LJ Hooker Commercial and Effective Property Solutions have been appointed to sell a 10.2-hectare plot in Piara Waters on behalf of landowner GM Property Group, which acquired the land around five years ago and rezoned the land from rural to urban.

The campaign will be jointly managed by LJ Hooker Commercial Founding Principal Vincent Siciliano and Effective Property Solutions Managing Director Erwin Edlinger.

Located close to key transport and employment hubs and adjacent to residential development and major housing estates, the landholding has the potential to yield approximately 170 to 200 lots.

Mr Siciliano expects significant interest from local and national developers for the site, which is located in an area where strategic landholdings have traditionally been tightly held.

“This landholding is Piara Waters’ next development front, in a prime market location,” Mr Siciliano said. “It’s ready to go and these types of parcels don’t come up very often.

“With the strategic location of this site, there is a big opportunity for a national developer or a local developer of scale to leverage off an existing estate.”

The site is located in close proximity to key transport infrastructure including Cockburn Central Train Station, Armadale Road and the Kwinana Freeway, as well as a significant employment hub around Jandakot Airport, where its new owners are advancing a comprehensive range of industrial development plans.

Construction is well under way on the $60m Piara Waters Secondary School, which directly adjoins the property and is expected to welcome its first students in the 2023 school year.

A $10.2 million shopping centre was also recently approved nearby in Piara Waters, comprising a major supermarket, a range of retail shops, a gym, liquor stores, four fast food outlets and a BP service station. The retail precinct will also include a childcare centre with a capacity of up to 92 children.

Piara Waters has long been one of Perth’s most active development fronts, with a host of major developers - national and local - making it one of the city’s strongest residential sub-markets.

Data from the Australian Bureau of Statistics showed Forrestdale-Harrisdale-Piara Waters ranks as the third-fastest growing area in Western Australia.

Piara Waters’ median house price grew by 8 per cent in the last 12 months to reach $555,000 at the end of April, according to the Real Estate Institute of Western Australia

ASX-listed developer Stockland’s nearby Calleya estate has been extremely popular with buyers since its launch in 2008, with more than 1,700 lots settled as of June 30 last year. 

While it has been a hotbed of activity, Piara Waters is facing a short-term land supply shortage, with Stockland’s Calleya, QUBE’s Mason Green and Cedar Woods’ Karmara completely sold out, and Mirvac having almost sold out at its Madox estate.

“The outlook for active supply in Piara Waters is that it will struggle to address average demand, let alone any further spike in demand,” Mr Edlinger said. “This is likely to present the opportunity for land prices to continue to escalate over the short term.

“The forecast for land prices certainly remains optimistic, with market drivers and recent public infrastructure investment in Piara Waters underpinning a positive outlook.”

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below.