Two buyers stepped forward for 12 The Esplanade, Torquay, before it hit the market.
A vacant front row block opposite Torquay’s front beach has earned sellers more than $2m for little more than mowing the lawn.
The prime 1011sq m site at 12 The Esplanade was snapped up for $4.62m before hitting the market.
Records show the vendors paid $2.305m for the vacant property, which historically had a weatherboard house on it, in 2016.
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McCartney, Torquay agent Tim Carson said they had invested in plans to build two townhouses on the site but circumstances changed.
“The two gentlemen were going to develop it themselves and they just decided they had other business interests that was going to stop them from probably being able to do it,” Mr Carson said.
“I went ahead and put the signboard up at Easter time and had a few people on our data base that we spoke to about it. The next thing you know I have two people bidding on it and it sold prior to going on the market.”
He said there was scope to build up to five dwellings on the block, subject to council approval, but it was ideally suited to two-lot townhouse project or single family home.
The block has a 20m frontage.
A development on the site would have ocean views.
The beachfront block is just metres from Cosy Corner and Torquay front beach, offering sweeping sea views over Point Danger and beyond.
“They buyers have got some property here already and they are looking to upgrade, they’ll build something on there in due course,” Mr Carson said.
The property was the only vacant block available along that stretch of The Esplanade, though there are some others opposite Fishermans Beach that remain undeveloped.
Mr Carson said appetite for development had slowed up in Torquay, but the rare nature of the block made it attractive proposition.
Torquay’s median house currently sits at $1.185m, according to PropTrack, with the typical unit setting buyers back $855,000.
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