The Roebourne Shire Council has voted to adopt an amendment to its local Town Planing Scheme to rezone 3.2 hectares of land owned by Aspen Living Villages No.1 from tourism to urban development.
The land is well located in the thriving mining and tourism town of Karratha, North Western Australia.
Aspen said the global resources boom and the population focus that has resulted from it, has left a shortage of residential accommodation in the Karratha area.
“With limited land supply available for development, the housing demand has continued to drive residential prices beyond an affordable level,” Aspen said.
Once the application for the 62 lots has been approved by Council, development of the site into an integrated residential living village can proceed, with pre-selling expected to commence in the second half of the current financial year and titles available for settlement in the first half of the 2007/2008 financial year.
The property was purchased in 2005 and has a carrying value of $1.2 million and although the land has not yet been revalued.
By Adam Parsons
