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A former blouse factory in Moonee Ponds has soared $350,000 above its reserve, selling for $1.49 million at auction on Saturday.
The heritage-listed Edwardian building, owned by the local council, was one of 1320 properties scheduled to go under the hammer in Melbourne.
By evening, Domain Group had recorded a preliminary clearance rate of 69 per cent from 887 reported results.
Built circa 1913, the red-brick building at 34 Wilson Street is the oldest surviving factory of that era in the suburb. It was a blouse factory for many years under the helm of two women, Sarah and Annie McKay, who went on to employ 60 women.
In 1970 it was occupied by the Victorian Pigeon Racing Union and, most recently, was a youth services centre.
The building had caught the attention of ambitious renovators seeking to convert the space into a large home. It appealed to owner occupiers over developers because parts of the building, including its brick facade, were protected by heritage overlay.
In front of a crowd of about 35 people, the auction kicked off with an opening bid of $900,000.
After a flurry of 50 bids, a local lawyer finally outbid two others to secure the keys for $1.49 million.
Buyer Stefan, who did not want his surname published, said he hadn't been looking for a property but his mother had recommended he inspect the factory a few weeks ago.
"This is a very random surprise," he said.
Having been involved with small-scale developments in Avondale Heights and Moonee Ponds, Stefan said it wouldn't be his first time renovating. He plans to build his dream home, complete with a rooftop deck and lightwell.
Auctioneer John Morello of Jellis Craig Kensington said it was rare for factories or warehouses in residential streets to be listed on the market in Moonee Ponds.
"It did attract a lot of outside buyers coming from the likes of North Melbourne, Fitzroy and Collingwood."
He said the local auction market was faring well. "Clearance rates still seem to be holding up in the 75 to 80 per cent range. It's probably one of those suburbs where there are never enough homes for sale."
At a council meeting earlier this year, Moonee Valley councillors pledged to ensure the proceeds of the sale would be used to meet the needs of the community, including young people.
