City fringe auction result in Abbotsford for unloved property

Property ObserverMay 18, 20160 min read

 A Commercial 2 zoned property on the corner of Yarra Street, Abbotsford on the Melbourne fringes has sold for $1.3 million to a builder-developer.

The property, 178-180 Hoddle Street Abbotsford, has frontages of 10 metres to Hoddle Street and 26 metres on the side to Yarra Street to give a site area of 267 sqm.

Gray Johnson director and auctioneer Matt Hoath says that the property was put on the market at $850,000 which was in line with pre-auction expectations but the bidding escalated with a total of 90 bids recorded.

"178-180 Hoddle Street was offered for sale on behalf of a long term owner with vacant possession and presented a rare opportunity to acquire a City-fringe property that is ready for redevelopment," he said.

“I believe we witnessed Abbotsford site values catching up with those of adjoining suburbs like Richmond and Cremorne,"

Property Observer

Commercial Sale
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