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Historic Cottesloe Property Hits the Market
A unique piece of history has come up for sale in Perth's western suburbs for the first time in almost six decades. The property, located at 11 Pearse Street in Cottesloe, was originally purchased by a farming family in 1966 as a city base for their children’s education. Today, this prime piece of land, just 200 meters from the pristine Cottesloe Beach, is on the market with offers starting from $13.95 million.
Family Legacy and Local Ties
This property, affectionately named ‘Richon’ after a winery, is steeped in Cottesloe's rich historical fabric. The original owners, Wheatbelt farmers, forged a connection to Cottesloe through their family ties; the husband’s wife was the daughter of a longtime council member. The enduring presence of this family, coupled with its well-preserved elements, lends a storybook charm to the property.
Features of the Historic Bungalow
The home boasts an Edwardian style that many would consider a rarity today, with hallmarks like a porthole window, leadlight glass, and intricate moldings. Standing proudly on a generous 1181sqm plot, the bungalow features three bedrooms, three bathrooms, and potential for subdivision into up to four blocks. Whether the new owner opts to renovate the existing structure or develop the land further, the possibilities are boundless.
Strategies for Future Development
With subdivision approval for two blocks, the property presents numerous opportunities, primarily aimed at developers. Real estate agent Bev Heymans suggests that for significant renovations, prospective buyers should consider a budget upwards of $20 million due to the potential market value and desirability of the location. The north-facing aspect and proximity to both the beach and golf course undeniably enhance its appeal.
Market Trends and Property Insights
Perth’s property market shows signs of resilience, particularly in sought-after areas like Cottesloe. As more buyers express interest in properties with development potential, the allure of owning a historical piece of land in such a prime location continues to attract attention, not just local residents but also investors looking at future market trends and growth opportunities.
Given the current real estate dynamics in Newcastle, potential buyers should glean insights not only from the historical significance of properties like Richon but also from ongoing investment opportunities in the region. As Newcastle adjusts to evolving market demands, planning, property valuation, and community engagement become critical factors for success.
Deciding to Invest: What You Should Know
The decision to purchase a property, particularly one with renovation or redevelopment possibilities, requires careful planning and consideration. Interested buyers should familiarize themselves with property management options, land valuation methods, and other key aspects of the ever-evolving Newcastle real estate market. Understanding local regulations and securing an experienced real estate agent can also streamline the buying experience.
Lead the Conversation in Real Estate
As property seekers continue to look for that perfect coastal home or lucrative investment opportunity, properties like the Cottesloe bungalow stand out for their rich history and potential. Those inclined to join the conversation in the property market, ensure to keep abreast of market trends and insights. You can achieve this by subscribing to Property Newcastle for the latest news, trends, and expert advice delivered directly to your inbox.
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