Another Sydney property looks set to deliver a capital windfall to its owners decades after it was last traded.
Last week it was revealed a terrace house in Camperdown
is expected to attract more than $1.6 million at auction later this month after it was last sold in the 1950s for £1000 and now a shop in St Leonards looks like it will do something similar.
The property at 19 Chandos Street is 223 square metre block, currently occupied by a small shop that has been operating as John Clarke & Son jewellers.
The property last traded in 1940 when it was bought for £3000 by John Clarke, but selling agent Tim Grossman from CBRE told Domain he is expecting the property to go for millions when it goes to Auction on Wednesday.
"The offers are coming in around the $3 million mark in the campaign, but in the same breath it's not likely these groups are prepared to tell me what they will pay,” Grossman said.
A $3.5 million dollar offer was made for the property last year.
Zoned B4 mixed use, the property is attracting interest from builder and developers, with it expected to be redeveloped into a combined retail and residential complex.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.
We value your privacy and treat all your information seriously - you can check out