Austin Lakes housing development is on the market, with residents of the South Yunderup estate notified about the potential sale.
Project manager Satterley Property Group confirmed the sale and said it was a decision made by the project owners in a bid to recycle their capital.
“The owners of the Austin Lakes Project have decided to diversify and recycle their capital,” Satterley chief executive Nigel Satterley said.
Satterley will continue to manage the project during the selling process and if the project doesn’t sell will continue to sell lots at Austin Lakes.
Residents were notified that the playground and lake would continue to be maintained and the existing and approved local structure plan for the estate would still apply.
“As a single residence within the estate and titleholder/ratepayer of land within the Shire of Murray, your primary relationship will remain with the Shire and they are aware of the potential transfer of ownership on the land owned by the Austin Lakes Project,” a letter from Satterley to residents read.
Advertising agent Biggin & Scott Land have advertised the project as having two parcels of land, totaling 636 hectares.
The first – at 430 hectares – includes the first stage release with 406 lots sold, with a balance of 2700 lots, the shopping centre, central lake and adventure park.
The second land parcel of 206 hectares has been advertised as having a potential of a further 2200 lots, subject to WA Planning Commission and council approval.
“Austin Lakes Estate is a partially completed master planned project with development approval for approximately 3116 residential lots with the first stages completed, including an established neighbourhood shopping centre, central feature lake, award winning adventure park, playgrounds and school,” the online listing read.
Expressions of interest are expected to close on September 6.