Sale nets $1.5m for 10 units

Robert DoughertyNorth West Telegraph

The only completed Macro Realty Developments project in Port Hedland crashed back to reality over the weekend.

The McKay Street Apartments were sold off on Saturday after once being the shining light among $250 million in promises left by an alleged Ponzi scheme in the region.

Ten apartments once fetched a price tag of $600,000 each after construction in 2014, but valued individually at around $160,000 in February this year, and were sold together for $1.5 million over the weekend.

First National Real Estate Hedland senior sales consultant Rick Hockey said a promising crowd of residents and investors attended the sale.

“There was around 35-40 people, mainly local investors or homebuyers, with a couple of phone- ins from Perth and over east,” he said.

“We had instructions to sell ‘in-one-line’ to one entity because of interest from investor groups.

“There was an offer put in by a syndicate of investors from WA for $1.5 million and that was accepted (by the security holder). It shows there is lots of interest out there (in the property market).”

The scheme allegedly engineered by Pilbara businesswoman Veronica Macpherson continues with Macro Group in receivership. Ms Macpherson faces an ongoing Federal Court battle and an investigation by the Australian Securities and Investments Commission.

The McKay units completed by Hedland Projects were the only project to reach fruition among an undeveloped 244-lot subdivision at Newman Estate, including two unit complexes in South Hedland, a five-storey development in Port Hedland and a partially completed estate in Burra Drive.

Get the latest news from in your inbox.

Sign up for our emails