Record-breaking payday imminent after visionary Aspendale investment

Family could turn $331,000 into $8.8 million

A record-breaking payday could be around the corner for the children of a savvy couple who collected properties along the Aspendale foreshore.

Four houses totalling 3031sq m have hit the market at 32-33 Nepean Highway and 3 Hearne Ave, with an $8-$8.8 million price guide.

The sale would be the most expensive ever recorded in the beachside suburb, a title held by 185 Nepean Highway, which sold for $6.01 million in December 2017.

The vendors, adult children of the deceased couple, said their parents had acquired the properties in the ‘70s and ‘80s for the princely sum of $331,000.

Buxton Mentone director Wesley Belt said the family made a clever investment, which would pay off more than 30 years later.

“They knew that beachfront land was always going to be sought after and, even in the adjusted market, demand and prices remain very steady for this type of land holding,” Mr Belt said.

“The one family have owned the blocks on four separate titles, which also adds value.”

The owners inherited No. 32 in 1976 and lived at the address, which boasts 19m of beach frontage. They acquired the property behind at 3 Hearle Ave for $24,000 in 1977. In 1989 they added 32A and 33 Nepean Highway to their portfolio for $172,000 and $135,000.

Apart from their family home, all the other houses were rented out over the decades.

Mr Belt said the phone had been “ringing red hot” since the mega block was listed last week.

“We’ve have calls from buyers all around Victoria who want to develop apartments, townhouses or a big family estate,” he said.

The large land holding will go to auction on April 11.

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