New owners paid over $1.1 million for rundown Corrimal cottage and think ‘it’s great’
A rundown home in a prime Wollongong location has changed hands, with the new owners reportedly planning to undertake an extensive renovation.
The property at 82 Corrimal Street, Wollongong recently sold for $1.11 million.
Sitting on 550 square metres, the cottage with original detailing is currently configured as two self-contained flats.
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CoreLogic records show the home was built in 1943, and previously sold in 2014 for $650,000. Picture: Supplied
The property features four bedrooms, two kitchens and two bathrooms.
Although featuring original solid timber floorboards, timber framed windows and fireplaces, the marketing’s claim that “the dwelling is in need of some TLC” appears to be accurate.
CoreLogic records show the home was built in 1943, and previously sold in 2014 for $650,000.
The selling agent, Sam O’Halloran from The Agency Illawarra said local buyers purchased the original home this time around, with the intention of renovating and moving in.
“From the 50 inspections, most buyers were looking for either a fixer-upper or a future knockdown-rebuild,” he said.
“From the 150 inquiries received, the majority of these were from out of the area or first-timers seeing a rundown house in the Wollongong CBD and thinking, ‘this is great’.”
Sitting on 550 square metres, the cottage with original detailing is currently configured as two self-contained flats. Picture: Supplied
It had a price guide of $1 million to $1.1 million. The property passed in at auction a few weeks ago at $1,085,000.
There were previous attempts for the home and two surrounding properties, which all have separate owners, to be sold as a development site, but the large easement underneath was reportedly one of the stumbling blocks.
Council records show there was a DA lodged for 80-84 Corrimal Street for the demolition of three dwelling houses and construction of a residential flat building comprising four one-bedroom, 20 two-bedroom and four three-bedroom units with basement parking for 39 vehicles.
The application was refused in 2009.
Meanwhile, the listing at 80 Corrimal Street remains on the market, with a price guide of $1,395,000.
The two-bedroom home sits on 550 square metres.
Selling agent, Dan Hall from Raine and Horne Wollongong said the home had good bones with plenty of potential to renovate or extend.
Mr Hall said investors and renovators were the main groups interested in the property.
“It needs the right person to give it some TLC; they could turn it into a fantastic residence, or ideal dream home,” he said.
This also follows a first home buyer with major renovation plans in mind snapping up a derelict Port Kembla home.
The property also sold for considerably above the reserve price following a hard-fought online auction.
The home fetched $741,000 earlier this month. The reserve price was $645,000.
This article first appeared at view.com.au.
Originally published as Renovator snaps up home in ‘need of some TLC’ for $1m-plus
