PORT Bouvard has bought three adjacent sites in Gidgegannup, Western Australia from a private landowner for between $81 – 90 million.
The acquired sites total 483 hectares and are expected to yield 2,200 plus lots (270 rural residential and 1,900 town site), subject to planning approvals.
Under the proposed development plan, Port Bouvard plans to bring the first lots (rural residential) to market in financial year 08/09, which will provide a significant financial boost to the company.
Port Bouvard’s managing director Ross Neumann this acquisition is a great opportunity for the company to tap into the increasing demand for nearcity rural living opportunities.
Under the terms of the agreement, Port Bouvard has accepted an offer from the vendor for him to remain involved with the project for the next three to four years to assist in ensuring that the development is in line with his vision and the expectations of the local community.
Vendor real estate agent John Garland, Principal of John Garland International, said whilst Port Bouvard was not the highest offer they were selected due to their track record of community orientated residential developments.
The Gidgegannup townsite was designated under the City of
The first payment, as part of the staged purchase contracts, will see Port Bouvard pay the vendor $36 million in September this year. A further $30 million will be payable in August 2010, with the final $15-$24 million payable in August 2011.
The final payment is dependent on final planning and engineering outcomes.
This is the second major transaction for Port Bouvard, which last year bought a 275 hectares site at Point Grey, near Mandurah in
Australian Property Journal
