Published on Monday, 28 March 2011 at 12:00:00 AM
The second stage of an auction held in Tom Price recently helped reinforce the strong demand for residential land with 22 single lots and a duplex block sold at a great price during the one-day sale.
On March 19, 24 residential lots went under the hammer. Single lots sold from $190,000 to $235,000 and a duplex block was bought for $330,000.
Prices were comparable with results from the first auction held in February, which were indicative of the strong demand for land in Tom Price.
President Greg Musgrave said he was particularly pleased by four of the town’s longest established businesses purchasing properties.
Fortescue Metals Group (FMG), in particular, bought five lots to build accommodation for staff based in Tom Price, as construction at FMG’s planned Solomon Hub iron ore mine, just 80 kilometres from Tom Price gears up.
Just recently, FMG was given the initial tick of approval from the State’s environmental watchdog for the $US3.2 billion expansion of its Pilbara iron ore operations.
The first stage of the Solomon Hub will have a workforce of almost 1,500 during the construction phase and an operations workforce of more than 1,500 - when the 60 million tonne per annum (Mtpa) mine starts exporting iron ore in 2013.
Musgrave said it was encouraging to see FMG heavily invest in the town, which symbolised the start of a long-standing relationship between the two parties.
“Andrew Forrest and FMG are here to stay and as their Solomon’s and Western Hub mines (a third rail hub) progress so will the extent of their local investment”
Musgrave went on to say how the decision “reflected the nature of past discussions with Forrest because he had always been a strong believer in local economies and investment”
“The land sales are a new beginning for the Shire of Ashburton particularly Tom Price .
Both Tom Price and Paraburdoo will be revitalised along with other significant projects to improve the liveability of our biggest inland towns. This is what it’s all about to provide residents with choices and a place to call home”
“The future looks very bright just like the super full moon a few nights ago” Musgrave said.
The subdivision was developed by the Shire of Ashburton in recognition of the shortage of accommodation available in Tom Price for residents and local businesses. The lots will be fully serviced and include underground power, water, sewer and Telstra connections.
The sales were handled by LJ Hooker Karratha with the assistance of Perth-based auctioneer, Jason Whiteman.
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