Melbourne’s property market downturn has prompted The Block winners Alisa and Lysandra Fraser to pause their search for a buyer for their luxury Albert Park reno project and instead list it for rent.
The reality show’s most successful contestants to date spent two years overhauling 162 Mills St before putting it on the market with a $3.8-$4 million price guide in October.
The property’s ‘for sale’ listing has since been removed from realestate.com.au and replaced with a ‘for rent’ one, asking $3000 per week.
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Alisa said she and her sister had decided to hold on to the three-level terrace as an investment “until the market recovers”.
“The rental return we will receive on it will be highly profitable,” she said.
McGrath St Kilda listing agent Joanne Pearson said the house, with a plunge pool and jaw-dropping wine cellar, was being offered fully furnished.
It had already caught the eye of several well-heeled tenants, including actors staying in Melbourne “for TV productions”, she said: “It’s spectacular. The finishes are second to none.
“It’s got a bit of US glamour, like something you’d expect in Hollywood or New York.”
Ms Pearson said the property was at the top end of the Albert Park rental market, boosted by its valuable furnishings and artworks, and she was accordingly being “very careful” about who was granted inspections.
“There’s not a lot on the market for $3000 per week,” she said.
“We’re really appealing to that corporate high level.”
Lysandra told the Herald Sun last year that the renovation was the first project she and her sister had taken on themselves, rather than for a client, and ended up being even more taxing than appearing on The Block.
It involved restoring the house’s original brick facade, front rooms and hallway, and adding a modern three-level extension at the back.
To achieve the latter, the Adelaide-based twins excavated a 3m-deep and 16m-long basement level, which now houses a huge wine cellar that could also function as a dining room, and a home cinema.
The three-bedroom, three-bathroom pad also features two living areas, a designer kitchen with Gaggenau and Liebherr appliances, two terraces and off-street parking.
The former cops pocketed $1.011 million in prize money across two seasons of the Channel 9 reno show: 2014’s Fans vs. Faves and 2013’s Sky High, the latter which they won.
They now run their own business, Alisa and Lysandra Interiors.