Celsius Land – October Update 2021
October has been a busy month for Celsius Land with the successful acquisition of a development site in an established Perth suburb, being well located near shops and schools. During the month we completed our due diligence and capital raising for the site with settlement expected in December 2021. We are very excited about this project and will be able to tell you more about it in our future updates.
Additionally Celsius Land entered into an option agreement to purchase another development site which it is currently completing its due diligence on. We have also submitted a detailed proposal to acquire a larger site in regional Western Australia in conjunction with one of our business partners. We expect to hear back from the sellers in November/December regarding the bid for the regional site.
Lot 102 Arabian Court, Champion Lakes
Following our submission of the Local Structure Plan in September 2021 Celsius Land has received comments back from the City of Armadale. The comments primarily relate to the width of the Wungong Brook and how close development can get to it. Whilst this doesn’t specifically impact Lot 102, which is further away from the Brook, it does impact some of the neighbouring properties. We are working through this issue with the City of Armadale and the neighbouring owners to come to a resolution as quickly as possible to allow the Local Structure Plan to proceed. Additionally, settlement of the acquisition of this property occurred on 28 October 2021