Land goes for $880K

Auctioneer Paul Conti, of Time Conti Sheffield said the 1010sq m block, positioned with two street frontages at Rutland Avenue and Bishopgate Street, received significant interest during its one-month marketing phase and attracted about 30 people to the auction on April 17.

‘There was quite strong, steady demand and we got good, solid requests,’ he said.

‘Around 18 people requested a copy of the information memorandum and of those, three bid on the day.’

Bidding started at $800,000 with the buyer planning to develop the R40-zoned block into townhouses.

Victoria Park chief executive Arthur Kyron said the land presented the opportunity for a statement building for the township.

While acknowledging the financial return to the Town, he said the building design was a great opportunity for something with impact.