An old corrugated iron warehouse tucked away in a Glebe cul-de-sac sold for a whopping $1.69 million after an at-times protracted auction on Saturday.
The rambling industrial building – best described as a tin shed – is destined to be home for the buyer, a local resident who has already sought architects’ advice on turning it into “a country home in the city”.
Comprising myriad rooms in an unusual configuration with metal walls, two toilets, two showers and several sinks throughout the space, the 14 Reuss Street site intrigued prospective buyers during the four-week sales campaign.
Reuss Street is a little-known laneway in the fashionable inner-west suburb, with a direct view from the street towards the city and Sydney Tower.
Agent Nicholas Katsikaros, of LJ Hooker Glebe, fielded inquiries from a range of parties, including builders and developers.
The building has stood vacant for many years and its provenance is not clear, although Mr Katsikaros said it was most recently an art gallery and studio.
“Tin shed is probably the best way to describe it,” he said before the auction.
More than 100 groups inspected the site during the campaign, which started as a private treaty sale with a price guide around $1.4 million.
Agents received several offers before it was decided the property, which last traded for $710,000 in January 2009, would instead be sold under the hammer.
Forty contracts were issued before the auction but only three bidders registered, with two raising paddles on Saturday.
“What a cracker of a property,” auctioneer Sam Theo, of Hammer Time Auctions, told the small group assembled outside the building.
Mr Theo declined the first bid of $1.2 million and placed a vendor bid of $1.55 million. A further six bids arrived at what would be the final price of $1.69 million.
Even before the hammer fell in favour of the local buyer, the underbidder and his party offered congratulations and left the site.
The new owner, who did not want her name published, has lived in Glebe for 20 years and has previously done small infill developments in the area. She plans to turn the property into an inner-city compound.
She liked the site because it was in the “edgy side” of the suburb and because there was no through traffic – pedestrian or vehicular.
“We want to turn it into a home,” she said, pointing out views to the top of the Glebe Town Hall and St John’s Church spire.
“What we want to do is something that’s more of a little inner-city compound that probably has some warehouse features within it but also has that ability to be a country house in the city.”
It also suited her interests which include bee-keeping, gardening and cooking.
“It’s going to be very important to us that the house can cope with all of those sorts of activities and hobbies,” she said.
The property has development approval until February 2017 for a three- or four-bedroom dwelling with two car spaces.
Mr Katsikaros said he was satisfied with the sale price, which was $90,000 above reserve, and believed the new owner had bought well in an area where most properties were heritage listed.
“In this location, for what she wants to do, it’s a rarity,” he said. “You won’t get many properties where you can actually physically knock it down.”
The price guide had been upgraded to around $1.6 million during the campaign as a result of interest in the property and offers received, in accordance with NSW residential property sale laws.
