Historic landholding shares on market which could add another 1000 Capes homes

Shares in a historic landholding which could add another 1000 homes between Busselton and Margaret River have returned to the market. The vast holding owned by Stan Perron’s Perron Group in a joint venture with partner Stawell Pty Ltd has been in development for more than a decade, adding about 1500 homes to the market in different locations around Vasse. This month Perron Group’s 50 per cent stake in the land measuring more than 160ha went on sale with space for another 1000 homes across multiple precincts. Initial registrations of interest would close on December 12 before a longer process culminates in a final sale by early March. Perron Group chief executive Adam Irving said the sale of the company’s long-held stake was consistent with its broader strategy now focused on the late property magnate’s Stan Perron Charitable Foundation. “Vasse Estate is a quality asset and we are extremely proud of the role the group has played in the creation of what is already a vibrant community, and we look forward to its next chapter in the hands of another joint venture partner,” Mr Irving said. Seller Sean Flynn, senior director of WA’s JLL Capital Markets, said the land coming on the market was “an unparalleled opportunity for investors to enter a thriving market in one of Australia’s most desirable regions”. “Vasse Estate’s strategic location and diverse offerings make it a standout investment in WA’s property landscape,” he said. Mr Flynn told the Times the region was fast outstripping past expectations, with a mix of house prices, the desirable lifestyle, and growth of the airport creating attraction and driving strong initial interest in the offering. “One of the key take-outs here is that the Busselton region now has a median house price that by many estimated now outstrips the Perth metro median,” he said. “While Busselton/Vasse is described as a regional location, it really does have a metro real estate dynamic, and we believe the change is permanent and will continue to propel the local market and economy forward.” Vasse had come into its own as the gateway to the Capes tourism region including Margaret River and Dunsborough-Yallingup-Eagle Bay. “Pretty much everyone therefore travels through Vasse,” Mr Flynn said. Commercial growth in Vasse reflected that desirability, with Bunbury Farmers Market’s first local branch much anticipated, while the future of possible international flights through Busselton Airport was another factor to consider, he said. “(It) feels like a very powerful formula for long-term future prosperity in the region,” he said. City of Busselton community planning director Gary Barbour said the local government and developers had a longstanding working relationship. “The developers have delivered approximately 1500 lots to the local market as well as the Vasse Village town centre and light industrial area,” he said. “The Vasse area continues to experience strong growth with the potential for a further 1000 lots.”