IT may be rundown and in need of a complete overhaul but this Newtown house has a lot of potential.
Positioned in the sought after Newtown college precinct and with two street frontages, there is potential to develop, rebuild or renovate 31 Cumberland St, subject to council approval.
Maxwell Collins, Geelong agent Lois Wilson said there was a long-term tenant living at the property that had been there for more than 25 years.
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“It is quite rundown and is not for the faint hearted, you need someone that is a skilled renovator,” Ms Wilson said.
She said the ideal outcome would be for the buyer to knock the house down and build their dream home on the 475sq m site as there was no heritage overlay.
“The beauty of the property lies in the fact that you have two street frontages, it allows for good garaging,” she said.
There is also potential to restore the home to its former glory or develop the block and put townhouses on it.
“It is getting harder to find these properties in central locations,” Ms Wilson said.
The property is for private sale for $600,000-$650,000.