Port Geographe revamp in the works

Plans to overhaul the long-awaited Port Geographe residential development may start as early as next year, according to Aigle Royal Developments chairman Tony Poli.

The company earlier this week announced the $13.5 million takeover of the development.

The development, which includes titled canal lots and 59ha for 530 residential lots and 120 canal lots, is the biggest purchase by the company so far.

Mr Poli said the redevelopment would provide quality housing sites that were not currently available in the broader Busselton region.

"Port Geographe has always been an area with enormous potential and appeal to directors of Aigle Royal Developments," he said.

"Now the problems of the past have been rectified by the State Government with the $28.15 million rehabilitative works, Aigle Royal Developments is pleased to be provided the opportunity to deliver on its potential.

"The proposed development plan is for the creation of a variety of residential and canal waterfront lots, large public open space areas and several unique high-density waterfront sites suitable for multi-storey luxury apartment accommodation."

The project has been in limbo since 2009 after the collapse of its former developers Axiom Properties, Macquarie Group and Luke Saraceni, and ongoing issues with toxic seagrass build-up.

In 2012, the State Government commenced rehabilitative work, including reconfiguration of the coastal structures and the construction of a rock groyne to reduce seaweed accumulation and beach erosion.

Busselton real estate agent Neil Honey said the development would boost housing prices in the region.

"This redevelopment will bring a lot of confidence to Busselton," he said.

"The unfinished surroundings and seaweed have affected housing prices in the area and this project will be great for the area especially for housing values."

City of Busselton Mayor Ian Stubbs said the redevelopment was well-placed in the vision of Busselton's future.

"Until this purchaser came on board we didn't think the development was ever going to happen," he said.

"The Port Geographe area has always been planned as a significant process in the further development of Busselton.

"There's no doubt this project will bring more people to the region."