Yarra Glen Site Sold For $1 Million

A mixed use development site in the town of Yarra Glen north east of Melbourne has been sold at auction for $1 million.

The approximately 2161 sqm parcel of land at 39-41 Bell Street, Yarra Glen, was sold to a local developer by Brett Diston and Roland Rentz of Ray White Commercial Victoria on behalf of a private owner.

“We had a great on-site auction for this property with around 25 people attending and five bidders involved,” Mr Diston said.

“Bidding started at $600,000 and following more than a dozen bids it was sold under the hammer for $1 million.”

Mr Rentz said the vacant site close to the town centre has commercial 1 zoning and is ideally situated with two street frontages.

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“This was an ideal development opportunity in this bustling wine region town 40km north east of Melbourne,” he said.

“The site offered a blank canvas for the purchaser who intends to develop a mixed use retail and residential complex.”