Once a Lutheran Church aged care home, the massive 5530 square metre Riverview Terrace property is now used for student accommodation.

Agents handling the sale would not be drawn on a possible price, although it is believed the property — a block from the botanic gardens — will comfortably exceed the $1.5 million mark.

Riverview Heights includes a substantial house built in the 1920s.

Scott Wilkie from selling agents Stanley and Martin said the house had 11 bedrooms, communal rooms, kitchens and laundries.

A wing added by the Lutheran Church, which bought the property in the 1950s, includes 15 bedrooms.

All up, these buildings — on a title measuring 4634 square metres — total 90 squares.

Mr Wilkie said another five self-contained units were part of a second 896 square metre title on the western side of the block.

“The key point about this property is future development in a key location,” he said.

Mr Wilkie said he had never come across such a unique property before, especially given how close it was to the city centre.

“You’ve got the whole advantage of the CBD, the views,” he said.

“Everything’s on your doorstep, but you’re not right in the middle of it.”

Mr Wilkie said the site — in the hands of its owners for about 20 years — had enormous potential.

“You could have everything from three really exclusive properties to townhouses,” he said.

Mr Wilkie said a number of students were living on the property under leases.

“And so as an on-goer it’s offering a fantastic return,” he said.

Mr Wilkie said the leases would expire early next year, allowing for the site’s redevelopment.

He said there had a lot of interest shown in the property from “a multitude of different potential buyers”.

“That’s from developers to syndicates who are just private buyers who would love such an opportunity to small developers,” he said.

“It’s pretty much one-of-a-kind.

“And it’s in a great spot.”

The property will be auctioned on Saturday at 11am.