A bidding war broke out between three bidders as 16 in-one-line two-bedroom apartments in Dandenong sold for $3.62M after successful post-auction negotiations at 29 Stud Road.
The property, that sat on a 2,013sq m* land offering under RGZ2 zoning opened the door to a medium density development to 13.5 metres, subject to council approval.
The asset was marketed and sold by Ray White Commercial Glen Waverley Managing Director Ryan Trickey and Commercial Sales Agent Ben Ainsworth.
Mr Trickey said there was mixed interest as the property, on the market for the first time in 45 years, appealed to several buyer groups.
“Investors looked at yield, developers looked at highest and best use, and groups (like the buyer) looked at value add. This ranged from the high $2M to low-to-mid $3M,” he said.