Derelict Richmond cottage development site sold at $2,544,000

Derelict Richmond cottage development site sold at $2,544,000
Derelict Richmond cottage development site sold at $2,544,000

A derelict 135 year old cottage at 336 Burnley Street in Richmond, in inner city Melbourne, sold at auction today for $2,544,000 as a development site.

The property has planning permission for the construction of four townhouses, one of which will have to incorporate the very rundown heritage listed cottage.

Biggin & Scott agent Allan Cove last sold it in 2012 when the worn-out weatherboard house on a large 779 square metre block fetched $1.621 million.

At its executors' 2012 auction there were five competing developer syndicates taking the bidding beyond its $1.5 million reserve.

Today another five bidders pushed it above its $2.4 million reserve.

It is across the road from the Grand Hotel between Bridge Road and Swan Street with rear frontage to Canterbury Street.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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Melbourne

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