Gandels drop $17m for property neighbouring sculpture park
John and Pauline Gandel have expanded their Point Leo holding on Victoria’s Mornington Peninsula.
The couple are paying $16.75 million, sources say, for a 20.48-hectare waterfront parcel adjoining the Pt Leo Estate Sculpture Park overlooking Western Port Bay.
The vendor is Pedders Suspension & Brakes founder Ron Pedder and his wife, Lynette.
Point Leo is about a 90 minute drive from Melbourne’s CBD.
Estate expands
The Gandel family, which built its wealth through retail property investments including a long-term stake in Chadstone Shopping Centre, has continued to expand its Peninsula footprint through incremental acquisitions of adjoining land.
It opened Pt Leo Estate Sculpture Park in 2017 (continues below).
It features over 60 works.
There is also a restaurant and winery with cellar door.
The deal comes a week since realestatesource.com.au reported Chemist Warehouse scion Damien Gance and his wife, Sasha Robertson, paid $20m for a half a site abutting a Byron Bay home acquired for $33.5m in February.
Brisbane-based developer Graya was that seller, having paid $20.65m for the entire block in 2023 with plans for luxury apartments.
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