A house north of Melbourne destined for the wrecking ball will become one of the most dilapidated properties and reconstructions in the suburb.
The three sisters who own the three-bedroom house in Hotham Hill have listed the retro residence for between $ 4.5 million and $ 4.95 million, but there is a reason for the high price.
Possibly one of the largest blocks in the suburb, the house, which was built at the beginning of the 20th century, is located on a 1025 square meter block of land, making it very lucrative for developers.
A house in North Melbourne (pictured) destined for the wrecking ball will become one of the most fallen properties and reconstructions in the suburb
The owners of the three-bedroom house (pictured) in the Hotham Hill area have listed the retro residence for between $ 4.5 million and $ 4.95 million, but there is a reason for the high price
Jellis Craig North Melbourne's agent and partner, Trevor Gange, told Domain that the property was a rare find, given the generous size of the block.
& # 39; This provides [about] $ 4000 per square meter that has a good value, when compared to smaller blocks that will always have that higher price, "he said.
Mr Gange compared the house on Curran Street to the recent sale price of a run-down cottage on Little Provost Street, which sold for $ 858,000.
The Little Provost Street house was on 80 square meters of land and had a much higher price per square meter.
The selling agent said the property offers great investment potential for developers, especially since the neighboring property is a three-level apartment block.
"As long as people comply with local guidelines, there is no reason why they can not develop the land," he said.
Mr. Gange said that the excellent condition of the house (pictured), which has had very little work since it was built, makes it the perfect project for superior repairs.
It could be said that it is one of the largest blocks in the suburb, the house is located on a block of land of 1025 square meters (in the photo), so it is very lucrative
However, due to the excellent condition of the house, which has had very little work since it was built, Mr Gange said that it is also the perfect project of superior repairman.
"He's in remarkably good condition in terms of the house, I think there's a great opportunity for someone to use it," he said.
Mr. Gange said that the proximity to excellent schools, coffee shops and the CBD increase the value of the property.
There are many developments currently under way that also make it more desirable, including new boutiques and additional train stations, he said.
The property will go up for auction on October 6.