IT has no rooms, no ceilings and rubble on the floor but a Sydney Victorian terrace is expected to fetch more than $1.25 million.
At just five and a half metres wide, the property at 49 Great Buckingham St in Redfern, once a classic two-storey, three-bedroom terrace, is now just three walls and 163sq metres of dirt.
Valued about $7600 a square metre, the sought-after site is a perfect example of the crazy demand for Sydney land.
"There has been a lot of interest so far," said selling agent, David Servi of First National Spencer and Servi.
Other than a Victorian facade there is 163sq m of rubble.
"It is such a rarity and it's a real opportunity for buyers who want to live in this city location, but want to create a brand new home exactly the way they want."
Along with the period green facade and its traditional iron lace work balcony, the block is being sold with a DA approval for the immediate development of a three-storey house with rear lane access to parking.
Kellie Landrey, buyer's agent with Scoutable, said the unique find would appeal to several of her clients.
"I'm currently looking for a few buyers at the moment," she said.
"The market is so heated that people are considering everything they can get their hands on."
Ms Landrey said both investors and owner occupiers are keen to make offers on the development block.
A facade-only block at 49 Great Buckingham St, Redfern is for sale with a whopping $1.25 million-plus
"It would actually give a pretty good return and on the same token it could become someone's dream home, so it actually appeals to all buyers in that price range," Ms Landrey said.
Mr Servi said the hefty price tag, for what is essentially a vacant block, is reflective of the local area.
"To get an idea of price on such a unique listing, what you really need to do is start with an end price and work backwards," he said.
Mr Servi estimated that building the approved home on the lot could cost between $500,000 and $600,000 to complete.
"It really just depends what you do with it and if you make any changes," he said.
The property will go under the hammer on site on November 2.
Although RP Data figures show that the median sale price for houses in Redfern is now $1.1625 million, a recently currently on the market with price expectations of "over $2.5 million".
Once a three-bedroom property behind the front entrance there are just three walls.