Prime Gidgegannup Properties Sell for Circa $12M

Two high-profile parcels of land in Gidgegannup have been sold for circa $12 million in a series of deals brokered by boutique specialist property services firm Effective Property Solutions (EPS).

EPS handled the forced sale of Le Lake Retreat and nine properties forming part of a tract of land once earmarked for a majorly intensified townsite expansion in the semi-rural suburb in the Perth hills on behalf of receiver managers Cor Cordis.

Le Lake Retreat was purchased by Perth-based Siok Puay Koh for $5.5 million while the other development sites – comprising nearly 176 hectares and zoned ‘Urban’ – were sold down for circa $6.5 million by a collection of owner-occupiers and a medium-sized developer.

EPS founder and director Erwin Edlinger said the 10 properties, sold on an “As is where is” basis, had now sold.

“Our understanding is that the local buyers of the nine properties picked up the land due to its long-term value and that, if all goes to plan, the developer is keen to carve up the land into one-to-two-hectare rural residential lots,” said Mr Edlinger.

“The lots at 7, 11, 91, 150, 175, 201, 298, 301 & 800 Toodyay Rd were fully marketed, as required by law, and were priced to sell but were not undersold, with strong demand recorded for them.

“In terms of Le Lake Retreat, more than 50 buyer enquires were received, along with five offers before this secluded haven and botanical oasis was sold to its new local owner.”

Mr Edlinger described the outcome of the international marketing and sales campaign for the properties as very successful.

“Selling these highly geared private debt properties was a challenging process due to myriad legal and environmental constraints,” he said.

“However, thanks to our deep expertise in complex property disposal campaigns, we adeptly worked through these, in conjunction with our client’s lawyers.

“The circa $12 million generated ensured the South Australian-based Mortgagee in Possession could pay back all its private investors in full.”

Le Lake Retreat, a unique 143-hectare landholding in a secluded valley, was a private retreat-turned-tourist destination at the time of sale. It was originally owned and created by Perth-based shopping centre magnate Michael Coleman.

The picturesque property at 2346 Toodyay Rd features 10 hectares of stunning lakes, a three-bedroom lakeside cabin, beaches, jetties, breathtaking landscaped semi-formal and ornamental gardens featuring 12 gazebos, multiple waterfalls, and a plethora of sculptures and artworks sourced from a UK studio.

The 9 other lots were once set to be part of ambitious plans to build a tourist, holiday and lifestyle destination for up to 4,500 residents within the rural townsite of Gidgegannup by former listed property developer Port Bouvard.

They are zoned ‘Urban’ under the Metropolitan Region Scheme and ‘General Rural and Rural Residential’ under the City of Swan’s Town Planning Scheme.

Established in 2020, EPS – which specialises in end-to-end projects – comprises a dedicated team with more than a century of combined broad property sector experience.