Unusual two-for-one Moolap property sells for record price

News.com.au

2 days ago

An unusual two-for-one deal has helped a sprawling residential property in Moolap achieve a record price.
The $1.8m sale marks a new chapter for 20 High St, Moolap, where the twin benefits of dual houses attracted a not-for-profit buyer.
First National, Golden Plains agent Owen Sharkey said the organisation had 'big plans' to create client accommodation at the 4740sq m corner property.
Geelong West cottage thrown a lifeline
It currently comprises a renovated, four-bedroom family home and a separate period residence that had been operating as a successful Airbnb.
Mr Sharkey said the unconventional property initially proved a tough sell but it's flexibility eventually attracted several potential buyers.
'It just went gangbusters and we ended up having two or three parties fighting for it,' he said.
'We had a lot of people looking at it from an alternative type living arrangement, as in dual families, and there are a lot of properties around there that seem to be taken up by government agencies so we tapped into a few of them to see if they had any interest in the area and, as it turned out, one of them did.'
He said the organisation trumped one other group, which saw a chance for a multigenerational base with the parents in one house and younger family members in another.
'I think that's probably going to be something that's exciting properties into the future is those dual occupancy ones where mum and dad can chip in and throw a million bucks into rather than heading off to a nursing home,' he said.
'You are able to leave that wealth creation to the kids down the road.'
The renovated two-storey house at the property provides spacious accommodation, with dual living zones, two home offices and a large rumpus room with a wood fire in a converted garage.
Granite benchtops and dual Smeg ovens feature in the kitchen, while three of the four bedrooms have modern ensuite bathrooms.
Nearby another three-bedroom character home, 'Montreaux on High', had been lovingly restored and renovated.
It has its own secure front garden and had been generating an annual holiday let income of $58,500 a year with a 55 per cent vacancy rate.
'It was a very interesting property given its proximity to Geelong and the size of it. You do forget you have that area there in Moolap … it's a really unusual pocket,' Mr Sharkey said.
The $1.8m price tag is the most expensive price for a house on a residential block under 2ha in Moolap.
The suburb's median house price has lifted slightly to $1.145m over the past year, according to PropTrack data.