LOCAL investors were sold on a quintessential beach shack in Torquay based on its location alone.
The buyers outbid four other parties to secure 14 Grandview Rd for $820,000, well above the $750,000-$800,000 price guide.
Hayden, Torquay agent Ben Smith said it was quite competitive between the five bidders but two outshone the others in the end.
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“A local person purchased it as an investment, at the end of that day it was all about the location,” Mr Smith said.
“At this stage they will just hold it and rent it out.”
The 597sq m property is on the beach side of Fischer St and is a short walk to Spring Creek Reserve, playgrounds, parks, restaurants, cafes, shops and the beach.
The beach shack has three bedrooms and an open-plan kitchen, meals area and loungeroom.
There is also a garage and shed on the block.
The property is a blank canvas and could be subdivided to create multiple dwellings, subject to council approval, renovate and extend the current house or start from scratch on the flat site.
The median house price in Torquay has increased 11.1 per cent in the past year to $797,500, according to CoreLogic.