Crumbling Cottage – $3 Million

Investors thinking of buying this Sydney property will need a lot more than a building and pest inspection.

Situated in the heart of the inner-city suburb of Redfern, this rundown three million dollar property is situated on a large 507 square metre piece of land, just a short walk from local shops and minutes from the Sydney CBD.

If it could be pulled down and developed it would be a sought-after investment property, but unfortunately the 170+ year old home is heritage listed.

The dilapidated, Victorian era cottage was actually part of the original estate of William Redfern, an English convict who the suburb was named after.

As a result of its historic significance and heritage status, the only changes that can be made to the face of the building are restorative changes, with no extra stories added.

Beyond the exterior’s rusted roof, peeling paint and overgrown backyard, the interior of the house is a building inspector’s nightmare.

An inspection report would go for pages and pages, listing mouldy stone in the bathroom, wires hanging loosely from the ceiling, ripped up floor coverings, more peeling paint, warping ceiling panels and plenty of other problems.

If you’re looking at buying a heritage listed home in Sydney, we strongly recommend you get a building and pest inspection performed by a licenced professional.

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