One of the original terraces from Paddington has hit the market in an “unsafe” state of dilapidation.
The terrace, at 342 South Dowling St, has been described as a “prime blank canvas opportunity” in a sought after address.
A search of the property images reveal the original structure has been neglected for many years with the walls, roof cavity and flooring in desperate need of repair, a ladder linking two of the floors as well as old furniture throughout.
“This extremely dilapidated terrace offers those with creative vision and determination to recreate a brand-new cutting-edge dream home (STCA),” the listing from Ray White Woollahra/Paddington says.
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The 101 sqm terrace, with three bedrooms and one bathroom, has hit the market for the first time in more than 30 years and was held in same family during that time.
“It is zoned mixed-use and presents endless potential and possibilities for investors, builders or new businesses looking for a project befitting its premier setting,” the listing states.
“Complete with rear lane access and potential for parking, it is placed a stroll to Oxford Street’s shopping and art precinct, city transport, popular bars and cafes as well as Centennial Park (STCA).”
The two storey terrace has its original interiors, period fixtures as well as rear lane access.
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No price guide has been made available and the agent would not comment, but the property came up on a realestate.com.au search among properties with a price over $1m.
According to CoreLogic property records, the property last sold in April 1992 for $182,000 with its first recorded sale in October 1985 for $4300.
Paddington recently made a list of some of the more affordable suburbs across Sydney, compared with their neighbours.
Buying a house or unit in Paddington, compared to something of a similar nature in Double Bay, was around $2.2m cheaper according to PropTrack research.
While the terrace has been deemed unsafe to inspect, the agents are allowing a limited number of people through provided they wear appropriate safety gear.
The property will go to auction on Wednesday May 17 at 6pm.