Victorian Health Minister Martin Foley linked to $4.855m Mornington sale
A Mornington property linked to Victorian Health Minister Martin Foley has sold for $4.855m, well above expectations ahead of its auction.
Mr Foley inherited an interest in the 5 Main St property via his father’s estate in 2007.
The property was also tenanted for a time by controversial former developer John Woodman, who features in ongoing Independent Broad-based Anti-corruption Commission (IBAC) hearings relating to allegedly corrupt land deals.
The outline of Mr Woodman’s former firm name, Watsons, can still be seen on the outside of the building.
It had been listed with a $3.5-$3.7m asking price ahead of its June 9 auction, but sold vacant on May 28.
The property was sold by Courtside Pty Ltd, which Mr Foley was briefly a director of after the death of his father in 2007, but transferred the role to another family member when he rose to parliament.
He retains an interest via his dad’s estate under Dapat Pty Ltd, which is listed on the state parliament’s register of interests.
In a statement, Mr Foley said the property was purchased by his father and his business partner more than 30 years ago.
“When my father died in 2007, this property formed part of his estate, in which I acquired an interest in accordance with the terms of his will,” Mr Foley said.
“I receive a disclosable interest from the estate from Dapat Pty Ltd, which has been declared on the pecuniary interest register since I first became a member of Victorian parliament.”
Nichols Crowder Mornington branch manager Jamie Stuart said the $4.855m sale followed a $3.72m deal for Mornington’s former cinema at 1 Main St about a month prior through another agency.
He estimated 60 groups had inquired about the property, but that two buyers fought for it before a deal was finalised the day Victoria’s latest snap lockdown commenced.
“We are very excited with the result, particularly compared to what happened two months prior,” Mr Stuart said.
“To get something like that, to get a bird in the hand without knowing when the auction could be announced.”
Investor Rodney Kagan bought the property and said he saw high value in it given the “great potential upside”.
“When you looked at what was being asked, as a retail space which could potentially go in there, you have got a great upside,” Mr Kagan said.
Mr Kagan, who is founder and co-chairman of outsourcing firm Probe Group, said it had been a private acquisition and “nothing to do with Probe”.
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