Key points
- Construction on this South Yarra home stopped years ago after the former owner passed away.
- The site is now for sale for $14 million to $15.4 million.
- It has already attracted interest from developers and owner-occupiers.
Property listings
Is it the worst house on one of the best streets? The ultimate fixer-upper has hit the market in sought-after South Yarra, with a price tag of $14 million to $15.4 million.
The home, best described as a shell, at 17, 19 and 21c Avoca Street, is set on a large block of 1283 square metres.
The site had been owned by the late Adrian Valmorbida and his wife Kairu Chan, public records show. The Valmorbida family introduced Australia to Lavazza coffee, Sirena tuna and La Gina canned tomatoes.
A rich lister and developer, Valmorbida had started building a new family home just over six years ago, but construction stopped after he passed away.
Legal issues that arose after his death meant the property sat idle and was only listed for sale last month.
Selling agent Jellis Craig Stonnington partner Michael Armstrong would not comment on the property’s history, but said it was one of Melbourne’s most high-profile addresses.
The home was not completed after Adrian Valmorbida passed away.Credit:Jellis Craig Stonnington
The yet to be completed home is close to some of the suburb’s best cafés and restaurants and is just a short walk from the Yarra River and the Main Yarra Trail.
It would offer the right buyer the ultimate entrance to South Yarra life, and a lot of space to boot, Armstrong said.
“The whole thing about an A-grade property like this in South Yarra is that it doesn’t come up every day,” he said.
Some scaffolding is still in place.Credit:Jellis Craig Stonnington
The property has already received a lot of attention from buyers, including those looking to develop it, and those wanting to build their own family home.
That was despite the eerie state of the block, which has half finished concrete pillars and scaffolding still in place – as well as the broader delays faced by the building industry, amid a shortage of materials and labour.
A renovator’s dream?Credit:Jellis Craig
“Even in an uncertain market, when an opportunity like this comes along, we get lots of interest,” he said.
While other inner-city suburbs have recorded falling house prices as interest rates rise, South Yarra has bucked the trend.
South Yarra house prices have risen by 4.7 per cent across the year to September to a median $2.1 million, compared to the previous year, Domain data shows.
Big ticket sales in the local area include Askew House, at 62 Park Street, which sold for $12.5 million in May.
Burger mogul and founder of Grill’d Simon Crowe sold a family home in the suburb for $15 million, before snapping up another in Toorak.
One of the biggest sales in the suburb happened pre-COVID-19, when entrepreneur Owen Kerr quietly bought a mansion in Marne Street for $36 million. The deal was settled under Georgia Kerr’s name, records show.
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