Dis­count in bid to find Taj buyer

The West Australian - - NEWS - He­len Shield

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.

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