A redundant substation is being offered to the market for the first time in generations, giving buyers a blank canvas to transform into their dream studio.
The 177 sqm property at 39 Maubeuge St in Granville currently exists as a double-brick walled structure with a reinforced concrete floor and pitched tile roof.
The property has no kitchen, no bathroom and two very small windows, with electricity being provided by a pad-mounted transformer box out the front of the property.
The substation was previously owned by Endeavour Energy who instructed LJ Hooker agent David Matkovic to sell the property – on the condition that the transformer box stay on the land.
Buyer feedback and current market conditions indicate the price guide for the property is around the $320,000 mark.
According to Mr Matkovic, the property has been attracting a lot of interest from buyers looking to turn it into a home, use it as a studio flat, or turn it into a garage.
MORE: Crypto king’s home sale ‘a tragedy’
From just $650k: Sydney’s 20 cheapest houses revealed
“This is the true definition of a blank canvas property; the site can be used for storage purposes or be converted into a unique modern industrial New York style residence,” Mr Matkovic said.
“We’ve primarily had interest from investors, small business owners and tradespeople. The property is Zoned 2 Low Density Residential, but has never been a residence.
“The property became a surplus to the needs of Endeavour Energy, the pad-mount substation is now registered as an easement and will remain on site.”
The site is located close to a number of public and primary schools and has access to bus routes.
The property will be auctioned on the 5th November.
Median house prices in Granville have risen by 10.7 per cent over the past 12 months, with the current home now costing $1,000,000 to buy.
MORE: Love Island Byron Bay home scores huge price
Muriel’s Wedding-style terrace up for sale
Number of cheap rentals drop by 66pc – worse to come
Source by www.realestate.com.au