Bruce Gordon’s private company has sold Perth’s most significant residential development opportunity for $48.5m
Gay Street Property Holdings Pty Ltd, a special purpose vehicle owned by media entrepreneur Bruce Gordon has sold the major land holdings Gay St and Cottonwood Crescent to Satterley and their Development partners.
Andrew Lancaster, CEO of WIN Network and Gay Street Property Holdings, said the transaction represents the successful conclusion of a long-held strategic asset.
“This site has been part of the broader media precinct for many years and we are pleased to see it transition to its next chapter under the stewardship of an experienced developer like Satterley,” Mr Lancaster said.
“The Dianella landholding represents a significant residential opportunity in a tightly held part of Perth, and this transaction ensures the site can now be unlocked to deliver new housing supply for the community.”
“We look forward to seeing the site transformed into a high-quality residential development that contributes to the continued growth of Perth’s northern suburbs.”
Satterley is Australia’s second largest land developer and one of the country’s most trusted residential community brand, with over four decades of experience, planning and delivering masterplanned communities. Operating across Western Australia, Queensland and Victoria. Satterley has developed more than 230 communities and sold over 133,000 lots, creating homes for more than 380,000 people and earning a portfolio of more than 120 national and international and state awards for excellence.
Satterley led the rezoning of the local Channel 7 site back in 1999. The Channel 9 & 10 sites will be in the final pieces of the rezoned media precinct.
Nigel Satterley CEO, Satterley Property Group said “We are very pleased to be able to finally secure the site which we have been extremely interested in developing for the last decade. Dianella is a tightly held, well established suburb with multi-generational families. We are excited to bring much sought after premium homes to this blue chip neigbourhood.”
Colliers’ Shane Isaacs, Manager Investment Services | Western Australia and Simon Kersten, Managing Director | Wollongong, were successful in negotiating the sale via an Expressions of Interest campaign that closed on 9 December. Ten offers were received for the asset which required a second round of bids to conclude the negotiations which were completed in late 2025.
The purchaser has spent the first part of the year in exclusive due diligence and has now committed to purchase the land.
Cottonwood Crescent was purchased from Network TEN and the Gay Street site was retained by Bruce Gordon following WIN’s sale of Nine Perth in 2013. The combined holding spans 12.09 hectares across two elevated land parcels in Dianella- just 8km from the Perth CBD.
At the time of listing Shane Isaacs said “This is a generational opportunity to unlock premium residential land in one of Perth’s most tightly held inner northern suburbs. The elevated positioning offers sweeping views to the city and the Darling Scarp, making it a highly desirable proposition for developers.”
With the sale now unlocking key residential land Mr Kersten said “We were proud to bring this landmark site to market and even more excited that a developer of Satterly’s credentials will now take carriage of this exciting project.”
The properties are subject to existing local structure plans, allowing for the development of around 150 individual lots. With Perth’s residential market facing constrained supply and increasing demand, the campaign attracted strong interest from both local and international developers. Dianella is strategically located just north of the Perth CBD and offers proximity to major retail centres, employment hubs and key local amenities. The sites are in close proximity to Dianella Plaza Shopping Centre, The Square Mirrabooka, Reid Highway, Malaga, Dianella Primary and Secondary College, and the Western Australian Golf Club in Yokine.
Lots 55 & 56 Cottonwood Crescent comprise 7.0108 hectares adjoining prestige and executive homes while Lots 1 & 2 Gay Street total 5.0888 hectares, bringing the combined landholding to 12.0996 hectares.
“This location offers every convenience of the city, with the added benefit of elevated views and access to major retail and employment hubs,” Mr Isaacs said. “It’s a rare chance to deliver a masterplanned community in one of Perth’s most established suburbs.”
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