Sources say a syndicate of wealthy private business identities paid $165,000 for the riverfront block at the corner of Lansell Road and Heyington Place. The property is on a flood plain and cannot be developed, but a permit is in place to use it as a private or commercial boat mooring.
Throughout the campaign it was widely tipped the property would wind up in the hands of a commercial operator.
Agents say the land, though it can’t be developed, is one of the best buys of the year. They say freehold boat moorings are rare in Victoria. Instead, boat owners can buy a 20-year lease at an average cost of more than $100,000 for a 12-metre berth. By comparison, the Toorak property has 53 metres of river frontage and the permit is permanent.
Newton Brown, who joined law firm Home Wilkinson Lowry last month, has extensive experience in town planning and property development, in which he has a reputation for obtaining development permits promptly. He declined to comment on any part of the sale.