Failed Developer Westwater Assets Sold

The biggest property, an 8,982 square metre block of land at 452 – 462 Victoria Street in Brunswick West sold for $6.9 million to a Western Australian based residential developer. The sale price equates to a high rate per square metre of $768.

Knight Frank selling agent Nick Peden, who sold the property with Michael Hede, said the new owner plans to pursue a higher density development than provided in the current permit, which allows for 55 townhouses, offices and a restaurant.

A second property, opposite parkland in the leafy eastern suburb of Blackburn sold to a local developer for $3.98 million, reflecting a rate per square metre of $536.

The latest sales follow Westwater’s $3.75 million sale of a 9,551 square metre site in Gooch Street Thornbury, and the $3.35 million sale of a 1.4 hectare site in Ballarat Road Braybrook.

Mr Hede said the Thornbury site was originally purchased in May, 2006 for $2.76 million with the 2007 price showing a 37% increase. He said the Braybrook site appreciated 15 per cent over a similar period.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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