Rundown Redfern cottage price revised to $2.5 million

After hitting the market with an indicative price guide of $3 million, a rundown cottage in Redfern has had its price guidance revised to $2.5 million.

The Georgian house, known as Dascombe Cottage at 46-48 Burnett Street sits on a rare 507 sqm land parcel, almost five times larger than other lots in the suburb.

Most of Redfern's slim terraces are squashed into blocks of about 100 sqm.

The cottage is steeped in history and any buyer would need to incorporate the heritage listed home into any development.

Extra stories cannot be added to the home and changes cannot be made to the front facade unless they are restoring the original features.

The mid-Victorian-era home dates back to at least the mid-1850s and is part of the original estate of William Redfern, the suburb's namesake.

The Burnett Street property through BresicWhitney's William Phillips and Shannan Whitney goes to auction November 5.

William said he had never seen a property like it before telling Fairfax Media: “Never. Not of this age, not on a block of land this big.”

“We have had around 20 groups through so far.” 

Most of the inquiries so far have come from developers looking to subdivide and locals looking to build, with the potential to put a new home alongside the existing building.

He said the house was habitable in its current state: “It’s liveable – it’s just very tired.” 

He suggests any plans that buyers had for the property would need to be discussed with council.