From little things, (very, very, very) big things grow.
Three southeast Melbourne siblings have become overnight multi-millionaires with the staggering “life-changing” sale of their family’s former pea farm in Officer.
The 12.3ha Rix Road block fetched a mammoth $43m last week — $11m above reserve — as local and international developers swarmed on the urban growth zone site.
It last sold for just $225,000 in 1988, according to CoreLogic records.
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The Herald Sun understands the land had been owned by the trio’s late stepfather, with themselves and their elderly mother the four beneficiaries of the deceased estate.
CBRE agent David Minty said the siblings were aged in their 50s with “standard” day jobs.
“They weren’t wealthy people so this is completely life-changing for them,” he said.
“It’s a really special sale just knowing how life-changing it is for this particular family. You go from a simple day job, you don’t have a huge amount of money, and now all of a sudden you’ve got a sizeable sum. They’ve always been a private, courteous and respectful family. They may just maintain their same lifestyles — they’re not flashy people.”
Mr Minty said the land had been used to grow peas and believed the grandfather of the siblings had worked as a farmer for former Governor-General and federal minister Lord Richard Casey, after whom the City of Casey was named, after migrating from Italy.
Developer YourLand, backed by one of Japan’s biggest companies, Nippon, was successful, edging out Satterley. Both have projects surrounding the block.
It’s understood the buyer had to fork out more than it had hoped to expand its landholding and future subdivision, though, having first offered the family $27m off-market last year.
The property forms part of the Officer Precinct Structure Plan (PSP), which allows for 15 dwellings per net developable hectare.
City of Cardinia was contacted for information on when the zoning changed.
The deal was brokered by Mr Minty and fellow CBRE agents Nathan Mufale and JJ Heng, with assistance from the family’s vendor advocate Maurie Torelli.
The Herald Sun approached the family for comment through Mr Torelli.
“The sale price smashes all metrics achieved for a development site sale in Officer, representing a record rate of $3.65m per hectare,” Mr Minty said.
“There’s an insatiable appetite from local and international buyers to do house and land and people have confidence in building house and land at the moment.
“Whether it’s a shift in mindset with Covid, with people wanting to live out in the areas and buy their own house and set up their families, it’s just quite extraordinary.”
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scott.carbines@news.com.au
The post Farming family makes $43m with Officer land sale appeared first on realestate.com.au.
Three suburban siblings with “standard” day jobs have become overnight multi-millionaires with the staggering “life-changing” sale of their family’s former pea farm.
The post Farming family makes $43m with Officer land sale appeared first on realestate.com.au.