A private developer has purchased an inner-city development site in Melbourne's Ascot Vale for $1.72 million under the hammer.
The property at 193-195 Maribyrnong Road, Ascot Vale was sold at an onsite auction which attracted approximately 50 people.
The 716 sqm site offers general residential zoning, providing the opportunity for multi-level development, and is just 420 metre from the Union Road shopping strip.
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The property is also close to schools and public transport, with Ascot Vale train station nearby and a tram line out the front of the property.
It has approval for a residential development.
The deal was negotiated by Ted Dwyer and Hamish Burgess of Colliers International.