Port Bouvard is set to embark on a new strategy to regrow its property portfolio after earlier announcing that it unlikely to undertake additional property deals after its Port Bouvard and Princeton Estate projects were completed.
Yesterday, Port Bouvard said the company will embark on a long term strategy to position itself as a leading listed Australian property developer.
And that over the next three years, the company proposes to proceed to market and develop the $100 million 50 – 60 luxury apartments on part of its resort site in Southport, Port Bouvard.
In addition, the company will continue to pursue plans for a resort hotel and a smaller apartment building adjacent to the luxury apartments.
Port Bouvard will enter into a joint venture with a land owner to develop residential canals at Esperance, Western Australia. The company is hopeful of achieving all necessary approvals in the next two years and commence a marketing and sale campaign ahead of development.
In addition, the company is now in the market for more residential broad acre acquisitions, which it will syndicate and/or joint venture as the company expands its property development portfolio.
“The Board believes that having regard to the strength of the WA property market (particularly as arisen over the past 12 months) the development of the three resort sites (villa unit, apartment and hotel sites) now offers potential for greater return to shareholders, with manageable risks, as compared to selling the lots as vacant sites,” Port Bouvard managing director Ross Neumann said.
In the past eight years, Port Bouvard has successfully developed two major projects in Western Australia – the $1.2 billion Port Bouvard Residential Resort Estate near Mandurah south of Perth and the $250 million Princeton Private Estate at the Perth inner northern suburb of Stirling.
“The directors understand that when it comes to expanding its property portfolio there is going to be a great deal of competitive demand in the marketplace for quality projects.
“However, given our successful track-record and the considerable intellectual property we have amassed, Port Bouvard Ltd would be an extremely good option for any landowner wishing to sell or enter into a partnership to develop land for residential development,” Neumann added.
Meanwhile, Port Bouvard sold The Cut golf course and club house at Port Bouvard to West Australian property identity John Kelly through his Vive Holdings Limited for $6.3 million.
Vive was originally to settle on the golf course back in February along with other Port Bouvard assets. Vive Holdings is controlled by Kelly and Doug Hannaford.
Originally, Vive Holdings Limited had agreed to purchase the golf course, club house, villa unit site, hotel site and the marina for a total of $26.12 million.
Port Bouvard received a non-refundable deposit $4.5 million. Subsequently, Port Bouvard issued a notice of default to Vive Holdings Limited and also to Kelly who had guaranteed the agreements.
During negotiations between Port Bouvard and Vive, the sale of the villa units, hotel site and marina fell over with Collins and Hannaford finally buying just the golf course and clubhouse.
By Kathryn O’Meara
