'Run-down garden shed' on sale for £885k

Despite its ‘dilapidated’ structure, this property in Sydney has gone on sale for $1.6 million (£884,550), shocking potential buyers.

The ‘run-down garden shed’ – as it’s been described – is located on Reuss Street in Glebe in Sydney’s Inner West, with the location the reasoning behind the steep price.

Belle Property estate agents claim the brick and corrugated iron warehouse is ‘brilliantly located’, just 3km from the CBD and close to Sydney University.

With that in mind, they say a buyer should ‘build their own dream warehouse’ or take advantage of planning permission in the area that allows multiple dwellings on the land.

Despite being 276 square metres and having three bedrooms and a bathroom, the building is far from fit for a family just yet.

The holes in the iron roof let rain and bugs fly in, and as it was formerly used a workshop the floors are all plain concrete.

Previous planning applications were put in place; firstly to remove a tree and create a nine-room boarding house and secondly to build a new two-storey home with a granny flate.

However, apart from the tree removal, none of these plans ever came to fruition.

It was estimated that previous renovation works would cost in the region of $1,280,470 (£708,330) – so it’s possible that this was prohibitive for the previous owners.

It certainly won’t be a cheap undertaking for whoever does, but it could be prime for an episode of Grand Designs.

Sadly for us London-dwellers, we’ve often seen worse cost more. However, it appears that even Aussies aren’t safe from the high costs of buying a home in the current climate.

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