It has visibly soiled carpets, unpainted walls, and a shed apparently built with bits of corrugated iron, but only multimillionaires need to register for this dilapidated house in Annandale to be auctioned off.
The Federation house at 137 Annandale St was listed for sale through BresicWhitney Estate Agents Glebe with a $4.8 million auction slip while being marketed as a “blank canvas” in need of renovation.
Photos of the house show water damage to the ceilings and dirt on the walls and doorjambs, while the carpet looks mildew-stained.
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A wall on one side of the lobby is covered in patches of white paste, and much of the plasterboard covering the nearby architrave is missing, revealing cracks in the crumbling surface.
A shack-style shed with makeshift windows sits at the back of the house.
Sales agent Chris Nunn said the size of the land and the location of the property were what gave it its multi-million value.
“For something to happen on one of the best streets in Annandale at 664 m² – it’s a complete rarity,” said Nunn.
While the block has potential for subdivision, subject to board approval, Nunn said interested buyers were drawn to the possibility of tearing down the “lightweight building” at the back and expanding the main residence or adding a studio at the back. .
“Whoever buys this block, as long as they have the money to develop it, will not want anything in terms of a bespoke family home,” he said.
“The main residence would most likely need to be maintained because it is in a conservation area.”
“You would simply add and extend to the side and back – you would be able to put about 350-400 m² of interior space in the house or split that between 300 m² in the house with a 100 m² studio at the back.”
The house includes a two-story four-bedroom dwelling thought to have been built in the early 1900s and an independent extension with an additional living room and bedroom.
The property goes up for auction on July 9th.
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