29.10.2024

Wolfdene and Oreana Announce North Ellenbrook Acquisition

Wolfdene has continued its proactive Western Australian Greenfields acquisition strategy, partnering with Oreana to add a further 800 lots to its pipeline in North Ellenbrook.

Located 35 minutes northeast of Perth’s CBD. the 72-hectare $30 million site marks the first collaboration between two of Victoria’s largest private developers.

With an end value in excess of $300 million, the project will provide housing for 2,000 residents in Perth’s northeast growth corridor, just minutes from the Tonkin Highway, Ellenbrook Train Station (opening December 2024), shopping centre, and established amenities.

“This acquisition is another important milestone for our Western Australian growth strategy and reflects our continued confidence in the region’s potential,” said Wolfdene Managing Director, Michael Goldthorp.

“We’re pleased to continue the momentum from our recent Wellard acquisition by adding a project of this scale to our portfolio and further strengthening our holdings in the West.

“This collaboration also gives us a great opportunity to partner with Oreana, a business with a strong track record of delivering quality commercial and residential developments across the APAC region,” Goldthorp added.

Since 2020, Wolfdene has transacted on $100 million of Perth greenfield acquisitions and has grown its pipeline in the west to over $2 billion (GRV), quickly establishing itself as one of WA’s largest private developers.

“We are thrilled to further expand our presence into Western Australia as part of Oreana’s national expansion strategy,” said Oreana Managing Director, Tony Sass.

“Supported by increasing population and jobs growth, we see tremendous upside in the Perth market, and we are excited to partner with Wolfdene,” said Sass.

The combined end value of Wolfdene’s land holdings in Victoria and Western Australia have now surpassed $4 billion (GRV).

During that time, they have capitalized on the buoyant Perth market, generating $135 million in land sales across the Peel and Yanchep regions.

“Strong market conditions in Perth continue to present attractive acquisition opportunities. Western Australia enjoys a streamlined planning and development pathway that gives developers more certainty that they can deliver profitable projects,” said Wolfdene General Manager (WA), Mitch Brown.

“Average lot prices continue to grow year-on-year, First Homeowner Grant applications remain strong, and we believe that demand from the first-home buyer segment will continue to underpin the success a site like North Ellenbrook,” said Brown.

Retail sales are expected to begin in 2029, with construction set to commence in mid-2029.

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