Estate sale offers hope to owners

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The troubled Waterford housing estate in Melbourne’s north, which was left in limbo after the collapse of its developer, has been sold for about $8 million.

Bank-appointed receivers KordaMentha sold the remaining portions of undeveloped land in the estate to landowner and developer Bill Green, who controls the neigh- bouring estate, Exford Waters.

Hundreds of home owners on Waterford Estate were left uncer- tain if key features – parks, ovals and shopping centres promised by collapsed developer Land Source Australia – would be delivered.

Waterford’s collapse preceded another high-profile property fail- ure in which home builder Water- sun, a company founded by de- veloper Benni Aroni, was placed in voluntary administration, leaving a cloud over 200 home owners.

Agent Biggin & Scott Land, which handled the Waterford transaction, recently sold a 2.3-hectare site at 146 and 152 Bungower Road in Mornington for $5 million. Another 11-hectare block in Panorama Drive in the popular seaside town of San Remo sold for $7.5 million.

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