The family of late eastern suburbs builder Tony Defelice has sold a Nunawading residential portfolio.
On an 8056 square metre General Residential zoned block, 38-54 Burnt Street has collected $13.8 million or $1.3m over guide.
With eight villa units and 42 two bedroom flats – developed in the 1960s and 70s – the price reflects a 3.8 per cent passing yield.
The buyer, a local private investor, intends to refurbish vacant dwellings (story continues below).
CVA’s Ian Angelico, Daniel Philip and Stan Dawidowski represented the vendor; five offers were submitted, they said.
Mr Defelice built homes up until about six years ago, predominantly in Nunawading, Mooroolbark and Wantirna.
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