VIMG recently purchased the East Point Plaza building on Adelaide Terrace in Perth’s CBD.
The entire land area of 11,170 hectares (over 27,000 acres), comprising of the main tenements of Lancelin South a residential development (50 lots completed from the slated 4,000) and the ‘Karakin & San Angelo’ broadacre farming land of 8,541 hectares (21,098 acres) which is currently used for grazing, cereal cropping and intensive horticulture, received strong interest from local and interstate buyers, keen to capitalise on lower stock availability for properties of its scale and price category.
According to selling agents, Axia Corporate Property, the transaction, which was prepared for sale over an 18-month period in conjunction with JLL Real Estate and Mr Matthews’ long-standing Perth law firm, McWilliams Davis Lawyers -– will be a significant bonus for the district to unlock future farmland and revitalise existing mixed-use residential opportunities in the area.
John Garland, Axia Corporate Property Group’s special projects director, says the purchase will complement Perth’s population trend and natural progression to northern coastal corridor regions to live and work and recreate.
“While southern coastal districts like Mandurah, Busselton and Bunbury have advanced to full development, market trends are reflecting exceptional growth within Perth’s northern coastal corridor,” says Mr Garland.
“The convenience of Wanneroo Road, and access to the Coral Coast via Indian Ocean Drive means more people are choosing northern coastal towns like Jurien Bay, Cervantes and Woodridge as holiday destinations, which are still very close to home in addition to the city – and Lancelin is a big a part of that coastal trend,” he says.
The tranche (sold as one parcel), spanning from the fishing hamlet of Lancelin to just north of Breton Point – has mostly ocean views along the iconic Indian Ocean Road, is considered the largest farming land holding in the district.
Mr Matthews, appointed his legal representatives from McWilliams Davis Lawyers more than 10 years ago to assist with preparatory work for the site’s subdivision components and town master planning.
Mr Matthews was actively involved in overseeing all stages of the residential developments’ planning, design and infrastructure, the sites are essentially ‘market ready’, without need for additional planning approvals or permits.
The Lancelin South development has approvals in place for a school, light industrial and housing, along with water treatment infrastructure to support the entire subdivision.
Furthermore, Mr Matthews oversaw the environmental management of large tracts of remnant native bushland around Lancelin South and the Seaview Park Estates.
Axia’s director of investment sales – Wayne Mitsikas along with John Garland, collectively agree that the opportunity to find a significant land offering, with ocean frontage, less than an hour from Perth’s CBD, is exceptionally rare.
Mr Matthews was a regular visitor to his West Australian property where his homestead was located.
Before his passing, Mr Matthews requested that proceeds from the land sale be donated to his not-for-profit charity, the US-based Karakin Foundation which assists adults with intellectual disabilities, provides educational scholarships and specially adapted homes for disabled US veterans.
In recent years, the foundation also expanded its focus towards clean drinking water and healthcare facilities in the developing nations of Southeast Asia and Africa.
McWilliams Davis Lawyers, a boutique, Perth-based commercial property law firm, are acting for Mr Matthews’ US appointed executors.
For further information, please contact Axia Corporate Property’s John Garland or Wayne Mitsikas. For legal comment, please contact McWilliams Davis Lawyers directors, Paul McWilliams or Anthony Davis.