THE chance to unlock the potential of a large Belmont block was the key to the sale of brick house in the suburb’s coveted high school zone.
An investor paid $530,000 for 4 Sullivan Court, Belmont, which sold under the hammer on Saturday.
Hodges, Geelong West agent Sean O’Brien said the buyer was one of four registered bidders for the 780sq m property, with two putting their hands up on the day.
Mr O’Brien said the new owner could see future value in the scope to extend the three-bedroom brick house or subdivide the northwest facing block.
“The investor has great options to do a great renovation or extension to capitalise on the school zone,” he said.
“You could make a family home or, in the Belmont tradition, demolish and build two townhouses to capitalise on the downsizer market.”
He said there was big demand for townhouses in the area, which could fetch $750,000 to $800,000.
The existing house has two living zones and three bedrooms with a shared central bathroom.
The kitchen decor, with its orange benchtops and wall tiles, harks back several decades.