A beautifully preserved pair of former shopfronts are offering buyers not just a home, but a ready-made income stream - and perhaps, if family legend is to be believed, the lingering possibility of hidden money still tucked somewhere in the walls.
The historic double-fronted property at 26 Miller Street, Alphington, in Melbourne’s inner north, is listed at $1.35m-$1.45m and currently operates as two separate spaces: one a stylish one-bedroom Airbnb, the other a photography studio that also earns rental income.
Together, they bring in more than $60,000 a year, according to vendor Caroline Bowen, who said the arrangement has turned out to be an even better investment than she first imagined.
Legend has it there could be a fortune hidden somewhere in the property. Picture: realestate.com.au
But it is the story attached to the previous owner that gives the place its extra intrigue.
Ms Bowen bought the property about five years ago from the son of an eccentric photographer who, she says, had long insisted he did not trust banks and kept money hidden somewhere on the premises instead. After the sale, the son continued searching.
“He spent about six months trying to find money,” Ms Bowen told realestate.com.au.
Then came the call.
“He rang me one day and he said, ‘I’ve had an idea’,” she recalled. He arrived with a ladder, climbed up to a vent high in the wall, reached inside and pulled out a plastic bag.
“I was going, ‘Oh my God. There’s $10 million bucks’,” she said. “And it was… empty!”
Dwelling one operating as a popular Airbnb with bookings through April. Picture: realestate.com.au
Even without a hidden fortune, the property stacks up.
The two dwellings are joined by an internal lockable door but currently function independently. One is a much-loved, five-star Airbnb with an open-plan bedroom-living space, full kitchen, bathroom, reading nook and leafy rear courtyard.
The home has an open plan bedroom, living and dining area along with full kitchen facilities, bathroom and courtyard. Picture: realestate.com.au
The other is a light-filled studio with a freestanding fireplace, powder room, storage area and courtyard, now regularly hired by creatives.
The building itself is also notably solid, with the kind of bones that help explain its enduring appeal.
The second dwelling is regularly hired by photographers. Picture: realestate.com.au
Ms Bowen said the Airbnb alone brings in an average of more than $40,000 a year, while the studio generates about $20,000 to $25,000 annually through part-time rental.
“It’s been fully booked this year so far,” she said. “And I didn’t even think about that when I bought it. So that’s been one of the best things about it.”
Guests, she said, fall hard for its quirks: old magazine pages plastered across a wall, vintage chairs tucked into a reading nook, and salvaged objects left behind by the former owner, including silver teapots once turned into a light fitting.
The two properties earn around $60,000 a year. Picture: realestate.com.au
There is history here too. “Everyone knows it. It’s quite a landmark property in the area,” Ms Bowen said.
The two shopfronts date back to 1921 and 1923, while the Blue Wren Café opened there for business in 1922 - serving tea, soft drinks and confectionery - adding another layer to the building’s local lore.
The property sits next to a leafy tree reserve and Alphington Train Station. Picture: realestate.com.au
Part of the appeal is also practical. Set in tightly held Alphington, the property sits next to Alphington station, close to parklands, cafes, schools and Fairfield village, with the city an easy twenty-minute train ride away.
Ms Bowen said the building itself offers obvious next-step potential, with the tree-surrounded roofline taking in city views and scope for a rooftop deck.
Seller Ms Bowen and her son checking out the city views from the rooftop. Picture: Supplied
Parting with the property is not easy for Ms Bowen.
“I love it so much,” she said. “The street is like this tree-lined, beautiful street, and it’s at the end, every time I drive past it, I just look at it and think, ‘Oh, that’s mine.’”
Still, she said the sale is freeing her up for a new chapter. And while the hidden stash still has not materialised, the property’s mix of character, flexibility and income suggests buyers will find plenty to fall for here.
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