11,170Ha of urban development and farmland in idyllic Lancelin goes to VIMG

PERTH, 6 July 2022 – A generational landholding in the coastal location of Lancelin, Western Australia, has been acquired by Australian property developers, VIMG incorporating one of the largest urban land parcels to transact in recent years.

The Farming & Coastal Agriculture Subdivision Portfolio was sold following an international offers to purchase campaign handled exclusively by JLL’s Director, Sales & Investments (WA), Sean Flynn and JLL’s Agribusiness Directors, Chris Holgar, Clayton Smith and Geoff Warriner, together with Axia Corporate Property’s Wayne Mitsikas and John Garland.

The portfolio has a total land area of 11,170 hectares, which contains 8,700 hectares of farmland, 675 hectares of Urban Development land and a further 1,775 hectares of rural and coastal conservation land.

Considered one of the largest land holdings in the district, this portfolio stretches from the coastal community of Lancelin South to the locality of Breton Bay and has a 21-kilometre frontage to the heavily travelled Indian Ocean Drive, which connects directly to Wanneroo Road and the Perth freeway network.

JLL’s Director, Sales & Investments (WA), Sean Flynn said, “Lancelin has experienced very strong growth with the median house sale price increasing by 28 per cent over recent years. Lancelin has historically been considered a small coastal fishing community and holiday destination, however people are now looking to permanently relocate to the town due in part to the improving road and rail links servicing communities to the north of Perth.

“The urban development portion of the portfolio which incorporates Lancelin South Estate could one day deliver over 4,000 lots, with the urban zoned land covering a vast 675 hectares. Having an approved structural plan with 27 lots on hand also means that a buyer could hit the ground running with an ambitious urban expansion plan,” Mr Flynn added.

Purchaser VIMG has acquired the asset to complement their recent purchase of Eastpoint Plaza and their establishment of a Perth office, as they continue their strategic expansion across Australia.

JLL’s Director, Agribusiness, Chris Holgar said, “Included in the portfolio was 8,700 hectares of productive broadacre farmland which has historically been utilised for a range of agricultural pursuits. This land benefits from reliable rainfall and fertile sandy loam soils with the potential to support intensive agriculture, cultivation of cereal and legume crops and grazing of livestock all within proximity to Perth.”

The portfolio owned by Texan-born entrepreneur and philanthropist, Mr Joseph Matthews instructed the proceeds of this sale to his not-for-profit charity ‘The Karakin Foundation’ which assists adults with intellectual disabilities, provides educational scholarships and specially adapted homes for disabled US veterans.