A Kensington house, described as “neglected,” “uninhabitable” and doesn’t come with a kitchen and bathroom, has sold for $4.7 million during an auction.
Located on 25 Duke Street, the Federation charmer standing on a 556 square meter corner is on zoning that will allow the new owner to subdivide the property. The new owner reportedly checked the house for just five minutes before placing a bid. However, the Sydney local had been eyeing the property for 10 long years before it finally hit the market.
The real estate agents handling the sale said that they were actually inundated with enquiries, including those from overseas, when the Kensington house was listed for a month. Interested investors wanted to either restore the structure or completely tear it down to build a new house in such a good location.
The Kensington house is within walking distance of the Royal Randwick Racecourse and quite close to the University of New South Wales (UNSW).
But how did this house get into such a run-down state? The Savordos family bought the property in 2005 for $1.1 million with the intention of restoring it. However, their plans didn’t progress as the real estate agent said that restoration was “too much work,” so the house was left as it is for 16 years.
Apart from the missing kitchen and bathrooms, which were ripped apart during the Savordos’ renovation, the house also didn’t have electricity. Neighbours also said that, prior to the listing, the backyard grass was almost knee-high, allowing for snakes to seek refuge.
Despite its condition, the property’s value has quadrupled. The new owner, who lives just half a mile away from the Kensington house, hasn’t divulged the plans for the property.
