A property with a very basic structure in place has hit the market for seven figures.
The warehouse “shell” at 85-89 Faraday Street in Melbourne’s Carlton is listed for $2.7 million to $2.9 million and is riddled with graffiti.
At $2.9 million, this is three times the price of the average Melbourne home which is $1,027,996, according to Domain’s House Price Report for the June 2023 quarter.
Despite its visible scaffolding, chipped walls and mounds of dirt, the bare bones property could be transformed into a chic conversion with residential zoning in place.
Listing: see more images here of the property
Described as a “solid brick warehouse shell” on the listing, the property occupies two levels and offers 340 square metres of floor space.
Agents suggest there is the possibility of extending the floorplan to over 400 square metres, subject to planning approval.
A former tie factory, listing photos reveal a basic structure with a wire gate at the front, graffiti splashed on the walls and floors covered in dirt.
READ MORE: Blue barn-style home in tranquil South Australian village on offer for under $1 million
However, with a grand vision in place, the property could be transformed into a sleek loft-style home. Warehouse conversions are now a common fixture in inner-city Melbourne suburbs.
The location is a major drawcard with the warehouse just moments from Lygon Street or as the locals would say, “Little Italy”.
Carlton is an inner-city Melbourne suburb known for its Italian eateries, just 3km north of the CBD.
Domain’s House Price Report for the June 2023 quarter reveals Carlton’s average house price is $1,285,000. This is just above the average house price for Melbourne at $1,027,996.
READ MORE: Renovated 1870s home in historic goldmining town of Victoria comes with a ‘quartet of cellars’
The property is scheduled to go to auction at 11am on Saturday October 21. It is on the books of Lauren McElroy, Charles Bongiovanni and Scott McElroy of Belle Property.
John Camilleri and Killen Thomas are conjunctional agents.