This article is from the Australian Property Journal archive
AN owner occupier has paid $3.375 million for the former headquarters of Mega Homes in Williamstown, the collateral of the $7.7 million the collapsed builder owed the Commonwealth Bank.
Mega Homes went into liquidation earlier this year with total debts of $18 million, including the CBA tranche, having buckled two years after taking on projects by another failed company, Watersun Homes.
Paul Sutherland and Grant Sutherland of Sutherland Farrelly, under instructions from Brent Morgan of Rodgers Reidy, sold the 4,427 sqm site at 10 Ponting St in Melbourne’s western suburbs. Improvements include a warehouse, showroom and office building of 2,109 sqm and a canopy are of 570 sqm. Situated in the suburb’s industrial precinct.
Nine Media reported earlier this year there were eight caveats on the property.
The agents said the property, zoned Industrial 1 under the Hobsons Bay Planning Scheme, provided a rare offering for a number of alternative uses and received interest from owner occupiers, developers and investors
“The existing improvements provide a degree of flexibility for modification or redevelopment and the site has high underlying land value.”
