A large englobo development site with uninterrupted direct coastal frontage to the Indian Ocean has hit the market in Geraldton.
Located at Glenfield Beach, 10km north of the Geraldton town centre and just south of the proposed Oakajee Strategic Industrial Area, the landholdings comprise a total of 161.62ha of developable coastal land.
The site is being brought to market by Ray White Commercial (WA) agents Brett Wilkins, and Phil Zoiti.
Mr Wilkins said the sites would attract attention from domestic and international developers.
“These landholdings provide the opportunity to acquire exposure to a regional area with growth potential at a scale necessary to shape the future of the greater Geraldton area,” he said.
“According to REIWA, the January 2023 Geraldton residential vacancy rate was 1.1 per cent which represents a very high residential rental demand and an appetite for increased housing supply.”
The site is strategically located near the Oakajee Strategic Industrial Area Oakajee which has been backed by the Western Australian Government and resource sector giants to deliver a sustainable and globally competitive industrial area with focus on the production of renewable hydrogen.
Urbis director David Cresp recently completed a report on Geraldton and the mid-west markets.
“Major resource and infrastructure projects have historically had a large impact on housing demand, especially in regional areas,” Mr Cresp said.
The Western Australian Government is well advanced with a renewable hydrogen initiative based at the Oakajee Strategic Industrial Area. This is expected to generate significant investment, employment, and value production in the region.
“The site is poised to capture an increase in need for residential housing supply on top of existing inflated demand owing to the proximity to the employment node,” Mr Zoiti said.
“The 161.6ha site is subject of the City of Geraldton’s Glenfield Beach Local Structure Plan which can cater for approximately 2,000 dwellings with densities ranging from R25 – R80.
“The site also benefits from access to all development services due to its proximity to existing residential areas adjacent to the pristine coastline.”
The property is being offered for sale via expressions of interest, closing 12 April at 4pm.