A tiny brick building on an inner Melbourne laneway has been offered for sale for about the same price as a city apartment.
Situated in a laneway just off Brunswick Street in Fitzroy, the property is marketed as a “rare inner-city opportunity” and has been listed for sale with a $550,000 to $600,000 price guide.
That makes it about the same price as a typical Melbourne unit, valued at $588,000, according to the latest PropTrack Home Price Index.
Measuring just 70sqm, the property consists of three storerooms which the listing describes as a “blank canvas for conversion, reinvention or continued use”.
But what the property may lack in size and fitout, it certainly makes up for in its location right in the middle of Fitzroy’s buzzing dining scene.
It’s footsteps from top-rated eateries Rice Queen, Masti and Afghan Gallery, while popular cafe Nico’s Sandwich Deli with its cult favourite Cubano is at the other end of the lane.
A graffiti-covered brick shed in Fitzroy is on the market with a $550,000 to $600,000 price guide. Picture: realestate.com.au/buy
The brick shed is on its own title, having been subdivided from a commercial property on Brunswick Street.
Selling agent Julie Taylor of BigginScott Richmond said it had recently been used as storage for nearby businesses.
“We’re thinking it was just purpose built as sheds, but it could have even been stables at one time,” she said.
Ms Taylor said an application had been lodged with Yarra council to name the laneway, which would give the property its own distinct address.
The brick building is divided into three separate sections, which have been used for storage. Picture: realestate.com.au/buy
Like the other properties backing onto the laneway, the building’s exterior is completely covered in layers upon layers of graffiti.
The building’s stripped back interiors match its grungy alleyway position, with exposed brick walls and timber rafters and a rough concrete floor.
Despite its unpolished state, Ms Taylor said it had a lot of potential, and had already attracted plenty of interest from buyers with big plans.
“With the right vision you could make it something really cool,” she said.
“There are buyers looking for something really different, very much not the norm, and this absolutely not the norm.”
Neighbouring properties on the other side of the laneway include studios that have been built above garages. Picture: Getty
Ms Taylor said the unique property could potentially be converted into a home by adding on a second storey, subject to council approval.
“It would be sad to see it pulled down,” she said. “It would be great to see if somebody could work with it.
“Everything about it makes it what it is. It would be a shame for that to be lost.”
A handful of other properties backing onto the same laneway include garages that have been renovated to include studio accommodation above, potentially providing inspiration for buyers keen to take on the project.
Fitzroy has a median house price of about $1.71 million, which is up almost 12% in the past year, making it one of the top-performing Melbourne suburbs for price growth.
The property is offered by expressions of interest closing July 3.
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