While all eyes were on the anticipated auctions of The Block homes at the weekend, another hot property just down the road drew even stronger interest.
It might’ve lacked the television cameras and quirky characters, but the outcome of bidding on 1 Kilmore Road in Gisborne was just as dramatic.
The regional Victorian township was thrust into the national spotlight when Channel 9’s reality juggernaut began filming.
On Sunday, the conclusion of the series saw just two of the five transformed homes sell under the hammer – one for the biggest profit in the show’s history, the other for one of the smallest amounts above reserve.
Minimal interest and only a couple of registered bidders resulted in an anti-climax finale.
Around the same time and not far away, there was plenty of action at 1 Kilmore Road – and more active bidders than The Block drew, selling agent Rory White from Gray Johnson said.
The historic vacant site of 20,950sqm, or 2.1ha, sits at the gateway to Gisborne via the main southern entry off the Calder Highway, and has bitumen roads and a total frontage of 345m on three sides.
Mr White, who worked with local agency Broadhurst Property, said three parties strongly contested the property on Saturday.
After losing steam, the property was passed in but then sold just 20 minutes later to a local builder, who’s part of a development group based in the Macedon Shire, for $2.525 million.
The sale price was well above initial expectations of about $2 million, Mr White said. A seven-month settlement period applies.
The land is the site of the former Macedon House Hotel, a rendered bluestone and timber shingle-roofed building that was constructed in 1847.
It’s now in a state of decay but the remaining elements of the structure are listed on the Victorian Heritage Register. Any development will likely require reconstruction and repurposing.
Until recently, a permit was in place to extend and develop the premises into a boutique private residence, with a subsequent allowance for subdivision of the site into three lots.
A draft report by the Macedon Ranges Shire Council designates the site as suited to medium density housing, given its proximity to the centre of town.
“It is anticipated that townhouse development will occur on the Macedon House site to support reconstruction of this important heritage building,” the draft report notes.
Interested buyers were encouraged to consider the site’s development potential, particularly in light of those potential planning adjustments, Mr White said.
“There is strategic support to amend the site’s planning controls to facilitate its use and development for residential purposes,” he said.
“The Macedon Ranges Council has recognised the demand for medium density housing in Gisborne as well as the suitability of this site for development and particularly its proximity, under 250m from the town centre.”
Story Credit: news.com.au