Developer’s Dream: Garden Shed-Sized Albert Park Block of Land for Sale

Out with the old and in with the … well, nothing so far.

In a blue-ribbon suburb like Albert Park, even a vacant block of land no bigger than a suburban garden shed can command the price of a typical outer suburban home.

A tiny 64 square-metre void in the heart of Albert Park has hit the market for about the same price as the Melbourne median of $740,995.

The site was originally the old garage and shedding area of the corner block cafe.

The site was originally the old garage and shedding area of the corner block cafe.

The Victoria Avenue address, once part of well-known cafe The Avenue Food Store, is being sold off at auction with price hopes of between $650,000 and $710,000.

The Saturday auction will follow last week’s remarkable Port Melbourne sale, which saw a buyer fork out $2,055,000 for a small vacant block in Port Melbourne. Last month, a pocket of inner city air in Collingwood went for more than $1 million.

But buyers will get more bang for their buck for this small patch of Melbourne real estate, with signed and sealed council permits for a three-level townhouse already on the table.

In the heart of Albert park, the tiny site is blue-chip real estate.

In the heart of Albert park, the tiny site is blue-chip real estate.

“It’s a very unusual offering,” James Keep, of Cayzer Real Estate, said.

“It’s not restricted by heritage constraints, so it’s pretty rare to get something in Albert Park where you can do your own thing.”

The site was originally the old garage and shedding area of the corner block cafe, but after a revamp and renovation of the business, the owners decided it was not necessary to hang on to, Mr Keep said.

Buyers will live right next door to popular cafe The Avenue Food Store.

Buyers will live right next door to popular cafe The Avenue Food Store.

He said it was difficult to price the site because it was so rare, meaning comparable sales were hard to find.

The price being quoted could potentially get buyers a three-bedroom home in the outer eastern suburbs.

Article by: Kirsten Robbtwitter – 

Photo Credits: Cayzer