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).
Current improvements can be summarized as follows:
Additional brick and tile improvements include:
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.
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.
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.