Investors secure The Block Albert Park resale after sales collapse

Investors secure The Block Albert Park resale after sales collapse
Investors secure The Block Albert Park resale after sales collapse

Investors have paid $2,375,000 to buy The Block Albert Park apartment caught up in the Australian Federal Police seizure of assets of the former NAB broker Lukas Kamay.

Kamay, who has been accused of using confidential Australian Bureau of Statistics data to make $7 million in profits by trading in fluctuations in the Australian dollar, paid $2,375,000 at The Block auction in April.

But the purchase did not proceed to settlement.

The replacement buyers have the apartment now advertised for rent at $2,500 a week through Dingle Partners.

An Albert Park couple Paul and Susan Hawking now own the apartment decorated by Adelaide twins Alisa and Lysandra Fraser.

Following Lakas Kamay’s arrest in May and with settlement yet to occur, The Block’s production company Watercress Productions secured the replacement sale at the same price, $2,375,000.

The runner-up twins, Alisa and Lysandra achieved a massive $616,000 above the reserve of $1.759 million. 

The three bedroom apartment was marketed for Alisa and Lysandra, the former SA police officers, by the Melbourne CBD agents, Anton Wongtrakun and Rochelle Wilson from Dingle Partners.

The twins were not the overall winners, so it did not affect the final result of the television renovation gameshow, and did not affect their payout as the outcome of the auction night are likely to be honoured by Watercress and Channel 9.

Kamay had secured the apartment as an investment property as Dingle Partners had it listed as available with a $2,500 weekly asking price, reflecting a gross 5.4% rental yield in May. 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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