Parkside ‘bargain buy’ comes with major catch – it’s ‘unlivable’

Those aspiring to live in a blue-ribbon location but don’t have the bank balance usually required could be in for a pleasant surprise.

A Parkside property has hit the market with a comparatively low $750,000 price guide.

The listing for 42 Castle St suggests it is “likely Parkside’s most affordable property’’ and, at that asking figure, represents just half the suburb’s median house price.

But as with any bargain buy these days, there is a catch – CE Property Group selling agent Mark Watkins said an original corner shop and residence on the 318sqm corner allotment is “unlivable’’ and the new owner would likely need to demolish and rebuild, which could put the property out of financial reach for many inner city hopefuls.

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The Parkside property at 42 Castle St is one of the suburb’s most affordable, according to its selling agent.

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The property was left to rot.

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And that it did, with the house now dubbed “unlivable”.

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“There will be a high fallout rate, meaning people will be curious but not back it up with a lot of action (offers),’’ Mr Watkins said.

“By the time you run a bulldozer through it, which I think is what most people will do, it (the buyer) will need to be someone with a bit more nous (financial resources).

“We’ve put (the price guide) at land value and we haven’t presented it as a residence – we’ve put it up (advertised it) as land.

“It will be interesting to see how it goes. It’s a unique opportunity.

“I don’t think there’s too many vacant blocks (in Parkside) to build on.’’

Only one vacant residential allotment at Parkside is currently listed for sale on realestate.com.au – a 300sqm block that has gone under offer for an undisclosed sum.

The last sale of residential land was a 403sqm vacant block that changed hands for $1.011m in July, while a 700sqm vacant corner allotment on Castle Street sold for $1.515m a year ago.

Mr Watkins said his listed property was owned by an elderly couple who had let it sit “derelict for 30 years’’.

The building is so dilapidated that there are plants growing through rooms of the property.

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It’s being sold for its land value.

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It’s long, narrow and on a corner allotment.

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It’s close to the city making it a desirable spot.

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It was one of three properties the couple owned in Adelaide, including one in the Port Adelaide area, that had been allowed to deteriorate, he said.

Ideally located, the Parkside property was close to shops and restaurants, as well as several private and public schools.

Owner-occupier home builders would be the most likely to purchase the property, Mr Watkins said.

“You could surmise (an owner-occupier home builder) will probably pay more money for it because they have preferenced living in that area, rather than a buyer (developer) whose profit is going to be below what they could make elsewhere (in a suburb with lower land values),’’ he said.

“We’ve priced it at that ($750,000 mark) but we could get multiple offers over that price from buyers preferencing that suburb.’’

Offers for the property close on March 5, unless sold prior.

– by Lauren Ahwan