* Rural

IF you happen to be driving up to look at the new Shady Hills subdivisions 60 kilometres north of Perth and have some money to spend, you might be well advised to look at the heart of the matter.

The “parkland-cleared”two- hectare subdivisions on offer are being marketed as lifestyle properties for the stressed-out urban executives. They are selling readily for around $80,000 due to the beauty of the landscape.

But on the southern end of the subdivision is an unusual hill formation overlooking the upper reaches of the Swan River, with views all the way back to Perth. This is the site of the old Shady Hills homestead, being sold for $1.55 million with 59ha of surrounding country.

A former cattle property, Shady Hills adjoins Walyunga National Park.

Ian and Margaret Wallace, known in WA as two astute investors in near-city rural property, bought the property in the mid-1990s. Before subdivision they ran theproperty as a 390ha Angus cattle stud.

The history of Shady Hills goes back to the earliest days of settlement. During the 1800s it was the last resting point for cattle coming in from the inland before they travelled west to summer on the coast.

The shepherds of that period were the earliest white pioneers of the state. The stock route is still on the title.

The Wallaces bought Shady Hills off well-known pastoralist Woody Pearce, who died recently.

The colonial-style homestead features jarrah timber throughout, a she-oak timbered feature kitchen, four bedrooms, guest quarters and a helicopter pad.

Perth resident Ian Wallace said that even though they were developers and had always intended to subdivide at some time, it was still sad to sell.

“It wasn’t our permanent place of residence, but we have lived at Shady Hills on and off,” he said.

Agent John Garland snr, of John Garland International, said: “The property has virtually everything … it is like living in an eagle’s nest.”