Family sells farm surrounded by housing estates
An offshore developer has swooped on a high-profile rural property surrounded by housing estates at Hammond Park – now a growth corridor suburb 27 kilometres south of Perth’s CBD.
The 2.33 hectare holding, 466 Wattleup Road (outlined, image, top), cost $4 million.
The property failed to sell after two recent public campaigns via different agents including one last August where the guide was “high $3-millions”.
The vendor was a family which refused to sell for over a decade, as parcels around it have been replaced with with low-density dwellings.
“It proved worth the wait with the price exceeding the sellers’ expectations by 20 per cent,” Effective Property Solutions agent, Ollie Salimi, said.
Cash deal
Eight offers were received for the land, zoned Development (R50, R60 R80 and Local Centre) under the City of Cockburn’s Town Planning Scheme and Urban under the Metropolitan Region Scheme, Mr Salimi said.
The buyer, which paid cash, is a vertically integrated building and development company, he added, with plans for a residential project. The vendor held 40 years. The deal comes after the government acquired a 1.67ha portion of the property to extend Hammond Rd.
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