Half done bungalow relocation dangles dual water frontage carrot

422 The Esplanade, St Leonards, has a rare dual water frontage.

A California bungalow relocated from Melbourne to a bayside property with dual water frontages could prove an asset or liability.

Buyers will have to roll up their sleeves to complete the vendor’s unfinished vision of a renovated character home on St Leonards’ front row.

The house is uninhabitable in its current state but comes with a 2021sq m block on a narrow strip of land between Port Phillip Bay and Salt Lagoon that offers a big upside.

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The stumps and the roof have been take care of – the rest is up to you.

Stockdale & Leggo, Drysdale agent Daniel Lamanna said the $1.45m to $1.55m listing price essentially reflected the land value of property at 422 The Esplanade, St Leonards.

He said while the bungalow had beautiful character it was not yet at lockup stage, with only the stumping and roofing completed, along with some of the plumbing work.

Inside, the original lath and plaster walls have fallen off.

“It obviously requires a lot of work and all the plans and permits are in place with council,” Mr Lamanna said.

“The removalists have gotten it to this point where they have met their obligations and they have now completed what needs to be done to move the home there. Now it’s a case of the owner completing this beautiful renovation.

The property has bayside walking trails on its doorstep.

The 2021sq m block offers lots of space to extend into the back garden or subdivide, subject to council approval.

“His plans have changed so now we have half an acre on the waterfront with a property that the house may or may not add value.

“We have really priced it at land value and really added no value for the house because its either going to be an asset or a liability for someone so we are really leaving it for the buyers to make a decision on that.”

A 23m frontage opens the door to a potential two-lot subdivision, several of which have already been constructed along that stretch of The Esplanade, subject to council approval.

The vendor had originally planned to make the relocated house liveable with a view to undertaking a larger renovation down the track.

Either way, the new owners will get to enjoy sweeping water views, with sunrises over the bay and sunsets over the lake.

Mr Lamann said there had been strong inquiry during the first week of the campaign, with several potential buyers weighing up their options to add value to the site.

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