Infrastructure will eventually improve and I have no doubt that in years to come these areas will change dramatically.
Partly due to the Mandurah Council Coastal plan which has approved regional beach for this area 1 km (north) from Madora Bay tavern. All this land I believe is owned by H&R Perry and will be developed jointly. Eventually there will be a road to link Singleton and Madora.
the new price list is out – and apparantly has been re-issued again with a further $10 to $15k on top of that, so gains on the blocks we picked up are in the order of $30 to $40k. great stuff!
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
I have heard – 2nd hand only – that a super fund bought out all of the remaining lots and stages at Seascapes, so don’t expect to find any land down there. I think this is a sign of the future.
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
Must be one cashed up super fund! They have to be careful re sole purpose test too as the trustee can’t be deemed to be into property development with fund assets. ie. can’t build homes and then flick em as it may be seen as carrying on a business. I find it hard to prove that if you buy up a few blocks in Seascapes that you are not carrying on a business of property development through a super fund. Good luck to em if they can get away with it – CGT only at 10% but when you take into account the unleveraged assets, returns are not that spectacular (IMO anyway).
There was an article regarding this in Wed’s paper.
Super fund is actually subsidy co. of Mirvac Fini.
They quoted returns of 18% pa.ah is that where the news was, that would make sense. I believe the plan was to build all the homes and sell them in a USA style completed estate. how can it not be property development? must have clever lawyers or something. maybe it’s a JV where the super fund buys the land cheap and then the partner pays a profit when they sell the house – am sure there would be a way around it, hence just holding land.
super is dead money anyway so I guess you may as well build something with decent margins and as safe as houses rather than gamble on the stock market.
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
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