An unusual Kew block abutting Yarra Bend Park is under offer a month after it was listed.
The 5297 square metre parcel, 46-48 Wills Street, carried a $15-$16 million guide.
RT Edgar’s Mark Wridgway and James Paull closed an expressions of interest campaign on August 27.
It last sold for $415,000 in 1990.
The land has the potential to be replaced with about 16 townhouses.
In one of Kew’s most exclusive pockets, it could also be subdivided to make way for a half dozen large, standalone dwellings.
The property abuts a 27 hectare former hospital which Walker Corporation started replacing with a residential based community more than a decade ago.
Willsmere mansion, now an apartment and townhouse complex, is also in the vicinity.
Kew is five kilometres east of Melbourne.
In 2010, local residents paid the University of Melbourne $9m for a campus in the suburb’s Madden Grove, Kew which was at risk of selling to an apartment developer
That property has since made way for standalone homes in keeping with the low-density street.