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BLOCK of apartments in Melbourne's south eastern suburb of Malvern has sold for $4.36 million on a yield of 4.8%.

Conquest Dowlings' Simon and Luke Conquest sold the apartment building at 15 McKinley Avenue in Malvern, just 8km from the city.

Simon Conquest said the complex which was built in the 1970's, consisted of 12 two-bedroom apartments averaging 59 sqm on one title.

The properties are fully let until to February 2015 and the property is returning $208,800 representing a gross yield of 4.8%. Terms were 10% deposit with the residue 90 days from the date of sale.

"The price reflects the strong demand for blocks of flats for either investment or for the purpose of renovating and reselling as strata units.

"The purchaser was a local investor who will retain the property as is for the immediate future," Conquest said.