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A 50-per-cent joint-venture interest in Western Australia’s Vasse Estate, a masterplanned community in Busselton’s rapidly expanding south-west corridor, has come to market.
The stake, currently held by Perron Group, includes about 164ha of developable land with potential for more than 1000 future lots, subject to approvals, according to JLL.
The sale encompasses multiple precincts including Armstrong, Vasse North, and Rural land, alongside remaining portions of Dawson, Vasse Village and a light industrial area.
The estate, 230km south of Perth, has already delivered 1500 lots and is projected to house 6500 residents upon completion.
JLL Capital Markets—WA senior director Sean Flynn said the half stake was an “opportunity for investors to enter a thriving market in one of Australia’s most desirable regions”.
“One of the key takeouts here is that the Busselton region now has a median house price that by many estimated now outstrips the Perth metro median,” Flynn told The Urban Developer.
Flynn said the expanded Busselton-Margaret River Airport, which now services the WA FIFO industry and interstate tourism, has led to a structural shift in its population.
“There’s also talk of international destinations which would be amazing for the region,” he said.
“So, while Busselton/Vasse is described as a ‘regional’ location, it really does have a metro real estate dynamic, and we believe the change is permanent and will continue to propel the local market and economy forward.
“Vasse itself is literally at the local tourist distribution point into the world-class south-west tourism region, with those intending to visit Margaret River ‘turning left’ at the Vasse roundabout, and those heading to Dunsborough, Eagle Bay, and Yallingup ‘turning right’.
“Pretty much everyone therefore travels through Vasse.”
Flynn said the “booming Vasse Village town centre” was anchored by a Coles supermarket, and the Bunbury Farmers Market.
“Bunbury Farmers Market is a local institution in the region, being almost an obligatory stop-off point for locals commuting to the south-west for holidays.
“It’s another game-changer for the location.”
The offering includes potential operational control of the estate, with project-management responsibilities providing additional income streams beyond the development revenue share.
The estate’s strategic position between Busselton and tourism centres Dunsborough, Yallingup, and Margaret River has contributed to compound annual growth rates exceeding 10 per cent since 2020.
Perron Group chief Adam Irving said the divestment aligned with the company’s strategy to restructure its asset portfolio to support the Stan Perron Charitable Foundation.
According to JLL, WA’s housing supply shortage enhances the investment opportunity, with new home completions lagging population growth.
Planned infrastructure improvements, including the Bunbury Outer Ring Road and Busselton-Margaret River Airport expansion, expected to further boost the region’s accessibility and appeal.
The two-stage sale process begins with registration of interest closing on 12 December 2024, followed by expressions of interest closing on March 6, 2025. JLL is managing the process as exclusive selling agent.
Stockland has filed plans for its $142-million Halcyon Vasse land-lease lifestyle community at the northern side of Rendezvous Road between Kaloorup and Boallia roads at Vasse. It comprises 214 detached homes and extensive communal facilities that target the over-55s market.
Stockland won approval for a $71-million land-lease retirement community in October, comprising 153 homes on a former Wanneroo chicken farm in outer Perth.
