Plumber, 90, sells his tiny garage in Melbourne for $650,000 after buying it to store his tools for just $8,000 in 1984
- A 46 square metre Albert Park garage has sold for a staggering $650,000
- The carport at 32 Little Graham Street has potential to be a luxury townhouse
- The 90-year-old owner had used the space as storage for his plumbing business
- The property was originally expected to sell for $365-$400K at auction
A single-car garage in Melbourne has sold at auction for $650,000.
The 46 sq m property at Little Graham Street in Albert Park, Melbourne sold on Saturday after it attracted international attention from buyers.
The property was originally purchased by Frank Davis, 90, in 1984 for $8,000 so he could store his plumbing tools, according to 7 News.
A single-car garage in Melbourne has fetched a staggering profit at auction after it sold for $650,000
The property was originally purchased by Frank Davis, 90, (centre) in 1984 for $8,000 so he could store his plumbing tools
Greg Hocking Holdsworth agent Andrew Turner told realestate.com.au the garage could easily be turned into a home in the highly sought after area.
‘I have made inquiries to city of Port Phillip; subject to council approval, you could fit a two-storey luxury townhouse and may even get a small rooftop garden,’ Mr Turner said.
Despite the potential, the real estate agent did not expect the property to be so popular and added a listing price of $365,000-$400,000.
‘It’s an affordable opportunity but I had no idea that it would create so much interest,’ Mr Turner said.
The 46 square metre space has the potential to build a luxury two-storey townhouse and rooftop garden with council approval
The carport price sat well below Albert Park’s $1.95million median house price, and $815,000 median unit price, with Mr Turner saying interest in the property has been widespread.
Mr Turner said he had a range of parties looking at the property from first home buyers to investors.
‘To find something sub-$1million in Albert Park is very rare,’ he said.
Despite the potential, the real estate agent did not expect the property to be so popular and added a listing price of $365,000-$400,000