MORE TIME TO WAIT

Agents in talks as Mt Duneed site is passed in at auction

TWO years may have been too long to wait for keen developers to settle on a 6.49ha Mt Duneed property.

The farm immediately south of Baanip Blvd was passed in on a $6 million vendor bid after strong interest during the campaign didn’t convert into bidding at auction on Saturday.

But Richardson, Newtown agent Tony Hyde is confident of putting buyer and seller together in the next fortnight.

Price hopes for the property, which is close to Mt Duneed’s Armstrong estate, are listed as $6.5 million to $7 million.

Mr Hyde said he’d handed out more than 50 contracts before the auction for 369 Torquay Rd, which is a prime redevelopment site at the northern border of the Armstrong Creek Growth Area.

The site, which comes with a large family home, has the potential to hold 90 house lots.

It’s surrounded by residential development and is zoned for urban growth.

Mr Hyde said there had been strong interest in the land, primarily from Melbourne developers and landbankers.

The owners bought the property in 1998 and have updated the substantial four- bedroom house with three living areas and a swimming pool.

Mr Hyde said the terms of sale dictated the property wouldn’t settle until September 2020, giving them time to savour the location.

“It may have been that the terms didn’t suit a lot of people,” Mr Hyde said.

“We’ll talk to developers and investors now about different terms and hopefully we can get it sold. We spoke to a lot of people afterwards but no-one has put in offer so far.

“We were hopeful with the longer settlement term that it would have suited a few people.”