A Melbourne property owner has made $900,000 in just two years after selling a 135-year-old timber cottage in Richmond for $2.544 million on Friday.
Dario Rosella bought the derelict, heritage-listed cottage on 779 square metres for $1.621 million in 2012. He planned to live in the house, but sold it for a 56% profit. The site, at 336 Burnley Street, has approval for four townhouses, but the original building must also be restored and retained. The land also backs on to Canterbury Street.
The median price for a house in the trendy inner city suburb is $932,000.
The property came onto the market at $2.4 million, with five bidders competing for the site before a Melbourne developer won the auction.
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