Lagoons on sale for $10m
RECIEVERS of the failed Hedley building empire have decided to offer the entire 42 unsold units in the Lagoons@Port development as one lot.
Receivers are believed to be hoping to sell the job lot for around $10 million.
However, one local agent familiar with the complex said he would be surprised if the 42 units, representing nearly half of the 89 apartments in the complex, were to achieve that price.
“Individually, most of those units might sell for $250,000,” he said.
“However, I think to buy half the resort you would want a substantial discount.
“It’s a difficult property, in the sense that you’ve got permanent rental, holiday rentals and owners living in the same complex.
“There’s such an over-supply of units at the moment.”
Individual units in the 89-apartment resort have been on sale for well below their plan price. At the very peak of the market, several of the high-end three-bedroom units sold for more than $500,000.