The ASX-listed company has bought a 33.4-hectare site for $12 million.
Aspen Group has purchased a 33.4-hectare parcel of land in Ravenswood from local investors for $12 million.
The ASX-listed affordable housing provider bought Lot 889 Rodoreda Crescent, a largely vacant block with subdivision approvals for 360 lots.
The company bought it from Ron Bates and Robert Armstrong, who sold the block via Kimba Pty Ltd and Jutland Investments Pty Ltd.
Mr Armstrong was the co-founder of Perth property fund Armstrong Jones in the 1980s.
Cygnet West partner, who Wayne Lawrence brokered the deal, said the land was ripe for development.
“Ravenswood is no longer a sleepy hollow known only for the Ravenswood pub. It is a thriving suburban community which is conveniently located between Mandurah and Pinjarra just off the Freeway and only 6 km from Peel Business Park which is set to be a huge future employment node.”
“In addition, Coles own a site nearby which is earmarked for a shopping centre development.”
The purchase adds to Aspen’s existing residential assets, including blocks of flats in Maylands they acquired from BGC in 2021 and subsequently refurbished.
