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Commercial Sales

LIFESTYLE VILLAGE

(on approximately 8.69 hectares)

Description

The Village development has substantially commenced with thirty eight (38) constructed dwellings already on site including four (4) display units and thirty three (34) sold and occupied residences. Any display houses available at the time of settlement will form part of the offer and be included in the sale.

The development has the advantage of having fifty one (51) vacant lots that are fully serviced by electricity, communications, water, sewer, gas, roads & drainage and a ready to receive a new house. Additionally there are a further thirty (30) vacant lots with partial services completed. This site has had considerable earthworks and retaining walls installed allowing for the immediate ongoing operation of the village and reducing future costs.

Original development approval in 2012 for total of 181 home sites (subsequently amended 2017 back to 131 home sites as a result of the rezoning of a portion of the land). Currently 34 residents occupy homes within the El Caballo Lifestyle Village on long term tenancy agreements, the earliest of these leases being May 2013 and the most recent January 2019.

Remaining lifestyle village development is for a total of 131 home sites (+ additional 65 home sites, subject to further approvals, to make a new total of 196).

Improvements

Current improvements can be summarized as follows:

  • Substantial stone entry statement with remote controlled steel security gates
  • 34 occupied houses (under site lease agreements)
  • 4 display houses
  • 51 vacant sites fully serviced and complete – in readiness to receive a house
  • 30 vacant sites partially complete (service conduits installed but still needing road, retaining, fencing etc to be installed prior to being ready to receive a house)
  • 77 sites with no works yet completed

Additional brick and tile improvements include:

  • Ex carriage museum (approximately 800m2)
  • Ex stables with steel yards (now storage for villagers and community vegetable garden)
  • Ex garaging (now a maintenance area for the lifestyle village property)
  • Brick and steel fenced equestrian round yard
  • Triplex unit (2 x 3 bed and 1×1 bed)
  • Family unit for use by village residents (3×1)
  • Steel fenced equestrian work arena

The Lifestyle Village has had substantial groundwork undertaken to minimise future expenditure required for further development and has re-purposed some buildings from the original El Caballo Resort community purposes including a Hobby Centre containing arts & crafts, metalwork & woodwork, residents lounge, games room & library and storage facilities. The community centre has not been constructed but plans have been prepared and are available for inspection. The community centre site is fully serviced.

Income from Village

There are three forms of income which will be derived from the Village to the Village operator, these being:

1) Income from residents in occupation;
2) Sale of homes to incoming residents;
3) Future resales when existing residents leave and the village operator takes a percentage of the resale price.

Further to the income stream from the three sources detailed above it should be noted that the lots are on a Lease only basis and the property will revert unencumbered back to the Owner in fifty five years (2073).

Detailed income analysis and costs can be made available upon the execution of a Non Disclosure Agreement.

Location

The subject property is located 60 kilometres north east of Perth or approximately 40 kilometres from Midland with Northam being located approximately 30 kilometres east.

More specifically the property is located on the northern side of the Great Eastern Highway approximately 9 kilometres east of the Lakes turn off.

The subject property is surrounded on three sides by the El Caballo Golf Course which separates the subject property from the El Caballo Resort.

Access to the property is afforded primarily off Jocoso Rise although a secondary egress exists for fire safety onto Great Eastern Highway at the western end of the golf course.

+Disclaimer

This page has been prepared by Richard Noble & Company (exclusive selling agent) and is solely for the information of potential buyers to assist them in deciding whether they are significantly interested in the property offered for sale to proceed with further investigations of the property on their own. Information contained herein does not constitute all or any part of any offer or contract of sale and is intended as a guide only.
The agent has prepared the information contained in the report and potential buyers should take note that any costings or areas contained within the report are based on figures provided to the agent by other parties and have not been independently verified. Any projections contained in the report therefore represent best estimates only and may be based on assumptions that, while reasonable, may not be correct.
If a projection has been made in respect of potential net income, such projection is an estimate and represents only one possible result, depending on the assumptions made. Potential buyers, should therefore, satisfy themselves as to the market assumptions and make their own judgement as to the likely outcome.
Potential buyers should not rely on any material contained in this report as a statement or representation of fact, but should satisfy themselves as to the correctness by such independent investigations as they or their legal or financial advisor’s see fit.
Any statements contained in this property report which are forecasts or predictions as to the likely state of property or rental markets in Perth in the future, are based on information available to the agent through various research sources. Whilst all care has been taken to ensure that information is accurate and conclusions drawn are reasonable, no warranty is given as to those conclusions or as to any forecast or prediction, nor does the seller accept liability for them. The buyer must make its own assessment as to the likely future of property and rental markets in Western Australia and as to the impact that it is likely to have on this property.