A Melbourne based developer is believed to have paid more than $2.2 million for a Malvern East development site at a Teska Carson auction.Â
According to marketing agents, Teska Carson’s George Takis and Stephen Speck, five bidders from a large crowd pushed the price for the 15 Illowa Street property to well over the vendor’s reserve.Â
The agents declined to confirm details on price or purchaser but said the property had attracted 45 enquiries based primarily on the multi-level redevelopment potential of the site and its three street frontages, the add-value renovation potential of the existing building, and the strong holding income.
The property currently comprises a 555 square metre, Residential Growth Zone site, with a two level apartment block and 67 metres of street frontage.
Mr Takis said the property attracted more than 60 enquiries, predominantly from developers. He said the premium location in Melbourne’s prized south-eastern suburbs with close proximity to high quality education and commercial precincts was also an important consideration for buyers.
``The property was ultimately knocked down to a local developer with little doubt as to the demand for medium density housing in one of Melbourne’s most highly sought after residential areas,’’ Mr Takis said.
The vendor was a Melbourne based investor.
