Why Cottesloe's $55,000 property failed to sell
Perth’s weirdest piece of real estate is back on the market.
Usually when you buy a plot of land, you’re thinking of the possibilities.
Yeah, not this one.
The Lot 71 Beach Street listing starts off as a house-hunter’s wet dream.
"…only $55,000!! That's only $325 per sqm!!” it screams.
After double-checking you didn't stumble on the latest for sale in downtown Widgiemooltha, you realise that, yep, it’s Cottesloe.
So what’s wrong with this piece of land? For the regular buyer, plenty.
Even the agency, Riverside Real Estate, admits “there is not much you can do with it once you own it”.
Firstly, it’s a laneway.
Secondly, the 169sqm plot still attracts yearly rates… which are roughly $1400.
Oh, and thirdly, thanks to a right-of-carriageway restriction, it’s essentially a clearway.
Two weeks ago, the property came back onto the market after spending five months under offer.
The almost-buyer had to pull out, not over lack of vision but more a case of council exhaustion.
The idea was lofty. Literally.
Riverside Real Estate’s principal, Henry Willis, told 96FM the idea included an apartment which sat high enough for vehicles to drive under it but low enough to not compromise neighbouring yards.
“A groovy apartment on stilts,” he said.
“It even had a drop-down staircase and a car lift.”
After five months of presenting drafts and re-drafts to an unsatisfied council, the potential buyer gave up.
Since coming back onto the market two weeks ago, Mr Willis said there had been about eight or 10 parties interested, mostly young architect-types looking for a challenge.
He also said this was the first time he had personally listed a laneway, especially as he had been told anecdotally that council were trying to claw as many as they could back from private ownership.
So if you can get past it being a clearway, can pay thousands in rates, have some iron-clad tenacity in dealing with council… and if all else fails, own a tent, this could be the property for you.