John and Pauline Gandel Expand Peninsula Holdings with $16.75M Waterfront Purchase
The acquisition of a 20.48-hectare waterfront property adjoining the Pt Leo Estate Sculpture Park signals continued expansion for the prominent Melbourne family.
The Deal
John and Pauline Gandel have agreed to purchase a 20.48-hectare waterfront property on Victoria's Mornington Peninsula. The property, which directly adjoins the Pt Leo Estate Sculpture Park, will be acquired for a reported $16.75 million.
The Seller
The vendor is Ron Pedder, founder of Pedders Suspension & Brakes, and his wife Lynette.
Strategic Expansion
The Gandel family has been making incremental acquisitions of adjoining land to steadily expand their holdings on the Peninsula.
About Pt Leo Estate Sculpture Park
Established in 2017, the Pt Leo Estate Sculpture Park has become a significant cultural destination. The park features:
- Over 60 works of art on display
- A restaurant offering dining experiences
- A winery with a cellar door
The latest acquisition further cements the Gandel family's presence and development footprint in this prestigious coastal region.