WANNEROO City council has endorsed a new deed of agreement to upgrade roads in Banksia Grove.
It replaces a 2004 agreement and concerns works on Joondalup Drive, Pinjar Road, Old Yanchep Road and Flynn Drive north of Banksia Grove, which are the responsibility of the Housing Authority and joint venture partners Banksia Grove Development Nominees (BGDN).
A stipulation of the previous deed prevented them from developing and selling 20ha of land in the northeast corner of Banksia Grove until outstanding works were completed.
Following an independent valuation report, the City of Wanneroo supported BGDN’s request to reduce this land area to allow development to continue.
The approved deed includes a provision that should the authority seek withdrawal of the land covered under the caveat, it and/or BGDN must provide alternative security to cover costs of any outstanding obligations.
The item was withdrawn from the June 28 agenda and dealt with confidentially at the July 19 meeting, where it passed unanimously.