The sale of a tract of land in Bullsbrook held by investors for more than 20 years underscores the dramatic shift underway in one of Perth’s fastest-growing corridors, according to specialist Perth property firm Effective Property Solutions (EPS).
The 13.89-hectare lot at 56 Raphael Rd in Bullsbrook purchased by Louie Condo, owner of local earthmoving outfit Condo Cartage, for $1.65 million settled earlier this month.
EPS founder and managing director Erwin Edlinger – who has now overseen the acquisition and sales transactions of more than 400 hectares of land in Bullsbrook with a value of $65 million over the past decade – said the sale highlighted current unprecedented interest in the WA Government priority precinct.
“After more than two decades, the sellers of Lot 56 Raphael Rd, who are now in their 70s, knew the time was right to list the property and we received more than 50 enquiries in just a few months,” explained Mr Edlinger.
“The lot was eventually acquired as an expansion site for successful WA business Condo Cartage, which also recognises the land’s development potential and growth prospects.”
Mr Edlinger said the key growth suburb, which lies 40km from the Perth CBD, was seeing a significant increase in activity from developers, investors and owner-occupiers for both future “Urban/Residential” and “Industrial” land development.
“This demand is being driven by State Government driven investment and rezoning, and the area’s future growth prospects remain robust,” he said.
“The extension of the Perth-Darwin National Highway past Ellenbrook and the new Ellenbrook train line have substantially shifted the future growth suburb’s dynamic, with established national developers such as Mirvac, Stockland, Parcel Property, Lendlease and Okeland Communities making significant moves into North Ellenbrook and Bullsbrook.
“The new highway interchange planned for North Ellenbrook, to unlock the East and West District Structure Plans for primarily residential housing development, and expansion to Ellenbrook, which has reached its final development stage, will bring further demand to this buzzing north-east corridor.”
National chains Woolworths and McDonalds have also both announced plans to take up residence in Bullsbrook’s forthcoming Kingsford Town Centre, located on the eastern side of Great Northern Highway and just south of Bullsbrook’s existing retail precinct, which is being developed by Okeland Communities.
EPS’ hands-on transactional activity in Bullsbrook over the past decade includes the more than end estimated $150 million acquisition of 300 hectares of rezoned land for an international developer in what’s believed to be the biggest land assembly project in Perth’s history.
Mr Edlinger said the firm was currently working on another large-scale land transaction in Bullsbrook with a value of circa $80 million. “We expect to be on the ground in Bullsbrook for some time yet,” he said.
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