A local builder has paid a bullish $5.205 million for a prime development site in Melbourne’s ritzy Toorak.
The Commercial 1 zoned holding at 1 and 1A Mathoura Road, one lot north from the intersection of Malvern Road, was declared on the market at $4.15 million.
Before a large crowd, eight bidders competed for the property prior to Philippe Batters declaring it sold.
The sale price values the land at $9,422 per square metre.
Two double-storey structures are currently on the site configured as three apartments and a retail space, leased to a hairdressing salon. It also includes an open-air car park at the rear.
Agency William Batters promoted the site, close to the Hawksburn Village, to investors and developers. Mr Batters marketed the block with colleague Bill Cook.