The 1011sq m residential block of land at 3 Park Lane, Torquay, sold for $3.55m at auction.
Park Lane lives up to its prestige position on the Monopoly board as buyers splash more than $3m of real money for a patch of dirt at Torquay.
Yes, the beach is at the end of the street, but McCartney Torquay agent Tim Carson said the $3.55m sale price for 3 Park Lane was the top end of the price range when the 1011sq m plot went to auction at the weekend.
All the new owners need to do is put a house on it to enjoy the most of the position a few steps from the beach, Mr Carson said.
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Two bidders contested Saturday’s auction, but getting the buyers to participate was no simple roll of the die, with auctioneer Geoff Bennett starting the bidding on a $3m vendor bid and suspending the auction midway to speak with the vendor before things really got rolling, Mr Carson said.
Both bidders intended to build their “forever home” on the parcel of land, just 200m from the sand at the Torquay back beach, he said.
The new owners could build a house up to 7.5m high on the block without triggering the need to obtain planning permission.
The block of land itself has eclipsed almost every other property sold in Torquay this year, underlining the value of the position.
The property is close to Torquay front beach and the main shopping centre.
And also a short walk to the surf beach.
“Park Lane would arguably be one of the best streets in old Torquay – no doubt – 1000sq m blocks like that just don’t come on the market,” Mr Carson said.
“That made the top of the range – we had 18 inquires through the whole process, which was quite good,” he said.
“The gentleman who bought it, he’s going to build his forever home there. The gentleman who missed out on it was going to do the same.”
The property has a 20m street frontage, with a 50m depth, creating a lot of space to build.
The potential to build a second storey would give occupants ocean views, including views of white caps on the waves.
If Park Lane is second-best on the Monopoly board, where is Torquay’s Mayfair?.
Along with Torquay back beach, the property is metres from Cosy Corner and the main beach, along with the cafes, shops and parks in the centre of the Surf Coast town.
All this begs the question, which Torquay street is Mayfair? A 675sq m block at 115 The Esplanade, Torquay, is on the market asking $3.3m to $3.5m.
Torquay has a $1.715m median house price, according to PropTrack data.
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