Huge waterfront Central Coast property could be a $2m steal
One of the largest privately owned waterfront properties on the Central Coast is for sale in Tuggerah near Westfield and the train station.
The enormous 22.43ha site at 100 Lake Rd has been owned by the Legge family for over 150 years.
Listed via expressions of interest with Nick Lower of Savills, the property does not have a price guide, but Lower says that interest has been around the $2 million mark.
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“We are leaving the price up to the buyers — the owners are running a competitive campaign,” he says.
“There is not a lot to compare to for a price indication.”
The property has a flexible E3 Zoning — Environmental Management which requires careful consideration and management to ensure development is compatible with special ecological, scientific, cultural or aesthetic attributes.
Set on some incredible rugged land on the Tuggerah Lakes, the property, which is a deceased estate, has been left with Mr and Mrs Legge’s five children.
The Legge family are some of the earliest pioneer families in the area.
In the early 1990s there was a boarding house on the property, popular with visitors from Sydney looking for a quiet country escape and some fishing in the Tuggerah Lakes. Scientists visited the area for wildlife and lake ecosystem studies.
An airstrip on the property, which remains today, was built by the Government and completed in 1943 with permanent RAAF staff on site during World War Two.
Currently the site is mostly vacant with a rundown house. It is located just nine minutes from the heart of one of the coast’s busiest shopping precincts and commuter hubs.
Earlier this year an eye-popping $2.8 billion proposal was proposed for Tuggerah by Scentre Group, the company behind Westfield.
Near 5000 new homes or units would be built, 10,000 jobs secured and over 70ha of land harnessed.
Lower says that some developers are interested in land banking the Lake Rd site with the hopes of a future rezoning.
“Some buyers may want to take a punt — holding a big parcel like that could mean that they could work with council in the future,” he says.
“But I think the buyer might end up being someone who wants to create their own private getaway, just a stones throw from Sydney.”
The location would be a major drawcard for buyers, just minutes from the M1, Pacific Highway, train line, shopping centre and cinema at Westfield and Wyong Hospital, which is currently being redeveloped.
This article from the Central Coast Express Advocate originally appeared as “Mammoth Tuggerah waterfront site for sale for first time in 150 years”.