Major update as defiant family who refused to sell to developers signs huge deal
A Perth family who for decades refused to sell their valuable block — even as a suburb was built up around them and developers came knocking — have finally cashed in on the coveted land in a $4 million deal.
The 2.34 hectare site at 466 Wattleup Rd in Hammond Park, 27km south of the city, had been owned by the same couple for 40 years and garnered national and international attention when it was put on the market in August.
The prime land parcel attracted eight offers from established developers and was picked up by construction outfit Apex Building, with the sale settled on Tuesday in a deal managed by Effective Property Solutions (EPS).
“This family had fielded many approaches by developers over a decade and had listed the land on this prominent road twice before, however, it was only on this third attempt that the sale got over the line with all parties,” EPS’ head of property investment Ollie Salimi said.
“It proved worth the wait with the price exceeding the sellers’ expectations by 20 per cent.”
The $4m deal was right at the top end of expectations being thrown around in September.
On the lot sits a four-bedroom, two-bathroom home and a semi-detached two-bedroom granny flat.
The site is located about 2km from the Kwinana Fwy and was in the hands of a mother and father of five.
With their children now middle-aged, the couple was finally ready to consider offers and capitalise on strong market conditions.
The land is zoned “development” (R50, R60, R80 and local centre) under the City of Cockburn’s town planning scheme and “urban” under the Metropolitan Region Scheme.
Salimi said Apex, which is based in WA, was excited to get the deal done after previous attempts fell through.
“The plan is to use the site for residential development to meet strong demand for homes in this flourishing southern Perth suburb that’s a major growth corridor,” he said.
Salimi told 7NEWS.com.au the “very private” landowners are “pleased the land will make way for more homes to meet demand in the area”.
Hammond Park has a median house price pushing $800,000.
Apex was sought for comment.