It has visibly soiled carpets, walls that have been stripped of paint and a shed apparently built from corrugated iron scraps, but only multimillionaires need to register to auction this dilapidated Annandale home.
The Federation home at 137 Annandale St is for sale through BresicWhitney Estate Agents Glebe with a $4.8 million auction guide, while being marketed as a “blank canvas” in need of renovation.
Photos of the house show water damage to the ceilings and grime on the walls and door frames, while the carpet appears mottled with mold.
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A wall on one side of the foyer is covered in bits of white paste and much of the drywall covering the nearby architrave is missing, exposing cracks in the crumbling surface below.
At the back of the house is a slum barn with makeshift windows.
Selling broker Chris Nunn said the size of the land and the location of the property gave it its multimillion-dollar value.
“If something pops up on one of Annandale’s best streets at 664 square feet — it’s an absolute rarity,” Mr Nunn said.
While the block has potential for subdivision, subject to city council approval, Mr Nunn said interested buyers were drawn to the opportunity to knock down the “light construction” at the rear and extend the main residence or add a studio. add the back.
“Whoever buys that block, as long as he has the money to develop it, wouldn’t want to miss out on anything in terms of a custom-built family home,” he said.
“The main residence should most likely be preserved, as it is in a conservation area.”
“You could simply add and extend the side and back – you could put about 350-400 sqm of internal space in the house or divide that between 300 sqm in the house with a 100 sqm studio in the back.”
The house comprises a two-storey four-bedroom house, believed to have been built in the early 1900s, and a self-contained extension with an additional living room and bedroom.
The property will be auctioned on July 9.
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