THE stage is set for a townhouse development to replace a mid-century house in a Highton street described as easily the best location in the suburb.
A Melbourne developer pounced on a prime Highton location, paying $1.34 million for the property after auction on Saturday.
The 2292sq m block at 4 Taylor Court holds a four-bedroom mid-century house, but offered huge potential for return as most of the site can be developed under a Residential Growth zoning.
Barry Plant, Highton auctioneer Kieron Hunter said the property, 66 metres from Highton Village, is “easily” the best location in Highton, and the new owner had exciting plans for the space.
“It’ll be a townhouse site, something a bit more up-market that makes use of the premium space,” he said.
Mr Hunter opened the auction on a vendor bid of $1 million in front of a crowd of around 30 interested onlookers.
Two bidders helped it climb to $1.2m where it was passed in to negotiate with the vendors, and sold immediately after auction.
“It was a great result and the vendor is rapt,” Mr Hunter said.
The property had a price guide of around $1.5 million, and last traded in 1982 for $600,000, according to CoreLogic data.
The sale comes after the neighbouring property officially sold last week.
Gartland Property, Geelong agent Nathan Ashton last week said he tipped future development of the Woolworths supermarket complex after it sold for $12 million in 2017, while City of Greater Geelong has also revealed plans for the proposed redevelopment of the Belle Vue Arcade precinct.
“There is great long term growth prospects there,” he said.