Local developers come loaded for bear at Kingston Foreshore auction

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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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