While the reserve price in the land auction remained private, Cedar Woods WA state manager Stuart Duplock said it was in the ‘ball park’ of what the company had expected to pay.
The land, next to Whiteman Park on Woollcott Avenue, was formerly owned by the City of Bayswater, which bought it more than 30 years ago for sand mining.
With a City of Swan district structure plan already in place, Mr Duplock said the company planned to develop a residential estate with more than 350 lots, a primary school and an open space incorporating an existing wetland area.
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READ NOWHe said at today’s land prices, lots were likely to sell for between $160,000 and $250,000.
‘We foresee the market for this development to be first and second homebuyers who are looking for an affordable home in a fast-growing, well-serviced community,’ he said. ‘Based on the average 2.5 people per household, the estate should house about 1000 people. With a district structure plan already in place, settlements are expected to commence in late 2015.’
It is the second major property development in the region announced by Cedar Woods in a fortnight.
Late last month, it unveiled plans to build up to 600 new homes on the old Bushmead Rifle Range site in Hazelmere.
Cedar Woods paid $18 million for the 273ha site in a public tender in July 2010.
Brabham is close to Whiteman Park and the Swan Valley as well as the Ellenbrook and Midland town centres.