Okeland has appointed Biggin & Scott Land’s Frank Nagle and Andrew Egan along with Ray White Special Projects’ Tony Williams and Mark Creevey to sell the Providence estate via an expressions of interest campaign.
Okeland executive director Cameron Shephard, whose father David started the business 40 years ago (it was previously called Amex Corporation), told the Financial Review the founding investment partners decided to sell following a review of their portfolio.
“We’d like to reinvest the proceeds in future new communities and find the next Providence. That’s what we are really good at – envisaging and creating,” he said.
There is capacity for a further 6000 homes to be completed at Providence over the next 20 years.
On completion, the community will include more than 200 hectares of open space and parklands, a major retail town centre, a commercial precinct, four schools (two of which opened in January 2020), a health and wellbeing hub and a sport and recreation precinct.
Okeland’s other projects include a 2500-lot Kingsford estate in Perth’s north-east.
Biggin & Scott Land managing director Frank Nagle said it was rare for an offering of this size to come to market.
“The most recent comparable transaction was The Grove Estate in Victoria which we sold in 2018 for circa $200 million with almost 2000 lots,” he said.
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