A mixed-use complex comprising offices and residential, possibly above retail, is expected to replace one of Prahran’s highest profile sites, which sold at a well-attended auction yesterday.
The AW Hinton & Sons building at 49-51 Izett Street was knocked down for $6.635 million – or $1.235 million over reserve.
Vendor the Hinton family had owner-occupied it for commercial purposes since 1890.
Initially a coach builder and horse drawn carriage repairer, the family established a panel beating business there in the 1950s.
A remnant of Prahran’s working-class past – the site is now surrounded by some of the city’s most valuable residential real estate, including apartment buildings.
Prahran Market, large Safeway and Coles supermarkets and the new Prahran Park, which replaced the Cato Street car park, are within a hundred metres of 49-51 Izett Street.
The double storey warehouse was built, then extended, around a small residential home – of which just one wall remains.
The auction drew 105 bids from six suitors.
Some 200 enquiries were received, the agents added.