8939599 What property crash? Run-down garden shed with holes in the roof, plenty of rust and bare concrete floors in Sydney hits the market for $1.6MILLION

A 'dilapidated warehouse' with holes in the roof, minimal amenities and a run-down appearance has hit the property market for $1.6 million. 

Belle Property real estate agents justify the price of the brick and corrugated iron warehouse by saying it is 'brilliantly located' at 14 Reuss Street in Glebe in Sydney's inner west, which is 3km from the CBD and close to Sydney University. 

They also say buyers could renovate the 276 square metre block to 'build their own dream warehouse of benefit from the current DA approval for multiple dwellings'. 

A 'dilapidated warehouse' at 14 Reuss Street in Glebe in Sydney's Inner West has hit the market for $1.6 million because it has the potential to be turned into a 'dream warehouse' and is 'brilliantly located' 

But as it stands, the property is far from being in a livable state, with multiple holes in the corrugated iron roof, which lets rain, insects and roof runoff inside. 

From the outside, the warehouse is made of rusting metal and has a no-frills concrete driveway with room for two vehicles. 

There are three bedrooms and one bathroom inside but multiple work benches, industrial sinks and bare concrete floors suggest it was once a workshop.  

From the outside, the warehouse is made of rusting metal and has a no-frills concrete driveway with room for two vehicles

'The site currently features a dilapidated free-standing brick and corrugated iron warehouse fronting Reuss Street,' the property description reads. 

'Offering the opportunity to create your own dream of an inner-city warehouse home brilliantly located in one of Glebe's finest hidden enclaves. 

'With current DA approval as A New Generation Boarding House encompassing a substantial tri-level design the turnaround to a residential home and office would be highly likely.'   

There are three bedrooms and one bathroom inside but multiple work benches, industrial sinks and concrete floors suggest it was once a workshop

In 2018, the City of Sydney Council approved an application to remove a tree, demolish the warehouse and construct a nine-room boarding house. 

The renovation was projected to cost $1,280,470 but the only thing the previous owner acted upon was removing the tree.  

Another application approved in 2017 sought to demolish the warehouse and build a new two-storey home with a basement and a separate one-storey granny flat - but this also never went any further than the approval.  

 Belle Property real estate agents say buyers could renovate the 276 square metre block to 'build their own dream warehouse of benefit from the current DA approval for multiple dwellings'