Elizabeth Bay knockdown gets second wind from investor

Property developer Theo Onisforou has purchased an Elizabeth Bay knockdown, but with no desire of demolishing the Billyard Avenue home.

He maintains his $6.8 million purchase of the non-waterfront house at Bradfield Cleary auction was best kept as a renovated single residence dwelling rather than flats on the 530 sqm holding.

He's since told friends he'd snapped up the cheapest house in the suburb's best street.

There are just the 10 freestanding houses on the avenue where he also lives.

Boomerang tops the offerings, and already eliciting serious buying interest.

Onisforou suggests ownership opportunities for non-unit dwellers are limited in the densely populated precinct so expects a nice rental return from downsizers who desire a freestanding home.

It last sold 44 years ago.

This article was first published in the Saturday Daily Telegraph.