Savills Magazine, Issue 61, 2008
Golden prospects
Lucrative land deals in Western Australia are demonstrating how much the area can offer to overseas investors
Record transactions by Savills Australia are proving that the market there is growing in strength. Indeed, many European players are now prioritising Australia and Asia Pacific. This year, Savills Perth completed Western Australia’s largest-ever sale of a single residential land holding. The A$300 million (£138.37 million) beachside site, comprising over 600 acres (240 hectares), is located at Alkimos, north of Perth, and offers over 1.7km of Indian Ocean frontage.
Paul McLean, Executive Chairman of Savills Australia, says, “As part of Savills’ global strategy, and expanding on the company’s great core strength in the UK, it has always been our intention to introduce Residential Sales to the Australian market. Before this could happen, we had to set a strong foundation in other parts of the business: capital transactions, office leasing, retail and commercial management, valuations consultancy and project management. Now that this has been achieved, it is hoped that we can use our extensive UK knowledge of the residential market sector to grow a sustainable residential business throughout Australia.
“Initially, we hope to commence operations in Sydney, Perth and Brisbane by mid-year, and then grow into the other parts of the country,” he adds.
Savills has 12 offices around Australia, with representation in all major metropolitan areas, including Sydney, Brisbane, Melbourne and Adelaide.
Contact: Paul McLean
+61 7 3002 8808
pmclean@savills.com.au
Western Australia
in figures
- The economy is growing by 11 per cent on average each year
- Unemployment currently stands at three per cent
- The Western Australian state is predicting investment of A$250 million over the next 20 years