eye-popping price

Millionaires only: dilapidated estate’s eye-popping price

PHOTO: 137 Annandale St 

‘Blank canvas’ might be the nicest thing you can say about this inner-city property but eager buyers have stunned locals by lining up to throw the chequebook at it.

The land size on offer is rare for the suburb.

The land size on offer is rare for the suburb.

137 Annandale St, Annandale

137 Annandale St, Annandale

It has visibly soiled carpets, walls stripped bare of paint and a shed seemingly built from offcuts of corrugated iron, but only multi-millionaires need register for the auction of this dilapidated house in Annandale.

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The Federation house at 137 Annandale St has been listed for sale through BresicWhitney Estate Agents Glebe with an auction guide of $4.8m while being marketed as a “blank canvas” in need of renovation.

Photos of the house show water damage on the ceilings and grime on the walls and door frames while the carpet appears mottled with mould.

Welcome home to 137 Annandale St.

Welcome home to 137 Annandale St.

A wall on one side of the foyer is covered in patches of white paste and much of the plasterboard covering the nearby architrave is missing, revealing cracks within the crumbling surface beneath.

A shanty style shed with makeshift windows is at the back of the house.

Selling agent Chris Nunn said the land size and location of the property were what gave it its multimillion-dollar value.

The main residence is thought to have been built in the early 1900s.

The main residence is thought to have been built in the early 1900s.

The self contained extension at the rear.

The self contained extension at the rear.

“For something to come up on one of the best streets in Annandale at 664sq m – it’s a complete rarity,” Mr Nunn said.

While the block has potential for subdivision, subject to council approval, Mr Nunn said interested buyers were attracted to the possibility of knocking down the “light construction” at the rear and extending the main residence or adding a studio at the back.

The carpet appears mottled with mould.

The carpet appears mottled with mould.

Some of the walls are in need of repair.

Some of the walls are in need of repair.

The shed has seen better days.

The shed has seen better days.

“Whoever buys that block, so long as they have the money to develop it, would want for nothing in terms of a bespoke family residence,” he said.

“The main dwelling would need to be retained, most likely, because it is in a conservation area.”

“You would simply add and extend to the side and back – you’d be able to put around 350-400sq m of internal space in the residence or split that between 300sq m in the residence with a 100sq m studio in the rear.”

The main kitchen.

The main kitchen.

The bathroom has mismatched tiles.

The bathroom has mismatched tiles.

The house includes a double storey dwelling with four bedrooms that is thought to be built in the early 1900s and a self contained extension with an additional living room and bedroom.

The property goes to auction on July 9.

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