For the paltry sum of $1.6 million, you can buy your very own “dilapidated, free-standing brick and corrugated iron warehouse” in inner Sydney. Those are the words of the real estate agent, not mine.
While that might seem like ‘dream home’ kind of money, it turns out some Sydneysiders do in fact dream of snapping up an old shed. It’s set to go to auction next month and, yep, the price guide is $1.6 mill.
“I’ve had builders who want to put two homes on it. I’ve got buyers who want to turn it into their dream home,” Belle Property Glebe agent James Cahill told Domain.
“The price represents good value for the land value alone.”
The five-room corrugated iron structure comes equipped with at least three sinks, a couple of fluoro lights and what appears to be some kind of privative toilet.
That’s what property nerds refer to as “potential”.
The fact that this plot of land in the Inner West is considered good value is basically the Sydney property market in a nutshell.
Granted, the property does have approval to be turned into a boarding house. However the location is still the main selling point.
“There’s not a lot of development potential in Glebe now that Harold Park and the Mezzo is built,” Cahill added.
“There’s a small pocket left for builders and developers to work on. It’s very rare.”
This isn’t a case of a property surging completely out of the blue, either.
The current owners actually paid $1.69 (nice) million for the warehouse back in 2016, so if the price guide is anything to go by, they’ll probably just break even on their investment.
Alternatively, you could take that $1.6 mill and unleash 3.2 million ants upon the world. Your choice, really.
