A 63 ACRE parcel of land at Leongatha was passed in at auction at $1.6 million. The 63.72 acres of land, which is zoned low density residential over two titles, was expected to surpass that amount, however there were no bids coming from the floor at the Memorial Hall complex on Friday afternoon.
In a low density residential zone, homes can be built on 2000sqm blocks; the fact town water, sewerage and power is available to the blocks to the boundaries at the existing Springs Estate (a Residential 1 subdivision), the parcels had considerable potential. “This is a rare opportunity to purchase land on the edge of town,” Stockdale and Leggo agent Mick Hanily said. “Now is the right time with Leongatha really going ahead, led by the multimillion dollar investment in the new hospital, Holden’s recent opening, a $20 million investment by Murray Goulburn and Aldi’s imminent arrival.” However, the build-up did not prompt bids from the 10 or so onlookers; the $1.6 million was Stockdale and Leggo’s vendor bid. Negotiations on the property are expected to continue this week.