Deepdene Investment Property Sells for 33% Above Reserve Before Auction

Pre-auction sale highlights strong demand for blue-chip real estate.

In an impressive pre-auction sale, a prime property in Melbourne’s eastern suburb, Deepdene, has sold for $1,200,000, achieving over 33% above the reserve price. The sale ahead of auction day was prompted by three formal unconditional offers submitted to the vendor. This sale highlights the strong demand for properties with significant value-add potential in this highly sought-after area.

The property, which sits on a 227 sqm lot, was purchased by an owner-occupier who plans to refurbish the property and operate a restaurant. The sale was completed with vacant possession, providing immediate opportunities for the new owner.

Colliers Director Ben Baines said, “This sale underscores the high demand for high-quality properties in blue-chip locations like Deepdene. The property’s strategic location and development potential make it a standout opportunity for the new owner.”

Colliers Executive Eddie Foulkes added, “The strong volume of interest in this property reflects the high demand for Deepdene. The new owner has a fantastic opportunity to add value to the existing premises.”

The property is strategically positioned within a favourable commercial 1 zoning, with approved plans for a three-level mixed-use development, including ground floor commercial space and two three-bedroom dwellings, providing a total net saleable area (NSA) of 394sqm, plus expansive roof terraces of 106sqm.

Located just 11km east of the Melbourne CBD, Deepdene offers exceptional retail, parkland, and educational amenities. The property also benefits from excellent public transport options and proximity to main thoroughfares. It is adjacent to the Deepdene Shopping Centre and the Whitehorse Road tram stop, and main thoroughfares such as Whitehorse Road provide direct access to the Melbourne CBD via the M3 in less than 20 minutes.