Featured Image Credit: Ray White Robertson
Topics: Australia, Property, World News, Money, Life
Liv Bridge
Topics: Australia, Property, World News, Money, Life
The owners of a sprawling home who have tried to fight off developers have finally caved after a hefty neighborhood was built all around them.
A family in Brisbane, Australia, brushed off housing developers when they tried to buy their 1.21 hectare home on Gaskell Street for $8 million some years ago.
Since then, dozens upon dozens of houses have cropped up around them as developers were given the green light by the local authority to build a whole new neighborhood in the fast-growing suburb of Eight Mile Plains where homes go, on average, for $1.5 million.
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But the family's estate, which spans almost three American football fields, proved a sticking point for the development as aerial photographs show a single brick house on a huge slice of luscious green land.
It sits in stark contrast to the hundreds of homes gathered around it and has been described as the 'last remaining development site' - and it's a good job the family clung on as they've now managed to sell the premises for a whopping $11 million.
The landmark deal was secured by Ray White Robertson agents John Heng and JJ Macalino, who said the property had been acquired by the children of a couple who died a few years ago.
Mr Heng added: "They held it for a few years."
"They did well holding out,” he continued. “When we first went to market we were looking for about $8 million.”
The plan is to now build up to 26 new homes on the site, ranging from 300 square meters to 600 square meters.
And according to realestate.com.au, every new home that is listed for sale in Eight Mile Plains attracts an average of 1,644 interested buyers.
The listing on Ray White Robertson adds: "Without doubt this is a once-in-a-lifetime opportunity to acquire one of the largest and best remaining land sites available in this established and very popular neighbourhood.
"Accessible from Gaskell Street, and backing all the way to Bordeaux Street, which runs directly behind, this enormous 1.21 hectare (12,100sq m) site is an absolute rarity and offers amazing development potential.”
The victory of stubbornness in this case is reminiscent to that of another Australian family in Sydney, who show no signs of backing down to developers anytime soon.
The Zammits have point blank refused to sell their 20,000 square meter (two hectares) home and plot of land, even for eye-watering sums.
The tenacious family have rejected offers of $50 million while their home, rather awkwardly, sits amid an endless new-build development of houses.
However, if they sold, it's estimated the parcel of land could make way for 40 to 50 properties, each going for a million dollars or more.
As a result, the family told those who wish to level their property and throw up loads of expensive houses on the site to keep ‘dreaming’... Iconic.