This article is from the Australian Property Journal archive
A BLOCK of units at Croydon in Melbourne's east has sold at auction by ICR Property Group for $2,570,000 – 100% above the reserve price.
ICR Property Group’s managing director Raff De Luise handled the sale of 10 Yarraduct Place South, Croydon.
De Luise said the auction had five strong bidders, which pushed the price 100% over the reserve, before it was sold under the hammer to a private investor.
The property comprises two single level buildings which consist 10, one-bedroom units.
De Luise said the property offers a substantial land package of 2,117sqm, which reinforces major redevelopment potential (STCA).
“The flexibility of renting 10 x 1 bedroom villa units with an approximate return of between $230 & $250 per week, attracted strong bidding for a long term investment play,” he concluded.
Australian Property Journal
