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Overview
Mortgagee Auction | Half-Built, Full Potential
This property is offered for sale by auction with no prior offers accepted, presenting a unique opportunity for buyers prepared to undertake a project with significant potential.
The property is currently subject to a Building Order issued by the Mornington Peninsula Shire Council due to structural alterations and additions, including decking on both the east and west elevations, which were completed without the necessary building permits. Consequently, a Stop Work Order has been placed on the property.
The new owner will be required to engage a private building surveyor to certify and rectify the existing works or alternatively demolish and rebuild the unpermitted structures with proper approvals. This situation offers a transparent and clear scope for buyers who understand the process and are looking for a project that can yield strong returns.
Situated in an elevated position, the home offers expansive views across the Peninsula, enhancing its appeal. The residence features four bedrooms and two bathrooms, with the construction partially completed. Notably, the bathrooms are fully tiled, and the master bedroom includes a walk-in robe and an ensuite, although some finishing work remains.
The property provides a solid foundation with the structural elements in place, allowing buyers to complete the home to their own standards and preferences. The combination of the location, views, and potential for customization makes this an attractive prospect for builders, investors, and discerning buyers.
Key highlights include:
- Four bedrooms and two bathrooms
- Elevated block with panoramic views
- Fully tiled bathrooms with an unfinished master ensuite and walk-in robe
- Partially completed construction offering scope for personal finishing
- Building Order and Stop Work Order in place, ensuring full transparency
- Mortgagee sale requiring unconditional sale at auction
Prospective buyers are strongly advised to conduct thorough due diligence prior to bidding. Documentation related to the Building Order is available in the section 32 statement. The sale requires a 10% deposit with settlement terms of 30, 60, or 90 days.
While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.
Open for Inspections
Upcoming inspection times scheduled in the next 14 days.
This property has had 2 previous open for inspections. Schedules can change at late notice, please confirm times with the selling agent before attending an open home.
Location
Rye VIC 3941
Market Insights for Rye VIC 3941
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