Buyers have battled it out at auction to get their hands on a former church site in Elsternwick, resulting in a final sales price $1 million over the reserve.
Colliers International’s Ted Dwyer, Jeremy Gruzewski and Tom Ryan have sold 64-66 Orrong Road in Elsternwick to a local developer for $4,326,000 on behalf of the Uniting Church in Australia.
The sale represented a capital value of $2,463/sqm on the 1,756sqm site. The substantial rectangular site is occupied by three former church buildings totalling of 880sqm (approx.), with a further 630sqm (approx.) of vacant land at the rear that is accessible by laneway. It is located within a General Residential Zone.
Mr Dwyer said the property was fiercely contested at auction, with more than 100 bids from multiple buyers.
“The strong sale price of $4,326,000 was a fantastic result, more than $1 million above the reserve,” he said. “Prospective purchasers were particularly eager to secure the property due to its prime position within close proximity to Glen Huntly Road and major transport linkages.
“Whilst the current church buildings created some uncertainty around development potential, most buyers were willing to look past this with visions for creating a character-filled and unique end product. This resulted in a brilliant outcome on auction day.”
Mr Dwyer said the property had not been used by an active congregation for nearly 25 years. Until now, it had been used as an archiving facility and the UCA decided to sell the property with realised funds to go towards an improved, updated operation of the Church’s Victorian archives collection.
“The location within an established residential precinct, in close proximity to retail amenity and surrounded by multi-million dollar dwellings, made this a highly sought-after site for developers,” Mr Gruzewski said.