Corner block ripe for development attracts fives bidders at grand final day auction
IT might not have been the prettiest house in the street, but the lure of a corner block prime for redevelopment was enough to attract five bidders to a Newcomb auction.
Potential buyers kept emerging for the 660sq m block at 26 Wilsons Rd the longer the auction — one of only two scheduled across Geelong on grand final day — dragged on.
But, in the end, the offers for the tired three-bedroom house fell short of the mark.
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Hodges, Geelong West agent Marcus Falconer passed the property in for $376,000 before continuing private negotiations with the highest bidder.
Bidding started at $300,000 as bargain hunters battled to unlock the potential of the site opposite the Charles St shops.
Mr Falconer said the corner block lent itself to a two or three-lot townhouse development or a subdivision for a buyer that was happy to renovate the existing house.
“It’s not the prettiest house in the street but it’s certainly packed with potential,” he said.
The main house is in original condition and comes with a two-room bungalow and adjoining shed in the large backyard with side access of Charles St.
Mr Falconer said the location, close to Geelong’s CBD and Portarlington Rd, had everything on its doorstep and presented a chance to get in at the ground level.
“This location will go dramatically northwards over the next 10 years,” he said.