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Hovel to set Sydney benchmark?; $2m expected for this dump
Topic Started: 12 Sep 2014, 10:27 AM (2,781 Views)
Ex BP Golly
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Crumbling shack with harbour views in Balmain to fetch close to $2 million at auction

BRENDAN WONG REAL ESTATE REPORTER SEPTEMBER 12, 2014 12:00AM

http://dailytelegraph.com.au/newslocal/inner-west/crumbling-shack-with-harbour-views-in-balmain-to-fetch-close-to-2-million-at-auction/story-fngr8h4f-1227055697583

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WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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A Lurker
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Yes but this is the view the other way:

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the other side of that fence is a waterfront park that will never be built on. Ferry to Circular Quay is less than 100m away (little building between the trees on the right there).

Land size is about 450sqm.

Access for building will be tricky but this is a rare property.
Edited by A Lurker, 12 Sep 2014, 10:44 AM.
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Dr Watson
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A Lurker
12 Sep 2014, 10:43 AM
Access for building will be tricky but this is a rare property.
Would that cause building costs to blow out a bit, and would it put some downward pressure on the sale price?
Edited by Dr Watson, 12 Sep 2014, 10:58 AM.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
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A Lurker
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Dr Watson
12 Sep 2014, 10:54 AM
Would that cause building costs to blow out a bit, and would it put some downward pressure on the price?
Yes. I actually looked at this property.

Getting access across the council land (park) for the length of a pretty large scale build is highly unlikely, particularly where the park is nicely terraced using sandstone parts of which are likely to be heritage in their own right.

There is no parking and street access is through a narrow battle-axe style walk way.

Doing a substantial build there will be tricky. If this property had full vehicle access (for the build and parking) I'd guess it would be more like $3m.
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Ex BP Golly
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A Lurker
12 Sep 2014, 11:01 AM
Yes. I actually looked at this property.

Getting access across the council land (park) for the length of a pretty large scale build is highly unlikely, particularly where the park is nicely terraced using sandstone parts of which are likely to be heritage in their own right.

There is no parking and street access is through a narrow battle-axe style walk way.

Doing a substantial build there will be tricky. If this property had full vehicle access (for the build and parking) I'd guess it would be more like $3m.
For that sort of money you could:

A) retire for life and travel, (maybe a nice yacht) or
B) buy a country estate and light plane plus a Hawkesbury retreat, a boat (with commercial fishing shares- say estuary prawn trawl, trapping and mesher net!).
C) very many other things!

I admit though, it would be a nice place to stick your bbq and hang out with folk who talk about Sydney property prices- if you were into that sort of thing.

WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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A Lurker
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Ex BP Golly
12 Sep 2014, 11:34 AM
For that sort of money you could:

A) retire for life and travel, (maybe a nice yacht) or
B) buy a country estate and light plane plus a Hawkesbury retreat, a boat (with commercial fishing shares- say estuary prawn trawl, trapping and mesher net!).
C) very many other things!

I admit though, it would be a nice place to stick your bbq and hang out with folk who talk about Sydney property prices- if you were into that sort of thing.

A) Retirement isn't for me.
B) too many things to look after. I prefer a more simple life.
C) See B)

Yes, I admit that people that are thinking of buying and selling or renovating do talk a bit about that. I'm not sure that is exclusive to Sydney though (having lived in 4 other cities and a small town (not all in Australia)), it appears to me that property is a fairly universal topic. Other topics include; weather, sport, politics, films, getting drunk and macro economic theory.
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stinkbug
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What's the plot ratio for the block?

Possibly a high risk project, but get it right and the profit would be there in spades.
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While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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Ex BP Golly
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A Lurker
12 Sep 2014, 11:45 AM


Yes, I admit that people that are thinking of buying and selling or renovating do talk a bit about that. I'm not sure that is exclusive to Sydney though (having lived in 4 other cities and a small town (not all in Australia)), it appears to me that property is a fairly universal topic. Other topics include; weather, sport, politics, films, getting drunk and macro economic theory.
Gawd we can be bores :lol
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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A Lurker
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stinkbug
12 Sep 2014, 11:58 AM
What's the plot ratio for the block?

Possibly a high risk project, but get it right and the profit would be there in spades.
Local council theoretically requires no more than 1:1 floor space ratio, i.e., 50% of block size can be floor space, however, this is nearly never observed due to the small lots. They are more concerned about building envelopes, i.e., the neighbouring properties land use at each floor level. Even on its face the 450 sqm block will allow a 225 sqm house which is a good size (particularly as there is no opportunity for a garage so it will all be rooms for people).


As the block runs down to the park and that's where the view is, a house at the back and lawn/outdoor space at the front would work fine here. Current knock down is laid out that way already:

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zaph
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This is a story because????

edit - Georgia has a little twinkle in her eyes - this is going to be an easy sale for her.
Edited by zaph, 12 Sep 2014, 02:35 PM.
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