HiStories from Real Estate Agent, Reg Ransom. You don't get to have 40 years experience in real estate and not have a story! Read the upcoming regular series of blog posts for insights into who and how our western suburbs were developed over the decades!
Mosman Park and Peppermint Grove
In the mid 1970’s an entrepreneur whose forte was developing shopping centres, put several properties together in Owston Street Mosman Park. In 1979, I sold his estate on 2832m2 for $615,000.
Ten years later the same property sold for $4.1m and was amalgamated into the Wellington Street properties to form 8200m2 and an 1800m2 residence was constructed called Prix d’amour. In the mid 2000 the property was demolished and redeveloped into 9 lots that sold for around $5000/m2
The same shopping entrepreneur returned to Perth from Sydney and was back in the Market Place in the 1980’s and put together a massive land holding in the centre of Peppermint Grove. He purchased Lot 19 & Lot 22 between Johnston Street and Bay View Terrace and Keane Street with a total land area of 4886m2 called ‘The Bungalow’ for $3.25m in December 1985, and demolished this building after acquiring the balance of the surrounding houses that made up a total estate of 15400m2. Records show that the Bungalow comprised 3 flats on 4000m2 (around one acre of land) which passed in for $120,000 back in 1972 by the well known and established real estate company Joseph Charles Learmonth Duffy a company that I became sales manager for in 1979.
In the early 1980’s the same property sold and renovated by the new owner who re-sold it for $1.5m
In summary, records show that the first entrepreneur outlayed $8.5m up to 1985 acquiring properties in this land holding, excluding the ‘gate house’ and his own residence at the time at Lot 107 on 1737m2 at Johnston Street.
All homes were later demolished and a massive limestone and wrought iron wall was erected surrounding a future mansion that didn’t eventuate.
A business couple acquired part of this estate and commenced building their estate’ in 2005, but ceased when their business collapsed, and the property now lies derelict.
In recent times a super block was created by an established family, who purchased on the corner of Johnson Parade and Hill Terrace in Mosman Park where records show the property was purchased for $15m in September 2009, which was a strata titled unit on 815m2, and 6 Johnson Parade a 4bed/2 bath on 1100m2 of land and purchased for $9m in September 2009, 14 Hill Terrace for $6.5m in September 2009. These sites were cleared to make way for a mansion, however plans were shelved. A family member paid $10m for 1640m2 of land with a 5bed/5bath and 10 car garage February 2014. This property was sold back in the mid 1970’s for $175,000 to a mining entrepreneur, however this property has been transformed by several owners over the past years.