Coastal property to be developed into residential lots
A 16-acre property with a development approval for 34 residential lots in Lammermoor has sold to a local developer.
The property at 90 Clayton Road sold on March 29 for $845,000.
Principal of Cooke Property Agents Stan Cooke said the property was marketed over a six-week period and gained “plenty of interest”.
Mr Cooke said the property received a minimum of 50 enquires and more than 20 inspections.
“We had interest from potential land developers, and we had interest from local owners who were looking for a rural property away from the urban area,” he said.
“We had three offers and the highest one it sold for was to a local developer.”
The property came with a development approval for 34, 800 sqm residential lots.
Mr Cooke said the owner intended to develop the property later this year or early 2022.
The property also boasted a five-bedroom, three-bathroom home with panoramic ocean views.
Mr Cooke said the house would eventually be renovated and resold.