This unfinished Cera Stribley-designed home has hit the market for $1.9m in Wye River. Picture: realestate.com.au
An unfinished luxury home in Wye River has hit the market for close to $2m, with buyers to pick up the tab for completing the epic build.
The vendors have already spent $1.4m getting what was to be their dream future retirement residence out of the ground, plus another $450,000 on the land.
Designed by architect Cera Stribley, their half-built house has passed its final structure and framing inspections.
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The vendors saw potential in the elevated site where others saw a challenge.
Independent quantity surveying assessments estimate it will cost another $650,000 to finish.
The vendor said the property would likely have a value of $2.9m to $3.1m once the split-level dwelling was complete, based on comparable builds.
He said it was a difficult decision to sell, however changing family priorities meant they were no longer able to see the project through.
“We hope the next owner see the same opportunity as we did and enjoys bringing this unique vision to life,” he said.
“Given the sweeping ocean views, the location backing onto the Otway National Park, the architectural design by Cera Stribley and the significant investments already made into the site, we believe it is one of the most unique residential opportunities currently available on the Great Ocean Road.”
Ocean-facing decks are a signature of the design.
The four-bedroom house occupies one of the highest residential sites in the area, offering ocean views from all levels.
It is designed to comfortably accommodate two families and includes expansive living rooms, covered balconies and a rear courtyard with a hot tub facing neighbouring bushland.
A central stair and lightwell rising through a void planted with a living olive tree would be a standout feature.
The vendor said the site’s steep topography and complex engineering requirements meant the project had been years in the making.
Significant retaining structures, stormwater systems and underground piping networks were required to stabilise the site, but with that now completed, the purchaser can focus completing the home.
To date, more than $150,000 has been spent on architectural and interior design for the home through Cera Stribley’s studio. Picture: realestate.com.au
All work to date has been completed by a registered builder and planning and building permits are in place.
“This presents a compelling opportunity for a builder, developer or investor seeking to realise the value already created through the extensive planning and construction works undertaken,” the vendor said.
“Equally, it presents an opportunity for someone looking to create their dream coastal residence, with the ability to personalise the remaining fit-out and finishes while avoiding the years of work, risk and expensive already invested in bringing the project to this stage.”
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