After years of resisting offers from developers, the owners of an expansive property have finally agreed to sell after a substantial neighborhood was constructed around their home.
A family in Brisbane, Australia, had previously declined an $8 million offer for their 1.21-hectare property on Gaskell Street. At that time, developers were eager to purchase the land.
Since then, the area has transformed significantly. Numerous houses have been built around the family’s estate, as the local authorities approved the development of a new neighborhood in the rapidly expanding suburb of Eight Mile Plains, where the average home price is $1.5 million.
Despite the encroaching development, the family’s large estate—equivalent in size to nearly three American football fields—remained a challenge for developers. Aerial photos revealed a single brick house amidst a vast expanse of green land contrasting with the surrounding homes. This unique position as the ‘last remaining development site’ proved advantageous for the family, who eventually sold the property for an impressive $11 million.
The sale was facilitated by Ray White Robertson agents John Heng and JJ Macalino. The property had been inherited by the children of the original owners, who had passed away a few years prior.
Mr. Heng commented, “They held it for a few years.”
“They did well holding out,” he added. “When we first went to market we were looking for about $8 million.”
The future plan for the site includes the construction of up to 26 new homes, with sizes ranging from 300 to 600 square meters.
According to realestate.com.au, on average, each new home listing in Eight Mile Plains attracts 1,644 potential buyers.
The Ray White Robertson listing states: “Without doubt this is a once-in-a-lifetime opportunity to acquire one of the largest and best remaining land sites available in this established and very popular neighbourhood.
“Accessible from Gaskell Street, and backing all the way to Bordeaux Street, which runs directly behind, this enormous 1.21 hectare (12,100sq m) site is an absolute rarity and offers amazing development potential.”
This story of perseverance is reminiscent of another case in Sydney, where an Australian family is standing firm against developer interest.
The Zammit family has steadfastly refused offers to sell their two-hectare property, even when presented with offers reaching $50 million.
With new developments surrounding their home, the family remains unmoved by the potential conversion of their land into 40 to 50 new homes, each likely selling for over a million dollars.
In response to those interested in developing their property, the family has simply told them to keep ‘dreaming’… A truly iconic stance.