The Block's South Yarra initial purchase auction

The four renovated Block South Yarra apartments that go to auction this week cost $5.69 million when bought in one line in March last year.

There were three bidders, who pushed it to $570,000 over reserve price.

It was bought by The Block production company, Watercress Productions who faced competition from the omnipresent buyer's agent Frank Valentic.

The onsite auction was conducted by Beller Residential's auctioneer Robert German.

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The 27 Darling Street property was a three level brick apartment complex which includes 12 apartments (three two bedroom units, three one bedroom units) with 12 undercover parking spaces.