Local developers come loaded for bear at Kingston Foreshore auction

auction hammer

SPIRITED bidding by nine registered parties has seen two blocks of land on the peninsula at Kingston Foreshore sell for a total of $14.3 million with both blocks being purchased by local developers.

Both blocks are zoned for mixed use development which allows both residential and commercial uses.

Block four, with a site area of 2,715 sqm and allowing for up to 76 apartments, sold to local development company Madison for $7.35 million.

Block three, covering an area of 2,474 sqm and allowing for the construction of up to 75 apartments, was bought by Wet Creek Holdings for $6.95 million.

This follows the recent sale of five blocks of land in the Campbell 5 development for $63.75 million.

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