160 Kanangra Drive, Gwandalan sold for $10.5 million

The block at 160 Kanangra Drive, Gwandalan. Picture: Supplied
The block at 160 Kanangra Drive, Gwandalan. Picture: Supplied

A block of land backing onto Lake Macquarie has sold for $10.5 million to a Sydney-based family.

The property, at 160 Kanangra Drive, Gwandalan, sold under the hammer.

The 12.54 hectare property backs on to 285 metres of crystal clear waterfront.

Buyer expectations during the campaign had been "around the $5 million mark", according to selling agent Mitchell Thomas of McGrath Toukley.

He said that the previous record high for a lakefront property in the area was set by 7 Foreshore Street, Eraring, which sold for $6 million in 2020.

"We knew that with enquiry levels and marketing interest that we were on par with [7 Foreshore Street], however the heat in this market provided a much larger result," Mr Thomas said.

An artist impression of 160 Kanangra Drive, Gwandalan. Picture: Supplied

An artist impression of 160 Kanangra Drive, Gwandalan. Picture: Supplied

He said that the successful buyer was a group of Sydney-based brothers involved in the tyre industry, who planned on building a holiday home there.

They intended to modify the existing approved plans for the block to better suit their needs.

"They are redesigning the development application to accommodate the needs of the whole family," he said.

The property had received strong interest on social media, Mr Thomas said.

Although the block was vacant, the inclusion of an artist's rendering of the approved plans had helped stimulate interest.

The approved property has a north aspect, 270 degrees of water views and a road in and out, as well as a pool and shed.

"The most important thing was making sure the artist's impressions were as accurate and as real as they could be, so that when selling a property like this potential buyers could see the finished product that was one of the most critical features of this campaign."

This story They expected $5 million, they got more than double that first appeared on Newcastle Herald.