Old Carlton pub sells for $100,000 beyond reserve at busy auction

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An 1860s pub at 58 Faraday St, Carlton sold for $1.07 million under the hammer.

A former Carlton drinking hole that was owned by the same couple for 56 years has sold for $100,000 above reserve under the hammer.

Variously used as a pub, grocer and confectionary story since being built in 1860, 58 Faraday St sold for $1.07 million on June 22.

Five bidders vied for the keys in a hotly contested auction that saw 28 bids placed in front of a crowd of about 80 people.

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The bright kitchen and dining space at the Carlton home.

The buyer plans to renovate within five years.

A Sydney man won the keys to the old home after recently moving to Melbourne for work.

“For him, he’s coming from the Sydney market and a property of that size and condition, with that proximity to the CBD in Sydney is probably going to sell for a substantial amount more,” Nelson Alexander Carlton North agent Rick Daniel said.

“He arrived to the auction with a bit of strategy, he did say to me though, ‘I’ve never been this nervous in my life’ — he didn’t look it though.”

The young professional planned to move straight in, before undertaking a renovation within five years, Mr Daniel said.

The former pub had the same owners for 56 years.

The vendors said the steep stairs were no longer suitable for them.

A courtyard at the home’s rear.

“It’s at that very affordable price range for that style of property in Carlton, despite it’s rugged current state and fit-out,” he said.

“All the bidders had plans to do it up and so forth.”

A combination of investors and professionals looking for inner-city living showed most interest in the home, as increased “urgency” was being shown by buyers, Mr Daniel said.

Vendors Basil and Joy, who bought the home from Basil’s parents in the 1960s and raised three children there, are downsizing to a nearby apartment.

“It’s always been a much-loved family home,” Mr Daniel said.

“It’s quite a big deal for them, they’ve been at that house for so long.”

Mr Daniel said the buyer was happy to stretch his budget because he believed the market was set to bounce back.

The Faraday St home’s main bedroom.

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