Shifting boundary brings windfall after 30 years
The shifting of the urban growth boundary has returned a windfall for another private landowner in the city's north, with a small development site bought for $50,000 30 years ago selling for $7.54 million this week.
The 10-hectare parcel on Taylors Road in Plumpton was reportedly bought by Lawport Property Group, the developer behind several residential estates in the nearby suburb of Taylors Hill.
The property is located within the Taylors Hill West precinct structure plan after being incorporated into the urban growth boundary in 2005, significantly boosting its value.
Title records show the land was purchased by Phyllis Debono for $50,000 in 1983.
Biggin & Scott Commercial & Land agent Frank Nagle said the "good old-fashioned" auction attracted interest from six bidders and the property was declared on the market at $6 million.
"It's a classic infill site, which is in the midst of estates already under way by Lawport and Villawood Properties," said Mr Nagel, who sold the property along with Andrew Egan.
"There were also no planning concerns. Because of the PSP, you know what you can do with this land - there's no discussion about it."
Lawport is believed to be planning to build a 100-plus allotment residential subdivision on the site, which is located just north-west of Caroline Springs. The PSP has designated about four hectares of the property as active open space.
Lawport directors Anthony Porto and Stephen Lawes could not be reached for comment.
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