Collapsing terraces near coveted hospital precinct up for auction with $6m hopes
A set of crumbling terraces propped up by rusty steel beams to prevent them from keeling over have been listed for auction with $6m expectations.
The uninhabitable homes on an amalgamated site on Boundary St, Paddington in Sydney’s east were reported to have been in this state for years, with one missing most of its roof and the land barricaded off with fencing.
It is not known how the terraces came to be in this condition, but the block was previously held by a charity group, which sold it off in 2002 for $225,000, property records showed.
Understood to be more than 100 years old, the historic homes opposite St Vincent’s Hospital in Sydney’s east are going to auction alongside neighbouring properties as part of a larger sell-off expected to attract interest from developers.
The other properties up for sale at this week’s auction are the three neighbouring homes, each on a separate title and priced at $2m each.
A buyer who wanted all three properties, plus the 505sqm site with the derelict terraces, would be expected to pay about $12m.
Selling agent Selin Ince of Savills, who is selling the property with agent Nick Lower, said the properties have attracted a mix of potential buyers.
Some wanted to get the site rezoned for commercial use. It is currently zoned R2 for low density residential use.
Being so close to a major hospital, the likely commercial use would be a retail complex with a medical focus, Ms Ince said.
There was also the potential to build retail at the street level, with apartments above – subject to council approval.
“Some just want to knock the terraces down and replace them with new homes,” she said. “They are dilapidated. They need to go.”
Modern homes in the area have sold for well above $5m over the past year. One architect-designed home remodelled from a 1970s townhouse sold in April for $9.5m.
The highest price ever paid for a residential property in Paddington was the $12m paid for a substantial four-bedroom terrace on 396sqm. The terrace on Underwood St sold in 2021.
Boundary St is a popular road that weaves through Paddington, Darlinghurst and Rushcutters Bay. It has a mix of terraces, apartment complexes, car dealerships and retail.