20 Lyell Street SOUTH MELBOURNE

Item: 20 Lyell Street SOUTH MELBOURNE
Rating: 630
Author: Mal James

Benefits

Higher positional potential for long term growth

Growth above average metro in last decade

Good rental prospects

Higher risk as newer precinct

Lower risk established look

Concerns

Touches other properties

Poor bathroom position

Bathroom no ensuite

Poor car garaging

Mal James
0408 107 988
[email protected]

Comments on 20 Lyell Street SOUTH MELBOURNE

POSITION

Convenient with a capital C. Located on the north eastern side of this quiet street, this home is on the doorstep of the CBD. The beach, Bay Street and Albert Park's shops and numerous parks are all within walking distance. The wide street has a mix of renovated and original period homes. When standing in Lyell Street, there was some low traffic noise from Dorcas Street. I wasn’t aware of any traffic noise within the house.

PROPERTY

This is a cosy feeling, move in ready cottage with great potential to renovate in the future. Typical of this era and style, the rooms are not large and the natural light is low, however, these homes are able, with the right design, to adapt to the times. That being said, it is never going to be a large family home. Currently the ceilings of the first three rooms are high and the skillion roof in the kitchen is pressed tin. The kitchen is satisfactory as is but could be quite simply updated if the buyer is looking for something fresh, but not wanting to do a full scale renovation. Currently the updated bathroom/laundry commands the best outlook over the north facing courtyard. The exisiting store room doubles as a light well for the master bedroom. It is currently used as a gym, but could be developed as an atrium or courtyard.

Perhaps future changes could look at relocating the bathroom closer to the bedrooms and opening up the kitchen/living areas to the sunny rear court. Another option would be to add a second level (STCA) to provide an additional bedroom and bathroom. With ROW access at the rear, there is also the opportunity to have off street parking.

This home would suit investors or small households wanting to get into the Port Phillip market.

PRICE

The agent quote has increasd throughout the campaign and with strong auction results last weekend, there will be social proof of it's worth at the auction.

Agent suggested a rental $580 per week.

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2 Bedroom	1 Bathroom	0 Parkings	141sqm Land Area
Floor Plan	Agent	Sold - 1:30 PM Mar 4 2017	Quote $1,300,000	North Facing

Assess Question: Is this property a good home?

630

20 Lyell Street SOUTH MELBOURNE

Benefits

Concerns

Comments on 20 Lyell Street SOUTH MELBOURNE

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