Both listings were sold by Stonebridge Property Group, who has also sold commercial properties in Mundy Street and the corner of Williamson Street and Lyttleton Terrace in the last 12 months.

A Mitchell Street property home to 8 Sisters Cafe and Grill and bike retailer GIANT sold for $1.875 million, more than $500,000 above its listing price of $1.3 million.

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The listing had seven offers made from bidders with two coming from Bendigo and five from Melbourne.

It was eventually sold to a Melbourne-based investor.

Stonebridge associate director Nic Hage said of the five sales the company has completed in the Bendigo CBD in the last 12 months, four have gone to Melbourne investors.

"Investors and developers are recognising growth in major regional hubs, off the back of rising house prices and population increases," he said.

"There is a 50 per cent stamp duty concession available for most regional asset which until recently had somewhat gone under the radar - this is solidifying interest.

"The Bendigo CBD is receiving the bulk of this interest, supported by the massive amount of public capital being invested into the likes of the GovHub, the law courts and TAFE developments."

Stonebridge Property Group partner Rorey James said buyer interest in regional investments has gone from strength to strength over the past 18 months.

"This sale speaks volumes to the confidence investors, whether they are local or from Melbourne, have in Bendigo and the direction it is heading," he said.

"In the end (the Mitchell Street property) sold for $1.875 million which is obviously much higher than what the reserve was. Three bidders were close to that top end.

"All the money being spent (in Bendigo) at moment with the government, the TAFE and the university is a strong story in Bendigo and we are seeing that in investor confidence."

At the other end of the block, land at the corner of Williamson and Mollison Streets sold in excess of its $4.5 million asking price.

Mr James said there were five offers received for the site, which has approval for hotel development from the City of Greater Bendigo.

"Being purely a development site, it was really in the headlights given what is happening in the construction world," Mr James said. "Everyone who looked at it had to consider build costs.

"The bulk of the interest was from Melbourne based developers together with national hotel groups.

"The buyer is based from Melbourne but are not sure what they will do with the site at this stage, which tells you they may not be thinking of development as a hotel."

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Stonebridge also has the listing for a package of properties at the corner of Baxter and Bridge streets.

Expressions of interest has closed for the listing. Mr James said due diligence is being completed and that a sale should follow in the coming weeks.

The two most recent sales for Stonebridge follow on from their sales of a freehold investment in Mundy Street, which houses 10 separate tenancies including the Old Green Bean Cafe.

That site sold for $7.125 million in December.

A package of seven shops at the corner of Williamson Street and Lyttleton Terrace was for $6.75 million in May, 2021, following with seven bids coming from the EOI campaign.

The bids were all above the reserve of $4.75 million prompting a second-round process was to be run via a transparent boardroom auction process.

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