Toorak townhouse site sells for $3.85 million

A vacant Toorak block of land fetched $850,000 above reserve when four developers fought for the weekend auction offering.

It came with planning permits for the 658 square metre block at 7 Monomeath Avenue.

The approval was for two luxury townhouses.

Bidding opened a $2.8 million, RT Edgar’s Mark Wridgway who announced the lot on the market at $3 million.

It sold for $3.85 million.

It last sold for $3.6 million in 2015 and $2 million in 2010.