An unusual property sparked interest among buyers seeking a sliver of land in a multimillion-dollar suburb.
The 101sqm block of land is tucked away in Russell Lea, a riverfront suburb in Sydney’s inner west with $3.355 million median house price.
The little property, which is surrounded by big family homes worth millions of dollars, has already sparked significant interest among both nearby residents and developers, selling agent Joshua Jarvis told realestate.com.au.
“There’s been a lot of initial intrigue,” he said. “These sites are so unique and a lot of people get excited to see what’s going on.”
A tiny 101sqm lot (bottom left) in Russell Lea has hit the market, creating instant intrigue among neighbours and developers. Picture: Belle Property Hunters Hill
Buyers are chasing a potential bargain, given the unusual size and features of the lot.
The block of land is one of several small lots recently put up for sale by Aurora Property Partnership, a real estate company that handles development or resale of surplus Ausgrid assets.
It features a structure with four brick walls and no roof at the rear of the block, and what appears to be a palm tree growing within the walled areas.
The property also includes a large electrical transformer box located towards the front of the block.
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The site housed electrical equipment but has been deemed surplus to needs. Picture: Belle Property Hunters Hill
“The brick structure at the rear is decommissioned, and assuming it’s approved by council it can be removed,” Mr Jarvis said.
However, the electrical transformer must remain in place, Mr Jarvis said, unless the eventual purchaser applies to have it relocated.
“There is an easement on the title where the box is and a radius around the box of roughly two metres,” he said.
“There’s approval for them to keep the box there for the purposes of electrical equipment.
“There is a network relocation process the eventual purchaser can go through to apply to have the box removed. It’s an 18-month process. That would give some upside to the property.”
A brick structure at the rear of the lot has been decommissioned, but the electrical transformer at the front must remain unless the eventual buyer applies to have it removed or relocated. Picture: Belle Property Hunters Hill
Mr Jarvis said he had sold about a dozen similar sites recently, mostly to surrounding neighbours, but none had yet removed the electrical box.
“The first ones to sell were in May last year,” Mr Jarvis said. “There’s no one that has actually got to the point of going through that process, but there are a couple of people who have started it.”
The property is being marketed without a price guide, but similar properties in the inner west have sold this year for between $187,000 and $260,000.
“Given the unique nature of it there is no price guide,” Mr Jarvis said. “Essentially the vendors are making sure they give everyone a fair and equitable chance to purchase the property.”
This similar site in Croydon Park sold for $187,000 in March. Picture: realestate.com.au/sold
He said most similar properties had been sold to neighbouring homeowners.
“The remaining 30% have been purchased by people looking at doing creative projects, garages, carspaces, and some people are looking at whether they can build a tiny home.”
Many of the potential buyers were drawn to the challenge of redeveloping such a small property, he said.
A similar 145sqm block in Strathfield sold for $260,000 in March. Picture: realestate.com.au/sold
“The buyer pool for some of these sites includes a lot of seasoned developers who have been excited by the fact that it’s a unique challenge.”
“It’s not a straightforward DA. It’s more like a hobby; they’ll take their time and get through it slowly.”
The property goes to auction on Wednesday 13 May.
