Post-auction offers secure 16 in-one-line apartments for $3.62 million

Three bidders competed post auction for a Dandenong apartment block sold for $3.62 million.

The 16 in-one-line two-bedroom apartments were at 29 Stud Road.

The property sat on a 2,013 square metre land offering, with RGZ2 zoning with medium density development to 13.5 metres.

It was marketed and sold by Ray White Commercial Glen Waverley agents Ryan Trickey and Ben Ainsworth.

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 $2 million to low-to-mid $3 million,” he said.

“There was a genuine buzz around the auction, and it took 24 bids before the property was in a position to be sold, and it went to a commercial ‘re-conditioner’ who'll renovate the units and add value to the site.

“The property provides a strong reliable income and offered financial security and at fully-leased rental, the property produces $218,140 per annum with only one vacancy on-site right now.

“Being so close to amenities like Dandenong Plaza, Dandenong Market and the train station means there’ll always be a strong tenant demand for young families and professionals alike.”

Ainsworth said Dandenong was a proven re-development precinct with existing permitted construction underway in the local area.

“Being just 30 kilometres south-east of the Melbourne CBD, the property is within walking distance to all central Dandenong infrastructure,” he said.

“It offers excellent access to the Eastern Freeway, Monash Freeway and benefits from Dandenong train line and buses."