Veteran South Yarra developer Michael Yates has sold his last remaining site in South Yarra.
The 55 Claremont Street offering was bought pre-auction by a local developer for $8.6 million.
It sold in 2014 at $6.188 million with extended settlement terms.
The 50 plus year veteran, who turned 74 this week, says he's not leaving development, but he has sub-leased his office.
The auction had been delayed twice due to disputes between Yates, his financiers and a buyer of an off-the-plan apartment in the permitted scheme who wished to proceed with their off the plan purchase.
The site has approval for a 15-storey tower with 37 apartments.
CBRE marketed the property in conjunction with Gorman Commercial's Jonathon McCormack and Stephen Gorman.





