St Kilda garage sells for four times reserve
An oversized St Kilda garage marketed for its potential to be converted into an apartment soared at auction yesterday – fetching $391,000, nearly four times reserve.
Five bidders contested for 10/98 Grey Street – four with plans to repurpose it as a dwelling.
The winning buyer was a local looking to use the 55 square metre space to store cars; his knock-out bid was a rise on the previous $361,000 offer.
“The bidding was frantic and commenced at $100,000 [the upper end of the guide price] then quickly escalated from the get go with $20,000 and $30,000 bids,” Jellis Craig agent Andrew Turner said.
“We believe there were several other interested buyers that didn’t get a look in,” he added.
The deal comes two months since a top floor two bedroom unit in the three level Art Deco complex, The Orion, fetched $610,000 (story continues below).
In October, 2017 – the last local property peak – a renovated one bedroom flat in the building (with no car park) collected $535,000.
Mr Turner said only two bidders contested for 10/98 Grey St once bidding hit $250,000, less than two minutes after the auction started.
“Interestingly it traded for more than a bathing box in Brighton in 2019 that sold for $340,000…and the garage doesn’t have a water view,” he added.
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