Auction for first site

Press, 20 October 1987, Page 40

Auction for first site

The popularity of sections in the new Hyde Park subdivision has led to an unusual way of releasing the second stage in the development for sale. The new release of 31 sections will be auctioned at 11 a.m. on Saturday, November 7 on the site. The highest bidder will be able to choose the section he or she prefers, says Mr Cedric King, from Wrightson Real Estate. They are the sole agents for the subdivision. The concept of this auction is unusual in that it is more usual for people to bid for one particular section, Mr King says. “We have had so many enquiries for certain sections within the subdivision that the fairest way seemed to be to allow the highest bidder to select the section of his choice,” says Mr Philip Carter, managing director of the Carter Group.

Sales of sections in stage one have already reached $70,000, and Mr Carter expects bidding to exceed this figure. The auction will be the yardstick for pricing the other sections which will be sold after the auction, Mr Carter says. As a special incentive for the auction only, the terms will be 10 per cent only deposit and the balance payable on 12 months on. 10 per cent only in interest. The auction and payment terms apply only to the one sale. A design feature of the subdivision is the restraints put on sections which can take townhouses. In stage two, the maximum number of townhouses which can be built will be eight. When the 31 sections have been sold, no more will be released for another six months, so interest is expected to be very keen.