Perron Group offer 50% interest Vasse Estate for sale - JLL

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Perron Group offer 50% interest Vasse Estate for sale - JLL

JLL Perth agents Sean Flynn and Nigel Freshwater market the freehold 50% JV interest in Vasse Estate, Busselton for sale, currently held by Perron Group.

JLL

50% JV interest in Vasse Estate, Busselton for sale by JLL
JLL

50% JV interest in Vasse Estate, Busselton for sale by JLL

Nov 12, 2024

JLL, as exclusive selling agents, present to market the freehold 50% JV interest in Vasse Estate, Busselton, currently held by Perron Group.

The most prominent estate in regional Western Australia, this partially delivered, award-winning land development is offered for sale via Expressions of Interest, with initial Registrations of Interest closing Thursday, 12 December, 2024 at 2pm (AWST).

Vasse Estate offers a unique opportunity to acquire a Joint Venture interest in a fully operational master-planned residential estate in Western Australia's thriving South-West region. The offering includes potential for the incoming buyer to assume operational control of the estate, with the project management function presenting the opportunity to deliver a significant additional income stream over and above the 50% share in development revenue.

Upon completion, Vasse Estate will be home to approximately 6500 residents. The Estate contains key amenity including the Vasse Village comprising a Coles Supermarket and Vasse Village by Bunbury Farmers Market, Vasse Primary School, Cape Naturalist College, Wadandi Track, and recreational facilities with around 1500 lots delivered to date and over 1000 lots to come, subject to statutory approvals.

Being only 230km south of Perth, Vasse Estate is strategically positioned between the city of Busselton and world-famous tourism towns Dunsborough, Yallingup, and Margaret River. This prime location provides residents with immediate access to employment opportunities and world-class lifestyle destinations.

Located in the popular Busselton-Margaret River tourism area, the estate boasts a diverse mix of assets including residential and commercial stock, new and future development stages, and additional land with potential for future subdivision. The estate's town centre, anchored by a successful Coles Supermarket and the upcoming Vasse Village by Bunbury Farmers Market, forms the heart of this vibrant community.

Situated in a premium growth location, Vasse Estate benefits from strong population growth projections and a booming residential market, with compound annual growth rates exceeding 10% since 2020. The area’s desirability is set to increase further with planned infrastructure improvements, including the Bunbury Outer Ring Road and the expansion of the Busselton-Margaret River Airport, which will enhance accessibility and attract more visitors and residents to the region.

This investment opportunity is particularly attractive given Western Australia’s chronic housing supply shortage. With new dwelling completions significantly lagging behind population growth, Vasse Estate is well-positioned to meet the increasing demand for housing in this sought-after area. The combination of strategic location, diverse assets, strong market conditions, and future growth potential makes this offering unprecedented in its scope and potential for investors.

The offering includes various precincts: Armstrong, Vasse North, and Rural land, plus the balance of Dawson, Vasse Village and Light Industrial Area, collectively totalling approximately 164 hectares and providing for over 1000 lots to be delivered, subject to statutory approvals.

Sean Flynn, Senior Director, JLL Capital Markets - WA, stated: “This is 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 Western Australia’s property landscape.”

Nigel Freshwater, Senior Director, JLL Capital Markets - WA, added, “The booming South-West region, coupled with Western Australia’s strong economic fundamentals, positions Vasse Estate as a prime investment opportunity. The estate’s mix of residential, commercial, and industrial components provides a balanced and potentially lucrative portfolio for the right investor.”

The sale process will be conducted in two stages:

Initial Registration of Interest closing 2pm (AWST) Thursday, 12 December, 2024
Expressions of Interest closing 2pm (AWST) Thursday, 6 March, 2025

Perron Group CEO Adam Irving said the sale of the 50% holding was consistent with the company’s broader strategy to realign the Group’s asset mix in order to best meet its core purpose as a permanent endowment to support the work of the Stan Perron Charitable Foundation.

Mr Irving said that while the Group would maintain its active and significant investment in property, the Board had identified the need to reorientate the Group over time to ensure its mix of assets was more aligned to the traditional endowment model.

“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.”