A building company has bought a 2.33ha site for what is believed to be a record price.
Apex Building has purchased a Hammond Park property for $4 million from a local family who held onto the asset for 40 years.
The 2.33-hectare property, containing a six-bedroom house and significant surplus land, is flanked by land estates with hundreds of homes.
Apex Building (Aus) Pty Ltd, trading as Apex Building, purchased the 466 Wattleup Road home from Gaglia family, who have lived in the area for four decades.
Australian Securities and Investments Commission documents show that Malaysian-born Augustine Lee Som Wong controls Apex Building, which is registered in Carlisle.
Effective Property Solutions Pty Ltd brokered the deal for the property, which attracted strong interest.
“The sale of this property … attracted national and international exposure and eight offers from established developers,” explained EPS’ Head of Property Investment Ollie Salimi.
The buyer plans to develop the property into a housing precinct.
Mr Salimi said the seller was thrilled to finally secure a sale of the site for what was believed to be a record price for the area.
“This family had fielded many approaches by developers over a decade and had listed the land on this prominent road twice before, however, it was only on this third attempt that the sale got over the line with all parties,” he said.
“It proved worth the wait with the price exceeding the sellers’ expectations by 20 percent.”
