Family to cash in $1M for each decade of 60 years of ownership

Family to cash in $1M for each decade of 60 years of ownership
Real Estate

1 Barristers Lane, Mt Martha is in a tightly held spot and comes with the option to buy a boat shed.

Buyers eyeing a beachfront Mt Martha spot held for six decades by one family better have deep pockets.

The charming but dated holiday home at 1 Barristers Lane has $5.6-$6.1 million price hopes.

The 1108sq m property will set a suburban price record for a non-acreage block if it sells for more than the $5.62 million fetched by nearby 451 Esplanade last year.

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The waterfront Esplanade property was purchased as a knockdown site to make way for a new dream home, Warlimont & Nutt agent Trent Cameron said.

A bonus for the purchaser of 1 Barristers Lane is the option to snap up the family’s boat shed on nearby South Beach. The lane is tightly held and has just four homes.

“The Barristers Lane home has been owned for six decades by the family from Melbourne,” Mr Cameron said.

“Someone will probably buy it and knock it down to take advantage of the views and position.”

The property has elevated water vistas above South Beach and also has frontage onto the Esplanade.

A trail opposite leads down to the sand, which is lined with bathing boxes, while the village cafes and the yacht and lifesaving clubs are close by.

The house offers warmth and features exposed timber and a large brick fireplace together with a spacious deck with views.

There are four bedrooms, multiple living zones, a kitchen and meals area, wine cellar, powder room and ample storage space.

The residential price record for a development site in the suburb is $14 million paid for a 1.95ha block at 180 Bentons Rd in 2018.

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