Discount in bid to find Taj buyer
More than a year after it was put on the market, Pankaj and Radhika Oswal have discounted by more than $10 million the original $30 million asking price for their prestigious Peppermint Grove super block.
The 6582sqm development site, painstakingly assembled a decade ago for $23 million with the help of real estate agent Willie Porteous, is on the market for $19.5 million.
The vision for a $70 million Taj on Swan mansion at 2 Bay View Road with sweeping views of the Swan River ended with the collapse of the Oswals’ Burrup fertiliser business in 2010.
The Oswals had spent $17 million on the building before they abandoned the project and left Australia. An attempt to sell the site with the partially built home for $40 million foundered and what remained was demolished in October last year.
Once cleared, the site was offered for sale with William Porteous Properties International and LJ Hooker Claremont’s Vivien Yap.
The site, which is being sold as one, has been split into six 1000sqm-plus housing blocks, and has been touted as a spectacular opportunity for a dream home or an astute developer.
Despite some promising leads and an attempted auction by LJ Hooker Claremont — killed off at the last minute in May to accommodate talks with a potential buyer — the property has failed to sell.
In May, Ms Yap was quoted as saying she was in “serious negotiations” but a sale failed to materialise. This week Ms Yap said she was seeking buyers prepared to pay about $20 million. Beyond that, she said, she would not comment until a sale settled.
Mr Porteous said the Oswals had had offers for the site but these had been rebuffed.
However, he was hoping to translate an earlier verbal offer into a written offer to finalise a deal within weeks. Main picture: Simon Santi
Selling agent William Porteous at the former Taj on Swan site in Peppermint Grove. Inset: Radhika and Pankaj Oswal.