Franco family buys Bullsbrook land

The Franco family has purchased a 40-hectare property in Bullsbrook for $2.8 million at a court-ordered auction this month.

Mario, Robert and Michael Franco, via Mimaro Group, bought 848 Cooper Road Bullsbrook from brothers Ashley, Murray and Robert Gray.

The sale followed a Supreme Court ruling that the property be auctioned in light of a long-running dispute between the Gray brothers.

Mario Franco, who founded Fero Group with his brother Ernesto (Andy) in 1972, told Business News he hoped to repurpose the land for industrial or residential use in future.

The land is currently zoned rural, and was identified as an industrial expansion area ripe for medium-term development under the proposed District Structure Plan.

Effective Property Solutions managing director Erwin Edlinger, who brokered the deal, said the property attracted a high demand, with about 25 bids from a variety of potential buyers.

Mr Edlinger said the property was ideal for future industrial development, given its proximity to major infrastructure, and impending upgrades of roads nearby.

The Franco family, who also own Dalkeith Village shopping centre, were revealed as the buyers of Bunbury Forum earlier this year.