Stage 7 blocks in Surf View estate being re-sold

LOTS in the proposed stage 7 of the Surf View estate are being resold after it was bought by a new developer, and at least some of the previous lot owners have been given the first opportunity to repurchase land.

The site, known as Lot H, is located on six hectares of land at the south end of Longboard Avenue.

Between 2015 and 2017, more than 40 people paid deposits of about $15,000 to developer Ironbridge to secure their place in Stage 7.

Ironbridge went broke during the course of several legal battles with neighbouring landowners, and KordaMentha became receivers and managers of the land, known as Lot H, in 2017.

Balmain Private then became the mortgagee in possession of Lot H.

Acting on instructions from Balmain, Melbourne real estate agents Biggin & Scott Land advertised the entire site and its 42 lots in March this year, which came as a surprise to the existing lot holders.

Lot H was sold in late June to a Melbourne-based developer for a reported price of $15 million.

According to a “proposed selling price list” seen by this newspaper, the Stage 7 land has been re-divided into 47 lots of between 513 sqm and 800 sqm each, and with a price per square metre of between $850 and $1,250.

The list shows each of the new lots has a uniform $8,880 discount – the most expensive block was $806,250 and is now $797,450, while the cheapest block was $591,100 and is now $582,300.

Suzy Jones, one of the original lot holders, said she was one of a group of 11 people who had rebought or were about to rebuy lots in Stage 7.

“What we negotiated is that we got first right of refusal to purchase a lot,” she said.

“They won’t settle for probably 18 months, but that was very good of them to give us an opportunity to buy off the market, essentially.

“The estate’s still going ahead, in some capacity.”

Ms Jones declined to reveal how much her original lot was worth nor how much she paid for her new one, but said she was satisfied with the outcome.

“It is fair to say (the new lot) is in accordance with current market rates and it’s not over the market rates, despite us settling in a couple of years.

“We bought a lot four or five years ago, and the rug got pulled out from us 12 months ago, so it’s great to finally have some closure and put it to bed.

“The latest purchaser of the land didn’t have to give us first right of refusal, they didn’t have to honour anything.

“That was our goal and intention, to at least be able to say ‘we don’t want to line up on the kerb for a block, and we don’t want to get into a bidding war with other buyers, given what we’ve all been through’.

“Some people have really put their lives on hold waiting for these lots, so it gave everyone a say and an opportunity to still make that decision if they were in a position to pursue a lot.”