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Crumbling shack with holes in the floor and no TOILET on sale for £1MILLION after fetching just £14k in 1976

A DERELICT cottage ravaged with holes and cracks among a raft of interior issues sounds a far cry from any buyer’s dream.

But despite having no indoor toilet and no connected power, this crumbling 1850s shack is set to fetch more than £1MILLION at auction in Australia.

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The dilapidated home is set to be sold for over £1 million at auction[/caption]

McGrath

The Paddington property is in need of some serious renovations[/caption]

The run-down home in Paddington – which looks close to falling apart – was last put on the market 45 years ago, back in 1976, when it sold for just £14,000.

According to property records the double-fronted 128sqm cottage was owned by Lawrence Muscat, who died in 2015.

Mr Muscat lived in the property alone after separating from his wife 25 years ago, but didn’t die in the house.

It took his ex-wife six years to clear the site as the house and back shed were full of tools, books and rubbish, according to realestate.com.au – where the property is listed.

Chris Chung, of McGrath – the estate agent selling the neglected property – said it will take “more than a coat of paint” to renovate the double-fronted home.

McGrath

It took six years to clear the site from rubbish left by the previous owner[/caption]

McGrath

The house has no indoor toilet or running electricity[/caption]

McGrath

It sold for just £14,000 back in 1976 – a significantly lower amount than it is expected to fetch at auction[/caption]

“It has no indoor toilet, numerous holes in the floor and ceiling and the power’s not connected,” he added.

Mr Chung believes if done up well, the cottage at 26 Stewart Street, could go on to sell for more than £2.5million as the area is “dominated by terraces”.

He thinks when it goes under the hammer on June 26, it will attract the attention of “seasoned renovators” who aren’t afraid of the horrors inside.

There is cracked concrete both inside and out, as well as peeling paint and wallpaper throughout.

“It’s not going to suit someone doing their first reno. It’s not just a coat of paint – it’s redo everything,” he said.

“They will have done multiple renovations in the past; know how to deal with council; they’ll need to know what’s involved with a renovation of this size and scope.

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The project needs a “seasoned renovator” to take it on as everything needs redoing[/caption]

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Neighbouring homes on the same street went for more than £2.5 million[/caption]

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The property will go to auction on June 26[/caption]

“They’ll need to spend a serious amount of money to fix it up.”

Back in 2012, a five-bedroom house on a 360sqm block on the street went for a record £3million.

And just least year, a three-bedroom renovated home on a 189sqm block on Stewart Street went for £2.6million, according to CoreLogic.

“There are only three cottages like this in the street – these are pretty rare,” Mr Chung said.

“Paddington’s dominated by terraces rather than these cottages.

“And it will ideally suit a Swans fan … someone who wants to be close to the stadium or the city.”

McGrath’s listing described the cottage as a “rare renovation opportunity in a premier Paddington location” that requires “extensive work”.

It also boasts a short walk “to markets, boutiques, popular cafés and eateries”

“One of the last remaining original properties in the area, this freestanding Victorian cottage offers incredible scope for restoration into a timeless home,” the listing reads.

“It’s set on an ideal corner block and is a stroll from Oxford Street and Centennial Park.”

The property at 26 Stewart Street, Paddington, is set to be sold at auction at 9.45am on June 26.

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