Unrivalled potential in Albert Park attracts four bidders
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30 St Vincent Place, Albert Park, Victoria, 3206
This historical landmark property built in 1866 and sitting on approximately 1000 square metres of land has been rated as land only.
Behind the classic double fronted Italianate facade is an original Victorian property, almost unchanged from the day it was built. Surprisingly, this property comes complete with stables to the east and two small Victorian cottages to the west, which some may find quite inconvenient as they take up a large portion of the land. The excellent rear street access allows the possibility to convert these outbuildings into a more practical arrangement – the stables could transform into a double garage with studio apartment above, and the two cottages could be used as a teenager's retreat or elderly parent's small home away from home.
The main home itself presents a unique opportunity for the purchaser to completely refurbish the property, as its original condition renders it unliveable. There is scope to further improve the home by extending the north-facing rear to create flexibility and connection to the outside. Therefore, the additional expense of adding a second storey to the home in order to create extra space and light may not be necessary.
The issues from a buyer's perspective will be the significant financial expenditure required to bring this home into the 21st century, dealing with heritage overlay restrictions and the length of time, possibly eighteen months or more, which may be needed to complete the restoration and construction. That said, this is possibly one of Melbourne's most prestigious streets, close to everything with an opportunity to create a property that would equal some of the best in the country. James Buyer Advocates gives the property a rating of 765/1000, which puts it in the Well Above Average Category.
The property was sold by Marshall White agents Simon Gowling and Oliver Bruce at auction on Sunday, June 26 at noon. It sold for $6.62 million.
Guy Angwin is a buyer advocate at James Buyer Advocates, which advocates on behalf of buyers of property over $1 million. James provides home ratings, weekly auction reports and market analysis on its website.