Help valuing this property/land please

[TMNT]

Block is 850sqm
Asking $180k
Agent claims it to be a tear down job, however, I think $20k will make it come up schmuck (new kitchen, new paint, new bathroom, new floors)
vacant block of land worth $165-$170k according to my research

a few doors down very well renovated sold for $270k in aug 2013 on a 915sqm block
a few doors down renovated sold for $330k in Jun 2013 on a 515sqm block (possibly an outlier)

Properties in the surround are about 600-700sqm in general and in original average condition sell anywhere from $180-$200k

Conservatively I think after a reno, it would be worth $240-$250k

BUT

even though block is big, House is heritage listed, and set very far back in the block, block is approx 20m front x 42m depth, setback of 8m due to street frontage, which means I have approx 20m x 17m including driveway to put a 2nd dwelling on

BUT due to heritage listted rear property, a simple townhouse at the front wont be approved and has to have 'character'

im looking to buy for either immediate equity gain through a reno and evenutally a dwelling at the front or selling off the land,
but im not too sure how this heritage classification is going to affect things,

im pretty excited about the size, and the fact it can be subidivided off, but think t hat the heritage makes it completely useless?

please put me out of my misery

 

[D.T.]

Wouldnt go anywhere near it if heritage listed.

Pain in *** to get permission to knock it down, ditto for doing some types of reno work to it.

 

[TMNT]

Wouldnt go anywhere near it if heritage listed.

Pain in *** to get permission to knock it down, ditto for doing some types of reno work to it.

i dont think demolition is an option for the council to be honest, and if I were to pick it up it would be on the assumption that I would put something on the front or sell the land off

 

[Waldo]

i dont think demolition is an option for the council to be honest, and if I were to pick it up it would be on the assumption that I would put something on the front or sell the land off

Agent thinks its a tear down job - but the council won't allow it to be removed? No way I'd be paying even land value for it, unless you've had a builder look over it and a firm quote as to what is required.

I'd be staying away unless this is something you are experianced in.

 

[Propertunity]

Wouldnt go anywhere near it if heritage listed.

Pain in *** to get permission to knock it down, ditto for doing some types of reno work to it.

^ ^ what he said.

In the past I've noticed that these are the types of properties that seem to catch fire at 2:00am on a Sunday morning.....very often not long after a developer has purchased them and had their plans knocked back.....such a shame to lose heritage of this nature, but what can you do?

 

[Scott No Mates]

What type of heritage listing sre you talking - local interest, state importance or national significance?

That would affect your outcome significantly.