South Melbourne half-finished mansion for sale with plans

The shell of a sky-high South Melbourne mansion with plans for a rooftop pool has been tagged a rare opportunity on the city market.

Concrete structures have already been put in place for the extravagant extension at 174 Bank Street, which is for sale with a $3.3-$3.63m price guide.

Bekdon & Richards director Paul Richards said the previous owner had plans and permits to create a five-storey masterpiece in the inner city.

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174 Bank Street, South Melbourne is for sale.

A plunge pool is planned for the rooftop.

But the half-complete building is now up for mortgagee sale.

“The previous owner has done a fair bit of structural work already, so the buyer is really buying it as a shell to bring it back to life,” Mr Richards said.

“It’s a Victorian house that already has three floors, so the plans add another two that have sweeping 360 degree views.”

360 degree views would be on show from the top two floors.

He said he had “never seen anything like it” available so close to the CBD.

The property has approval for a glamorous rooftop terrace with a plunge pool, terrace and garden, while a basement features a cellar and carpark.

Four bedrooms could be built in the floorplan, including a main suite that has access to its own exclusive living room. A lift to all floors of the home has also been approved.

The half-complete building is up for mortgagee sale.

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Detailed period features have still been retained inside the original Victorian terrace.

Mr Richards said the building, which was first listed in July, would have already sold if it hadn’t been for coronavirus lockdown restrictions.

“We’ve had so much inquiry, with a lot of interest coming from builders, developers and also families looking at finishing it too,” he said.

It’s for private sale.

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