Rare block of East Brisbane units sell for $1.55 million at auction

A rare block of East Brisbane units originally bought with lottery winnings sold for $1.55 million at auction on Thursday night.

A whopping 20 people registered to bid for the property at 7 Ashfield Street. Seven parties actively bid for the property with bidding started at $780,000, before the hammer fell at $1.55 million.

Selling agent Paul Curtain of Place Bulimba said the block had attracted a “huge amount of interest”.

“To have 20 registered bidders in today’s environment is very rare. It shows you that the demand to get land is there,” he said.

“It’s just such a big block in a really good area.”

Mr Curtain said it was a great result.

“It’s exceeded people’s expectations, we’re all very chuffed about it.”

The original buyer, now deceased, bought the block of four units brand new about 40 years ago after winning the Golden Casket lottery. He then lived in one of the units, and rented the other three out.

The units, on a large 840 square metre block attracted interest from developers, families and investors.

In the end, it was a developer with big plans for the property who won out on the day.

“The new owner is a businessman who plans to build a large family home on the entire 840 sq m allotment.”

Prior to the auction Mr Curtain said the property had attracted families as well as developers due to its proximity to the popular Anglican Church Grammar – a short 10 minute walk away – and to public transport.

“It’s on top of a hill in a highly sought-after pocket in East Brisbane,” Mr Curtain said.

“It’s a rare opportunity to find so much land, a rare canvas for someone to work with.”