An Adelaide builder has forked out a surprising $3.2m on a gutted beachside mansion across the road from where he already lives.
The builder will likely need to spend another $1.5m to restore 107A Seaview Rd, Tennyson to a habitable state, after he beat five other interested parties in the sale of what is effectively a concrete shell.
The property, located on one of Adelaide’s most highly sought after, absolute beachfront strips – referred to by locals as “the Golden Mile’’ – was once an impressive six-bedroom Mediterranean-inspired residence with an open-air courtyard, commercial-grade kitchen and multiple living areas.
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But after selling for $3.56m in May 2023, the-then owner “came into a bit of strife…after getting talked into getting (the house) renovated’’, said Harris Real Estate agent Hayley Turner.
Having stripped the double-storey home back to its concrete bones, Ms Turner said the owner sold it “quite cheap’’ to her clients, the current vendors, in an off-market transaction mid-last year.
![Supplied Real Estate 107a Seaview Road, Tennyson](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
107a Seaview Road, Tennyson has sold for $3.2m.
The property currently looks more like a concrete shell than a home.
However, there’s no doubt the property oozes potential.
While the vendors had been prepared to hold onto the property until the right price could be secured, Ms Turner said even they were surprised by the final outcome, having expected it to fetch $200,000 less than it settled for.
She said the successful buyer intended to use his trade experience to restore the home and live in it himself.
“There was lots of interest in it – mainly, obviously, a lot of developers and builders looking to potentially renovate it and flip it,’’ Ms Turner said.
“But there wasn’t enough money in it to flip for the dollars we were chasing.
“With what it’s going to cost to renovate, you are talking $1.5m to $1.7m for the extension (drawn up specifically for the sales listing and presented to presented to potential buyers) and $1.2m to $1.5m just to fit out what’s there.
“You’re getting close to (a total of) $5m with stamp duty and around $5m is probably what it will be worth once it’s finished (so there’s no ability to turn a profit).’’
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The new owner has his work cut out.
The home is located on – what locals describe as – the Golden Mile.
The builder, who will now sell his other Seaview Rd home, a grand four-level, four-bedroom residence, lives alone and is expected to restore his new blank canvas property to its former state rather than extend it.
Ms Turner said the purchase allowed the builder to enjoy a prime beachfront location not afforded by his house across the road.
“There’s not many places where you can get absolute beachfront, with no carpark or road in front, even in Henley and Grange,’’ she said.
She said other neighbouring property owners had also expressed interest in the sale, including some seeking an upgrade to an absolute beachfront location and others who already enjoyed a waterfront position but wanted to downsize from a larger home.
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– BY LAUREN AHWAN
