The transformation of the Bunbury waterfront continues, with confirmation the first landmark site at Koombana North has gone under contract, Lands Minister Terry Redman announced today.
Mr Redman said LandCorp had signed a contract of sale with Queensland-based AustPro Management Services Group for $1.5 million, who plan to bring a mix of retail, office, hospitality and residential apartments to the precinct.
"The sale of Lot 1, with an option to purchase Lot 2, is a great outcome for the City of Bunbury, indicating confidence among national investors in the prosperity of the South-West region," he said.
"Located right on the Koombana North foreshore, Lots 1 and 2 are the landmark sites of this latest precinct within the Bunbury Waterfront rejuvenation and will become the northern gateway to Western Australia's second largest regional city."
Once developed, the two sites will complement and enhance the newly landscaped foreshore by offering a range of shops, services and eateries on the ground floor with permanent residential apartments on the upper levels bringing activity and vibrancy to the area. Zoning permits up to six floors.
"Development of the Koombana North foreshore, with its barbecue and picnic facilities; viewing platforms across the magnificent Koombana Bay; disabled access to the ski beach; grassed areas with deckchairs and a new boardwalk and cycle path, has already become a destination for residents and visitors alike," the Minister said.
With a developer now secured for the first two lots, civil works to create all five lots in the precinct are expected to begin later this year.
AustPro is expected to lodge their development application with the City of Bunbury by the end of the year, with building to begin within 36 months of settlement.
The progress of Koombana North at Bunbury Waterfront was facilitated by a ministerial taskforce group, chaired by Bunbury MLA John Castrilli, in close consultation with the City of Bunbury and the local community.
Minister's office - 6552 6700