Shock

PHOTO: RAWPIXEL

A modest plot in South Yarra, smaller than a movie theater screen, is anticipated to become one of Victoria’s next million-dollar addresses.

The 149 sq m property at 115 Surrey Rd North measures just 6.1m in width—comparable to the width of three queen-sized beds or half a meter wider than a parking space—and 21.3m in length.

This plot is just over a third of the size of a typical 363 sq m block in Melbourne’s new housing estates and is smaller than the largest screens in conventional cinemas, which start at 22m wide and are typically much taller than 6m.

115 Surrey Rd North, South Yarra, has been listed for sale with a $1.2m-$1.32m asking price – despite measuring fewer than 150 sq m.

115 Surrey Rd North, South Yarra, has been listed for sale with a $1.2m-$1.32m asking price – despite measuring fewer than 150 sq m.

Despite its modest dimensions, the bare block, with indicative plans for a three-bedroom, double-storey home, is listed with an asking price of $1.2m-$1.32m.

Jeremy Fox from RT Edgar Toorak noted that he couldn’t recall ever selling a block of land in that pocket of South Yarra. The property previously had a timber house that was demolished as the prior owner planned to build a new home but passed away before doing so.

Aerial images show the street frontage is barely 1.5 cars wide.

Aerial images show the street frontage is barely 1.5 cars wide.

Aerial images show the street frontage is barely 1.5 cars wide.

“I haven’t had a block of land in that area … but you’d spend two years in council trying to get a demo permit,” Mr. Fox said. “So we have had a few calls on it and it will be interesting.”

Given the lengthy process to obtain a demolition permit in the heavily heritage-protected area, Mr. Fox believes that buyers will see value in a seven-figure purchase. With a prime location and indicative plans including a rooftop deck and city views, he is confident it will attract buyers.

With a prime location and indicative plans calling for a rooftop deck and city views, the agent is confident it will attract buyers.

With a prime location and indicative plans calling for a rooftop deck and city views, the agent is confident it will attract buyers.

Mr. Fox estimates that building the proposed home, which includes parking for two cars from the home’s second frontage along a rear lane and a rooftop deck for city views, would cost about $1m more.

If sold near the top of its range and ultimately built, the property would be worth $15,570 per square meter, significantly higher than the area’s typical rate for a home.

The property goes to auction at 10am on June 29.

SOURCE: NEWS.COM.AU