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.