A house that sat deteriorating for a decade was actually sitting on a goldmine.
The neglected Queenslander is set to make its owners a fortune due to a recent development approval.
The Herston house was left empty for a decade, and is beyond liveable conditions to house tenants.
The owner, who lives out of town, had plans to restore the house, but failed to do so. Now, despite it’s decrepit state, the property has been tipped by its agent to sell for $1 million.
But it’s not the house that has attracted buyers. 11 McLeod Street sits on a rare 916-square-metre block and was recently development-approved for a four-bedroom complex on the land.
There is no threat to the house, which has character protection due to being a prewar home. Records show the house was purchased by its current owner in 1990 for $140,000.
Ray White Paddington selling agent Tom Hutton said the property pinned developers againsts families.
“There is interest from developers who would look to build and then lease out. There are also families who want to restore the house itself,” Mr Hutton said. “It will sell to one or the other.”
He said restoration would take work, but was possible.
The kitchen has slowly decayed over the years.
“It’s not beyond repair, it just needs some much needed TLC,” he said. “The stumps underneath need replacing, things like that.
“But it has fantastic bones and is structurally great.”
The house was listed Friday, and the owner is still deciding how to sell, with an auction possible.
Original article published at www.domain.com.au by Jason Quelch 1/7/2016