Council zoning could see an original cottage become one of the most expensive homes to sell in Seven Hills.
Its high density R4 zoning could see the 607sqm landholding on First Ave be turned into a six-storey apartment tower.
This potential is set to see the owners land a financial windfall with comparable sales suggesting 8 First Ave is likely to sell for well above $1.2m.
Realestate.com.au reports this is about $450,000 higher than the median house price of Seven Hills, which has historically been known as a “affordable” suburb for buyers.
The three-bedroom home with outdated interiors will go to auction on June 5 with Agius Property Group director Alistair Agius.
Mr Agius said the interest had been “overwhelming” with a number of investors, land bankers and developers circling the property, but added an owner occupier would be unlikely to purchase it.
“A lot of investors have the plan of renting the site out and waiting to be bought out by a developer down the track,” he said.
“I don’t expect an owner occupier to buy it as it is a lot of money for that location.”
The real estate director added the site could be a financial goldmine for a developer with the six-storey height limit an increase on four floors most other sites have been limited to in the area.
The cottage is one of the closest houses to Seven Hills train station and has an older style kitchen, retro carpet and brown wallpaper.