An Adelaide builder has forked out a shocking $3.2m on a gutted beachside mansion throughout the highway from the place he already lives.
The builder will doubtless have to spend one other $1.5m to revive 107A Seaview Rd, Tennyson to a liveable state, after he beat 5 different events within the sale of what’s successfully a concrete shell.
The property, situated on considered one of Adelaide’s most extremely wanted, absolute beachfront strips – referred to by locals as “the Golden Mile’’ – was as soon as a formidable six-bedroom Mediterranean-inspired residence with an open-air courtyard, commercial-grade kitchen and a number of dwelling areas.
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However after promoting for $3.56m in Might 2023, the-then proprietor “got here right into a little bit of strife…after getting talked into getting (the home) renovated’’, stated Harris Actual Property agent Hayley Turner.
Having stripped the double-storey dwelling again to its concrete bones, Ms Turner stated the proprietor offered it “fairly low-cost’’ to her shoppers, the present distributors, in an off-market transaction mid-last yr.
107a Seaview Highway, Tennyson has offered for $3.2m.
![Supplied Real Estate 107a Seaview Road, Tennyson](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
The property at the moment seems extra like a concrete shell than a house.
Nonetheless, there’s little doubt the property oozes potential.
Whereas the distributors had been ready to carry onto the property till the appropriate value may very well be secured, Ms Turner stated even they had been stunned by the ultimate final result, having anticipated it to fetch $200,000 lower than it settled for.
She stated the profitable purchaser meant to make use of his commerce expertise to revive the house and reside in it himself.
“There was numerous curiosity in it – primarily, clearly, plenty of builders and builders trying to doubtlessly renovate it and flip it,’’ Ms Turner stated.
“However there wasn’t sufficient cash in it to flip for the {dollars} we had been chasing.
“With what it’s going to value to renovate, you might be speaking $1.5m to $1.7m for the extension (drawn up particularly for the gross sales itemizing and introduced to introduced to potential consumers) and $1.2m to $1.5m simply to suit out what’s there.
“You’re getting near (a complete of) $5m with stamp responsibility and round $5m might be what it will likely be value as soon as it’s completed (so there’s no means to show a revenue).’’
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The brand new proprietor has his work lower out.
The house is situated on – what locals describe as – the Golden Mile.
The builder, who will now promote his different Seaview Rd dwelling, a grand four-level, four-bedroom residence, lives alone and is predicted to revive his new clean canvas property to its former state slightly than prolong it.
Ms Turner stated the acquisition allowed the builder to take pleasure in a first-rate beachfront location not afforded by his home throughout the highway.
“There’s not many locations the place you may get absolute beachfront, with no carpark or highway in entrance, even in Henley and Grange,’’ she stated.
She stated different neighbouring property house owners had additionally expressed curiosity within the sale, together with some looking for an improve to an absolute beachfront location and others who already loved a waterfront place however wished to downsize from a bigger dwelling.
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– BY LAUREN AHWAN