ONE of the last original beach shacks on Millionaires’ Row will be bulldozed to make way for a more modern home after selling in a multimillion-dollar deal.
The three-bedroom Mermaid Beach house at 95 Hedges Ave fetched $4.8 million this month.
Kollosche director Michael Kollosche, who handled the sale, said it was snapped up within a week of hitting the market and the buyers had big plans for the block.
The marketing agent said the buyers planned to build a new home on the site.
It is one of the last remaining beach shacks on Millionaires’ Row
“They’re local buyers looking to build a home on the site,” he said.
The couple considered maintaining it as a beach house, Mr Kollosche said, but decided to rebuild a more modern home instead.
It is one of the few remaining beachfront shacks that once characterised the illustrious street, which today is renowned for its multimillion-dollar mega mansions.
“It’s one of the last remaining original beach shacks,” Mr Kollosche said.
“There wouldn’t be too many more … I think there’d only be two or three left that haven’t been developed.”
It is right on the beachfront. Why Spring 2019 is a good time to sell
The house is on a narrow 405sq m block with the three bedrooms and two bathrooms at one end of the house and an open kitchen, living and dining room at the other, which flows onto a deck overlooking the beach.
Property records show it last changed hands in 2013 for $3,476,900, which was much less than the $4.305 million it sold for in 2009.
