Cashless property developer transaction a first for Port Hedland

Local Port Hedland property developer Megara, along with the local council, are undertaking a cashless joint venture project to help build property for staff of the town. It is a first for Western Australia.

Limited capital infrastructure funds in Port Hedland had Megara proposing the build of eight apartments in exchange for the right to sell house and land packages on single residential lots in South Hedland’s Catamore Court.

The sales behind the residential lots should be enough to fund the construction. There will be six two bedroom and two three bedroom apartments.

Since the commencement of sales in October 2013, 80% of the house and land packages have been sold, explained Megara’s director Matt Pickford. They are also responsible for constructing on this land – owning a separate building company that will build the houses.

“We expect to sell all 11 lots in the next few weeks which means we will then commence construction of the Town of Port Hedland apartment complex,” said Pickford.

“The business model is particularly positive as it directly helps the town retain staff through providing housing for them, therefore benefitting the Port Hedland community as a whole,” he said.

The mayor of the Town of Port Hedland, Kelly Howlett, said that they’re pleased to have come to this solution to provide affordable housing for staff.

“The project will also contribute to the normalisation of the local housing market which is one of the town’s strategic goals,” Howlett said.