Smith Beach gets $26.5m price tag
The controversial South West development that endured the scrutiny of the Corruption and Crime Commission seven years ago has attracted a price tag of $26.5 million.
Developer Canal Rocks Pty Ltd put the contentious Smiths Point residential and tourism project at Smiths Beach, near Yallingup, on the market late last year, reportedly in frustration over the delays and opposition that have dogged the development.
Selling agent Jones Lang LaSalle says it has received mixed inquiries on the 40.5ha site from potential buyers or project partners from both Australia and offshore.
"There has been a strong level of interest," Jones Lang LaSalle's head of sales and investments, Nigel Freshwater, said.
Sales literature for the property promotes it as "the jewel of the crown of the coastal strip in WA's south west". With ocean views towards Cape Naturaliste, it is zoned as a mix of residential, tourism and recreation reserve.
Development plans, which are fully permitted but scaled back from earlier proposals following community opposition, include 64 residential lots and a resort.
Interested parties are rumoured to include WA property developer Hawaiian, which owns Broome's Cable Beach Resort & Spa. Hawaiian declined to comment.
In 2006, the CCC explored links between Canal Rocks, the Busselton council and the company's former lobbyist Brian Burke.
Canal Rocks chairman David McKenzie was later acquitted of giving false evidence during the commission's hearings. Mr Burke was found guilty of one count of giving misleading evidence, but the CCC failed on 11 other charges.
