Buyers eye Albert Park property’s potential in multimillion-dollar auction

Buyers eye Albert Park property’s potential in multimillion-dollar auction

Buyers were prepared to fork out a multimillion-dollar sum for a 172sq m property with potential in Albert Park today.

The single-level house on a corner block, directly opposite the beach at 49 Beaconsfield Pde, sold for $2.605 million under the hammer as multiple bidders vied for it.

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The auction was slow to start, needing a $2.3 million vendor bid to get going, but a steady contest eventually delivered close to 25 bids.

Multiple parties put their hands up for the property, but two main bidders went head-to-head for it, making mostly $5000 rises.

The property was called on the market at $2.555 million, and the hammer fell at $2.605 million.

The buyer was a local looking to renovate the property, McGrath St Kilda principal Michael Townsend said. Other interested parties included developers.

The prime corner property has no heritage overlay and a substantial frontage to Beaconsfield Pde and Foote St.

The “absolutely blue chip” location had been key to the property’s appeal, Mr Townsend said. “And there are only so many Beaconsfield Pde properties so they’re a finite commodity,” he said.

The property includes a front room with an ornamental fireplace and bay outlook, a central living room, kitchen and meals area, and rear courtyard with a hot tub.

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