'Stamatiko Flats' was snapped up during the week by a local investor who plans to redevelop the site.
The property had been held by the same family for 85 years, and was on the market as a deceased estate.
The property consists of three retail shops, three one-bedroom apartments, three two-bedrooms apartments, and four lock-up garages. Accessible from both Bronte Road and Carrington Road, the property sits in the heart of thriving Charing Cross village in Bronte. The land area is 657sqm, and zoned for mixed use.
The property sold at auction for $5.13 million, a hefty $1.03 million more than the reserve, by Daniel Marano and Michael Marano of Oxford Agency.
Daniel Marano, Commercial Sales & Leasing Consultant of Oxford Agency, said 60 or 70 parties inspected the property, and there were about 10 bidders at the auction.
"The property did need a lot of work, however it had some holding-over income which was attractive to some parties," he said. "The appeal of the property was that it was a big block of land which is hard to come by in that area. The land size in the area is usually about 150-200sqm. And it's fronting the two main streets.
"A local investor has bought it. He plans to refurbish the units that are currently there. He does have plans, subject to council approval, to develop the land on Carrington Road into a few studios or one-bedroom apartments," said Marano.