An Adelaide beachside home that serves as a time capsule to the 1980s has been snapped up by a local investor, earning the vendors a hefty gross profit of nearly $3.5 million.
The six-bedroom home at 5 Stimson Grove, Somerton Park sold last week for $4m, despite remaining largely untouched since it was built in 1983.
Property data shows the purchase offer was more than six times what the sellers paid for the property in 1995, namely $582,000.
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Selling agent Simon Noakes, from Noakes Nickolas, said despite widespread interest, the offer was the first to be received and, being at the top end of what the vendors were hoping for, was accepted almost a fortnight before expressions of interest were set to close.
“We had others (interested in the property) that were potentially moving towards (making an offer),’’ he said.
“But it was a fairly unique offering and it wasn’t going to appeal to everyone.
“Families would have needed to spend $4m (to purchase it) and then another million to renovate it.’’
The home was constructed to an exceptional standard in 1983 and updated in recent years.
The main bedroom is something to behold.
The kitchen and dining area overlooks the rear garden and pool.
The Torrens-titled residence is located within a quiet cul de sac with just two other homes and has a brown brick façade, arched window and door openings and timber and slate feature wall cladding.
There’s also an expansive master bedroom with sweeping tiered curved floors, a living room with a leather and timber-clad drinks bar and two outdoor entertaining areas that overlook a swimming pool and raised spa.
The front and rear gardens include several mature bonsai trees.
The main living room features an original fire place.
A versatile floorplan has made the home ideal for entertaining and family gatherings.
The main bathroom is a nod to the 80s.
Mr Noakes said while only minor updates had been made by the vendors, the sizeable 2432 sq m allotment and beachside location proved irresistible to a range of buyers, including investors, developers and families.
He said the new owner intends to rent the property short-term before developing it into townhouses or similar accommodation.
“With close to 2500 sqm in Somerton Park, you can’t really go wrong,’’ Mr Noakes said.
“There’s certainly some disappointed buyers (who missed out on the sale). It’s pretty rare to find a block of that size.
“It sold so quickly and we know we would have got multiple offers if we had held out (until expressions of interest closed) but it (the successful offer) was incredible and it’s obviously an exceptional result.
“Land’s not cheap in that area and I would say, in terms of coastal areas, Somerton is probably the hot spot where most buyers want to be.’’
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