City fringe auction result in Abbotsford for unloved property

 A Commercial 2 zoned property on the corner of Yarra Street, Abbotsford on the Melbourne fringes has sold for $1.3 million to a builder-developer.

The property, 178-180 Hoddle Street Abbotsford, has frontages of 10 metres to Hoddle Street and 26 metres on the side to Yarra Street to give a site area of 267 sqm.

Gray Johnson director and auctioneer Matt Hoath says that the property was put on the market at $850,000 which was in line with pre-auction expectations but the bidding escalated with a total of 90 bids recorded.

"178-180 Hoddle Street was offered for sale on behalf of a long term owner with vacant possession and presented a rare opportunity to acquire a City-fringe property that is ready for redevelopment," he said.

“I believe we witnessed Abbotsford site values catching up with those of adjoining suburbs like Richmond and Cremorne,"