‘Little shop of horrors’ property expected to snare $800,000 in Islington is not for the feint hearted
A derelict house described as being “not for the faint-hearted” is set to hit the market in Islington.
The two-bedroom, one-bathroom weatherboard cottage, which includes a former shopfront, at 3 Norfolk Avenue will be auctioned as a deceased estate on July 27.
Listing agent Anthony Merlo of Colliers Residential Newcastle is guiding $785,000 for the auction.
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Despite its dilapidated state, Mr Merlo expects the property to generate a high level of interest given its location in Islington which is within walking distance to Hamilton’s Beaumont Street.
Houses in Islington hold a median value of $919,000 and only three homes on Norfolk Avenue have transacted in the past two years.
Mr Merlo said the property offered a “blank canvas” for experienced renovators, a builder, or those looking for a home office, a business or a knockdown rebuild opportunity.
“Given the property has been somewhat unloved for some time, its rejuvenation is not for the faint-hearted,” Mr Merlo said.
“With that said, given its location, a buyer would be rewarded financially after all the hard work is completed.”
CoreLogic records show the property was last sold in 2002 for $205,000.
The 1920s-built house is positioned on a 290 square metre block with two street frontages.
The floorplan includes a lounge and dining area, two large bedrooms and an additional living or home office space.
However, the property is in dire need of a full renovation.
Timber boards are missing on the exterior of the house and a large tree in the backyard is growing over the top of the building.
Inside the home has peeling paint on the walls and dirt covering the floors and walls in the bathroom and kitchen where the cabinetry is in a state of disrepair.
Mr Merlo said the property also offered the potential to operate a business from the premises (subject to council approval).
“This property in its past life was not only a residence, but also incorporated a sandwich shop annexed to the house,” he said.
“The external awning is still in place offering great exposure for potentially a neighbourhood coffee shop or numerous home office applications subject to council approval.”
The property will be auctioned on July 27 at 10.30am and is open for inspection on Saturday, July 6 at 10am.
This article originally appeared on view.com.au
