Interstate developers Goldfields acquire Margaret River subdivision Brookfield in $8m buy

Interstate property developer Goldfields has bought Brookfield’s future 400-lot development stage for about $8 million and moved to allay fears about any changes to the local forest. In news which stirred residents last week, Goldfields announced the purchase, which was reported by the Times in April last year, and detailed plans to establish a Perth office to oversee sales expected to gear up later this year for its first WA project. Goldfields chief executive Lachlan Thompson declined to detail any changes from the existing structure plan for the site or how the future development would integrate with the existing Brookfield subdivision. “The site is set to become a master-planned residential community, with construction due to commence in the fourth quarter of this year,” he said. “We’ve identified significant growth opportunities in Margaret River, due to favourable economic conditions, employment expansion, and significantly constrained land supply in the area.” Goldfields anticipated strong interest due to Margaret River’s lifestyle appeal, mirrored by the region’s high volume of real estate sales during the past year. Goldfields State general manager Gareth Wilson said recent growth in the Margaret River region made the project “an attractive development opportunity”. “Popularity in the South West is stronger than ever and as a result Margaret River has seen an unprecedented growth in property sales and prices over the past two years,” Mr Wilson said. “Margaret River’s unique lifestyle offering and the strong WA economy have created demand in the area, not only from the local population, but also holiday-makers and investors. “Not only will this new community help to meet the demand for housing, but it will also offer purchasers an affordable opportunity to improve their lifestyle in the South West.” The acquisition comes as Yolk Property Group advance its plans across the road, with a proposed 470-lot development between Brookfield and the southern bypass roundabout on the stalled 67ha Weightman Farm housing estate once owned by a Nigel Satterley-led consortium. In November, the Times reported Yolk’s plan involved a possible village development with clubhouse and green belt, which could feature WA’s first “build to rent” incentive scheme. Goldfields said the Brookfield Forest, 5ha of which was included in the sale, would be handed to the Shire for preservation.