A DUAL Ringwood block zoned for apartments has gifted its long-time owners a gain of more than $2.25 million.
The 1607sq m block at 12-14 Pitt St sold for $2.55 million recently and had been bought for a combined $293,500 in the 1990s.
Six developers pushed the central Ringwood property to sell for $350,000 above its $2.2 million reserve, Noel Jones Wantirna agent Michael Hill said.
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The large backyard at 12-14 Pitt St.
The property had been rezoned Residential Growth Zone 1, which allows for an apartment development of up to four storeys.
“We had huge interest with 40 contracts given out to prospective buyers and the result was not a surprise,” Mr Hill said.
“The bidding at the auction comfortably reached $2.2 million and there were two bidders at the end.”
There were nearly 40 bids with increments as high as $50,000 at the October 27 auction.
The site comprises an original 1940s single-level home with two bedrooms and a newer five-bedroom house on two levels.
12 Pitt St is an original 1940s house.
The location is sought after in the heart of Ringwood near amenities, the train station and Eastland shopping centre and schools. Mr Hill estimated up to 30-35 apartments could be built on the block.
No. 12 Pitt St is a 1940s home in original condition while No. 14 has dual living zones and updated bathrooms and kitchen.
The previous top price on the street was $1.82 million for a 1163sq m block of four units at 1-4/9 Pitt St, sales records show.