Iconic Frankston chapel could be auction bargain after $340,000 price cut
A unique Frankston property propositioned for every use between heaven and hell could be Melbourne buyers’ best chance for a bargain this weekend.
The former Ambassador Hotel chapel, once owned by rich lister and developer Harry Stamoulis, went to auction in December last year with $1 million hopes — but did not sell.
On Saturday March 9, the unusual property at 51/325 Nepean Highway goes under the hammer with a slashed $600,000-$660,000 asking price with the vendor determined to move on.
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It’s one of just 199 auctions scheduled in Melbourne this week, with numbers curbed by the Labour Day long weekend.
Hocking Stuart’s Aaron Froling, who sold the property for Mr Stamoulis about a decade ago, said punters had since proposed everything from turning it into a synagogue to a “gothic-themed gentleman’s club”.
Historically, the hotel was a Melbourne icon in the 1980s — with many Frankston locals married in its chapel.
Up to four buyers are believed to be circling the property, which goes to auction at noon tomorrow with listing agent Anthony Sansalone.
“There’s been a lot of inquiry on it,” Mr Froling said.
“It’s an amazing building.”
The property listing states it has “myriad options including hospitality (and) medical surgeries”, subject to council approval.
Meanwhile in Epping, a modern three-bedroom house is expected to attract bids at 11am tomorrow.
The home at 34 Bail St comes with a $520,000-$570,000 asking price and has three interested parties, after 20 groups took a look throughout the auction campaign.
That’s far in excess of a typical home in the suburb, according to Ray White Epping’s John Metaxas.
“It’s had excellent numbers to what we usually see,” Mr Metaxas said.
An ensuite bathroom, double garage and a central Epping location were among the features attracting buyers.
And Love Real Estate’s Ilia Menkinoski is expecting some activity for 1/4 Ethel St, Oak Park, when it goes under the hammer at 10.30am.
First-home buyers and investors are due to contest the three-bedroom Oak Park unit.
“It’s a long weekend. I’m optimistic that we will sell at the top of the range,” Mr Menkinoski said.
In original condition, the home is for sale for the first time since it was built about 40 years ago.
Buyers interested in the home have come from as far as Melbourne’s eastern suburbs, lured by its location in the Strathmore College zone.
CoreLogic Australian head of real estate Geoff White said after two weekends with clearance rates above 50 per cent from 1000-plus auctions, a pattern was forming for the year — and it was already a step up from the tail end of 2018.
“You lose sight of where we were three or four months ago — on December 16 last year, we were 43.8 per cent from 1200 auctions,” Mr White said.
“We are nearly 9 per cent up in clearance rate and generally it speaks well going forward.”
He said more realistic vendors and a growing number of buyers returning to the market were driving the figures.
“Buyers could still well be there this weekend,” Mr White said.
“If you are one of the 199 scheduled to go to auction, you actually might have more of the market to yourself.”
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