The unpredictable nature of auctions has been demonstrated in the sale of a retail freehold property in south-east Melbourne.

Despite generating considerable interest, 327 Glen Huntly Road was passed in when it was auctioned this week, only to be sold in the following days for 1.485 million.

Selling agent Benjamin Klein of Gross Waddell said some subdued bidding on the day led to the post-auction result.

At a glance:

• A two-storey retail freehold at 327 Glen Huntly Road, Elsternwick has been sold for $1.485 million, reflecting a yield of 3.77 per cent.
• The property was initially passed in at auction before a deal was negotiated in the following days through Gross Waddell agent Benjamin Klein.
• The prominent two-storey freehold includes ground-floor retail space and a first-floor 2-bedroom apartment with kitchen and bathroom facilities.

"There was a good turnout at the auction, but the bidding didn't get to the level we would have liked," he said.

"After the auction, there were still a few groups there, and we ended up negotiating with one of them, before drawing up a contract and signing them up.

"Sometimes at auctions, you can really punch it out, while other times, people hold back."

Situated on the northern side of Glen Huntly Road, some 12km south-east of Melbourne’s CBD, the prominent two-storey freehold includes ground-floor retail space and a first-floor 2-bedroom apartment with kitchen and bathroom facilities.

The Glen Huntly Road retail strip services the surrounding areas of Elwood, Caulfield, Brighton, St Kilda and Glen Huntly and is anchored by a brand new Coles supermarket and major trading banks.

The strip also offers excellent off-street parking.

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