150 Cecil St, South Melbourne has sold for $1.65 million.
MARKETING boss Jack Watts has earned $1.65 million for a tired South Melbourne terrace he decided to trade rather than fix up.
The Australian chief executive of prominent marketing and advisory firm Bastion Collective sent 150 Cecil St under the hammer in late September with $1.55-$1.65 million price hopes.
The two-storey Victorian passed in, selling a month later at the top of the range.
RELATED: Jack Watts lists South Melbourne terrace in need of TLC
Keen contest expected for footy legend Lou Richards’ beachside home
Ex-AFL star Ben Cousins’ old Elsternwick digs sell after auction
Jack Watts (left) with his father Jim, a former St Kilda chief executive, and Fergus Watts, a former AFL player and Bastion Collective founder. Picture: Julie Kiriacoudis
Inside 150 Cecil St.
Watts bought the property after deciding to move to Melbourne from Sydney, but later opted to trade it for an already renovated home.
CoreLogic records show it previously changed hands in 2013 for $1.3 million.
Marshall White Port Phillip selling agent Nicholas Hoo said a South Melbourne couple who’d just finished renovating its home and was “looking for another project” snapped up the pad.
“It’ll be a bit of work for them,” Mr Hoo said.
“It’s probably going to be a two-year project.”
The agent said the buyers had been drawn to the grand balconied terrace’s position close to the South Melbourne Market and flanked by cafes and eateries, and ultimately planned to move in.
The tired terrace retains period features.
The buyers were South Melbourne locals.
When the property hit the market, Mr Hoo said it would be “an amazing home (with) period features and a very pretty facade” once updated.
Ready-to-move-into terraces on similar blocks in South Melbourne had been selling for $2.5-$3 million, he said.
Watts’ brother Fergus is a former AFL player for St Kilda and Adelaide who founded Bastion Collective in 2008.
Their father Jim — a former chief executive of the St Kilda Football Club board — sits on the company’s board along with previous AFL chief executive Andrew Demetriou.