About 25 years ago, an ebullient Nigel Satterley, then a fledgling property developer, was busy selling prime land south of the river for Murdoch University.

Mr Satterley was acting on behalf of Sir James McCusker’s Town and Country Building Society.

They sold 680 home lots and established the new suburb of Murdoch, one of many Perth landmarks with which the Satterley brand has been associated.

The university also sought to rezone its land holding known as ‘the farm’ at Forrestdale (now Harrisdale) and called in Mr Satterley.

That’s when Mr Satterley spotted an adjacent parcel of about 104 hectares of top quality land owned by an overseas group.

Mr Satterley put out feelers hopeful of persuading the group to sell. There were polite and friendly refusals but that didn’t stop Nigel Satterley keeping in regular contact with, and making offers, to the owners. He was forced to put these aspirations on hold as he continued what was a meteoric rise in the residential land industry. By 2000, he had grown to become Australia’s biggest non-listed developer.

The Satterley group developed a 549-lot property adjoining the overseas group’s parcel in Harrisdale. This is the remarkably successful Heron Park, a sell-out estate melding wetlands and natural flora with outstanding lifestyle infrastructure.

Earlier this year the 104 hectares became available for sale and the Satterley Property Group private syndicate was one of the key companies to place a bid in the tender box.

And it was successful.

When the contract was signed last week Nigel Satterley had finally realised his long-time goal.

The group has agreed to buy the land on extended terms paying $94 million net present value for the 1200-lot estate. The acquisition is one of Australia’s biggest residential land purchases in recent years.

Satterley shook off powerful competition with Stockland and the Perron Group among the six contenders.

Industry sources say the bidding was fierce and little more than one per cent separated the final offers on the table. Satterley is believed to have obtained ‘extended and generous terms’.

“At a time when a land shortage is looming, this is a very important big picture buy,” Mr Satterley said.

“Perth’s south east is a growth corridor and it is essential the Satterley brand continues to have a strong presence there.

“This new acquisition is surrounded by three busy estates - Heron Park, Vertu and Newhaven, which is the third biggest selling project in the State.

“The 104 hectares will be an extension of Heron Park, a magnificently-endowed estate with great amenities, parkland, walking trails and a plethora of community facilities. It has sold out faster than any other estate in the corridor.”

The Satterley group has already been working with the City of Armadale to progress a local structure plan and a subdivision plan.

If all approvals are forthcoming, earthworks could begin towards the end of 2011.

Mr Satterley began his foray into the south east corridor in the 1980’s when he participated in a number of ventures in Canning Vale. By 1992 residential growth was about to spread to Forrestdale and the recently renamed Harrisdale.

The success of the corridor can be attributed to a combination of.-

• Affordability
• Exceptional land-home packages
• An attractive mix of rural and urban topography
• Access to freeway and public transport
• Established schools, medical services, shops, services and close proximity to the CBD, Fremantle and other employment hubs.

“This acquisition,” says Mr Satterley, “coincides with our appointment as the preferred proponent of the Tamala Park Regional Council for the development of its 2500-lot estate just south of Somerly in the north coastal corridor.

“Our success against ten other contenders can be attributed to our extensive experience in developing and marketing master planned projects.”

Satterley, which has been involved in almost 140 residential developments and won 70 industry awards, currently has more than 30 projects underway including Plenty River, 30 kms north of Melbourne’s CBD, and at Cairns’ northern beaches.

The Satterley Property Group’s presence in Perth’s southern corridor will be boosted by the development of the 800-lot Honeywood estate in the suburb of Wandi.

Initial earthworks at Honeywood have started, coinciding with the final release of lots at the Satterley Estate of Heron Park in Harrisdale.

Honeywood is located 25km south of Perth giving residents an average trip of 20 minutes into the Perth CBD by car. Fremantle is a similar distance away while the location will give residents a head start over most others in Perth for trips to WA’s South West.

The development is adjacent to the eastern boundary of the Kwinana Freeway and in due course will be complemented by a similar-sized estate across the Freeway in suburban Mandogalup.

Honeywood and its yet-to-be-named neighbour will also be adjacent to the Southern Rail Line and within walking distance of a proposed new rail station 600m south of Rowley Road.

Honeywood is expected to appeal to both first home buyers and those upgrading in the property market.

Lots range in size from 300sqm – 1000sqm with an average of 440sqm. Prices are still being finalised but are expected to average $280,000.

Honeywood will boast one of the biggest builders’ display villages in Perth with about 25 homes planned.

“We will encourage a variety of homes in the village to reflect the extensive choice of lot sizes,” Satterley CEO Nigel Satterley said.

“Homes to suit both cottage and traditional blocks will be presented and there will be both single and double-storey residences.”

There are three key conservation wetlands within both parcels of land. They will occupy around a quarter of the 170ha estate.

These conserved areas of native wetland and native bushland will remain home to a sustainable community of birds and other wildlife.

A primary school and adjacent playing fields are earmarked for Honeywood and there will be a neighbourhood shopping precinct near the new rail station.

Expressions of interest are being taken for people keen to settle at Honeywood with the first lots expected to be on the market later this year.

Heron Park has been one of the success stories of residential land development in the southern corridor. This Satterley estate has almost sold out in just four years.

Only a handful of lots from the original number of 525 are available and these are expected to sell quickly.

In due course Heron Park Estate will be home to about 1500 people

The current residents and those in the process of building are part of an estate created around an unspoilt and protected conservation area rich in pioneering history.

A quarter of the estate has been retained as either bushland or open space.

Hiking and bicycle trails and walkways are positioned alongside waterways with prolific plant and life, including the magnificent White Faced Heron, the inspiration behind the naming of the estate.

Despite this quiet rural setting Heron Park is only 20 kilometres from the Perth CBD and 10km from the Armadale Town Centre.

The centrepiece of the estate is the Satterley Sales Centre, known as Baker’s House, which has a fascinating history.

It was created by builder Jim Baker in the 1970’s using recycled materials from projects with which he’d been associated.

To create his colonial dwelling he collected materials from such projects as the Kellerberrin Hotel and Mogumber Bridge.

With its time fast running out as a sales centre it’s been gifted to the City of Armadale to use as a community centre.

The final release of 36 lots hit the market in early May with 13 selling in one day. It’s anticipated the remainder will be gone before the end of the month.

The lots range in size from 350sqm – 600sqm and are priced from $200,000 - $275,000. Many are in a desirable cul-de-sac location backing onto open space.