Three monastery apartments attract auction investors

THREE of Ballarat's most interesting properties sold at auction on Saturday.

Apartments nine, 10 and 19, of the historic former Redemptorist Monastery in Wendouree, sold for $220,000, $290,000 and $282,000 respectively.

The buyers, all investors from Melbourne, snapped up genuine bargains with apartment 19 only recently valued at $360,000.

The remaining three properties were passed in and are now for sale on the open market.

The apartments, which have to be seen to be believed, resemble the historic monastery from the outside while decked out with the latest mod cons inside.

The buildings ceased being used as a monastery in the mid-eighties and were left vacant until sold to a developer.

Doepel Lilley Taylor director Robert Cunningham said they had expected at least three of the apartments to sell at auction.

"These apartments are pretty different," he said.

"There's certainly nothing else like them in Ballarat and there was a lot of interest and offers prior to auction."

Mr Cunningham said he'd spoken to one buyer who said the apartment was purely an investment, adding that renters would be attracted to the area because of its locality to schools, shops and shopping centres.

He said there was already a great deal of interest in the apartments that were passed in.

"I'd expect them to sell in the coming weeks too," he said.

About 60 people packed into apartment 19 on Saturday for the auctions, with two bidders going toe to toe for that two bedroom, three story apartment.

The front wing of the Redemptorist Monastery was built in 1891 using Grampians sandstone and bluestone from quarries in the Ballarat Area.

The chapel was built in 1911 and the north wing in 1933.

For more information about the remaining properties contact Doepel Lilley Taylor on 5331 2000 or visit www.doepels.com.au

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