Racing identity Gai Waterhouse rejects developer offer
Racing identity Gai Waterhouse has turned down a $3,685,000 offer for a Randwick property she owns, but the suitor will press ahead with plans for a boarding house next door.
Southern Courier
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Alan Lee, the owner of a two-storey commercial property at 23 Belmore Rd, which includes the Tum Zaap Thai restaurant, recently offered to buy neighbouring properties for his plans.
Ms Waterhouse owns 25 Belmore Rd — a two-storey commercial property which until recently had a cafe at street level.
Representatives for Mr Lee wrote to the racehorse trainer late last year and offered $3,685,000 for the property, which they said was 10 per cent above market value.
Ms Waterhouse’s representatives replied and said the price was $3,800,000, according to documents provided to Randwick Council.
There was no sale.
The 25 Belmore Rd property last sold in 1989 for $845,000, according to CoreLogic.
Mr Lee offered $4,015,000 to buy 21 Belmore Rd but was unsuccessful.
His attempts to buy neighbouring properties and expand the site are due to planning regulations.
Decision makers will give favourable consideration to boarding rooms with greater floorspace.
Despite being unable to acquire the properties, Mr Lee has proposed a boarding house of 11 rooms.
The site would also have a restaurant at street level.
A boarding house on the shopping strip already exists at 12-14 Belmore Rd.
Community members can write to the council to give their views on the development application before staff decide whether to approve it.
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