity said he expects genuine interest from local and national developers, citing past sale trends.
“In the past eight weeks, nine of the 30 single residential lots remaining within the estate have been sold and enquiries continue to be received.”
The resurgence of the campaign is also supported by population growth predictions – Two Rocks, together with Eglington, Alkimos, and Yanchep is expected to cater for over 50% of the City of Wanneroo’s population growth over the next 20 years.
“With the northern suburb’s population expected to exceed 350,000 people by 2036, the State Government is focused on providing adequate infrastructure to enable affordable coastal living,” Mr McGinnity concluded.
Expressions of Interest will close at 3:00 pm (AWST) on 18 March 2021.
