Property Development

Erina acreage sold way above reserve at competitive auction

Written by The ReReport
As seen in the Source link, written by on 2019-11-04 15:27:49

This Erina acreage sold for way above reserve at competitive auction.

An Erina acreage that was purchased in 1956 for just 140 pounds has sold at auction for $1.451 million.

Marketed by Stephen Gittoes and Ingrid Osborn from Gittoes East Gosford, the double block at 110-112 Chetwynd Rd was sold for ‘several hundred thousand’ above reserve – an incredible result, although the exact reserve figure was undisclosed.

The potential for subdivision attracted a swarm of developers.

The property had not been sold for 63 years.

The auction attracted nine registered bidders, with majority either investors or developers.

With residential zoning, the site offers potential for subdivision, but the extent of what can be done will depend on council parameters.

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Backing onto some commercial property on The Entrance Rd near Carlton Rd, Holgate, Ms Osborn said that the position provided privacy and blocked sound coming from the main road.

Set on level land totalling an acre, the site includes a spacious original house and mature palms, shrubs and citrus trees.


The property is located in the Erina Valley.

The home is original, but spacious.

Mr Gittoes was the auctioneer, starting off bidding at $900,000.

“We didn’t have to prompt the opening bid, which is rare for auctions…it moved so quickly that it was difficult to keep up with who was bidding,” Ms Osborn said.

The deceased estate property has been with the same family since its purchase. The vendors were the children of the long-term owners. Ms Osborn said that they were sad about the closing of a chapter, but overjoyed with the auction result.