PORTLAND LAND BANKING
Posted on 22 June 2013
Prestige car wholesaler and property investor Nick Theodossi has purchased four hectares of industrial land in a residential precinct of Portland, about 360 kilometres south west of Melbourne.
Mr Theodossi bought the site at 78 Wade Street as a land bank. It is expected to yield more than 30 lots when rezoned for residential use and on sold.
Portland, which includes the only deep water port between Melbourne and Adelaide, has become a popular seaside hub.
More than a dozen homes for sale in Portland are carrying an asking price of more than $1 million. Vinci Carbone marketed the site with Stonebridge Property Group.
Mr Theodossi bought the site at 78 Wade Street as a land bank. It is expected to yield more than 30 lots when rezoned for residential use and on sold.
Portland, which includes the only deep water port between Melbourne and Adelaide, has become a popular seaside hub.
More than a dozen homes for sale in Portland are carrying an asking price of more than $1 million. Vinci Carbone marketed the site with Stonebridge Property Group.