This property presents a unique opportunity for passionate renovators who thrive on challenging projects. As you approach the home, you can already gather some insights about its internal condition from the front facade. However, it's only when you step into one of the front bedrooms that you come face-to-face with a major structural issue. One of the walls is detached from the roof and visibly separating from the rest of the property. The ceiling has large gaping holes, allowing streams of daylight to pour in. It's evident that this home needs to be stripped back to its bare bones and rebuilt from the ground up.
Considering the extent of the repairs required, it's important to note that obtaining permits from the council will be necessary. The process of working through all the details with the council should be factored into your timeline.
Given the current state of building costs, it may be challenging to justify the top asking price for the property. The value of the land itself is likely positioned towards the lower end of the price range due to the significant renovations needed. Making an immediate capital gain on this site might be difficult to achieve. However, for those with the resources and vision to purchase and rebuild, holding onto the property for the next few years could yield significant rewards. The sought-after Westgarth location has great potential for future appreciation and desirability.
It's crucial to carefully consider the financial implications, time commitment, and effort required for such a renovation project before making a decision. Conducting a thorough assessment of the feasibility and potential return on investment is essential.
- Located in one of the best tree lined streets in Northcote
- Value add opportunity
- Proximity to CBD
- The home is in disrepair needs full renovation
- Site has a Heritage overlay therefore you must maintain the front facade at a minimum
- No off street parking
Buyers Agent
