Forty two parties who signed contracts to buy land in the seventh stage of Torquay’s Surf View Estate are understood to have had their deposits refunded, after receivers sold the holding to a Melbourne developer.
The six hectare parcel, Lot H, 72 Eton Road, traded for $15 million following an expressions of interest campaign managed by Biggin & Scott Land on behalf of Balmain Private, the mortgagee in possession.
The deal means agreements the individual groups made for subdivided plots between 2015-2017 with then-owner, Ironbridge, could be voided under sunset clause conditions.
The 42 parties weren’t aware their contracts wouldn’t settle until a For Sale board for the whole site went up in February.
New marketing campaign, new concept
Only 2.43ha of the Eton Rd block is developable (story continues below).
The incoming owner, reported to be Qing Dong Liu, may market the subdivided plots again – presumably at a higher price than the $200,000-$330,000 achieved by Ironbridge – or come up with a new concept.
The buyer is understood to have outbid several local builders, at least one which was going to honour the existing deals and purchase prices.
Torquay is about 105 kilometres south west of Melbourne.
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