$70 million development north of Geraldton up for sale, but price tag might be too rich for most

A potential mega-estate development north of Geraldton has come on the market with an eye watering price tag. Humfrey Land Developments recently listed 2 Brownlie Street (Wavecrest Estate) in Geraldton for sale at a hefty $70 million but the group is testing the market and not necessarily sold on giving up the land just yet. Barry Humfrey, chief executive of Humfrey Land Development, said that the premium residential development land was getting some attraction from international buyers. “The 1000 acres is basically town centres, school sites, northern recreational areas, resort sites; kind of everything,” he said. “It wasn’t really on the open market, it was more just a bit of interest that we got from those people from overseas.” Wavecrest Estate has been in development for a number of years and currently in the project’s second phase. Mr Humfrey said the group did not have a lot of interest in selling at this stage but $70m would be hard to turn down. “We got some overseas people that showed a bit of interest in it, so we’ll see what happens, they can only say no,” Mr Humfrey said. “We’re dealing with quite a lot of mining companies, to build something to accommodate their workers.” The next stage of development will have 60 lots with ocean and city views, which will be a part of the 1860 total lots the estate will eventually contain, including a town centre, school and caravan park site. While the property is still up for sale, the 370ha land will stay under development by Mr Humfrey and his company.