This article is from the Australian Property Journal archive
MINING billionaire Andrew “Twiggy” and Nicola Forrest are planning to transform a 260-hectare coastal site in Western Australia’s south west after their property company made its first greenfield land development acquisition.
The $7.7 million purchase in Binningup was made through Fiveight, an arm of the Tattarang family office.
Located within the fast-growing Shire of Harvey, the site is adjacent to the existing Binningup township and is 25 minutes north of Bunbury and one and a half hours south of Perth. It features 2.2 kilometres of beach frontage and is known for its existing nine-hole golf course, the reopening of which will be focus for Fiveight.
The proposed residential, retail and leisure development has a 30-year timescale, according to head of Fiveight, John Meredith.
“This is Fiveight’s first acquisition of a greenfield land development and a project that represents significant strategic importance within the popular south west tourist region of WA,” he said.
“We know that demand for quality housing is on the rise and will only become more vital as the area grows and develops over time.
“Although this project has a long horizon, we are committed to working closely with residents and community organisations to develop a sustainable, long-term plan for the site, one that will create a vibrant, socially connected local community that people will be proud to call home.” He said it would also bolster amenity and infrastructure for existing residents.
He added that Fiveight is working with consultants and contractors to explore how to re-open neglected golf course as soon as possible.
According to Fiveight, community consultations with stakeholders and interested parties will be announced, and local residents have been invited to sign up to a newsletter that will keep them informed about the proposal and consultation process.
The purchase comes hot on the heels of the Forrests’ $80 million purchase of the Carillon City shopping centre in the Perth CBD from Dexus.
Tattarang is also currently shopping around the Roe Highway Logistics Park in Perth’s Kewdale and Welshpool with expectations of $250 million to $300 million. It is the largest investor in the 72-hectare park that launched in 2019, with capital partners including developers Adrian Fini and Ben Lisle’s Hesperia Group, and Gibb Group.
Among their recent acquisitions are the 634,000-hectare Balfour Downs cattle station in Western Australia, bought for more than $32 million, and a string of lifestyle properties on both sides of the country.
