Million-dollar fixer-upper set for mortgagee sale in blue-chip zone

A MILLIONAIRE with multiple properties across Brisbane looks set to see a house in one of the city’s most prestigious suburbs sold out from under him by mortgagee sale.

247 Lancaster Road, Ascot. (AAP Image/Richard Walker)

A MILLIONAIRE with multiple properties in Brisbane’s most in-demand suburbs looks set to see a house in blue-chip Ascot sold out from under him by mortgagee sale.

Edward Amos’s Ascot property was officially listed for sale by auction on Monday, just over three months after the trustee for his mortgagee won possession in the Supreme Court.

The May 2 judgment by Supreme Court Judge J Brown ordered the removal of a caveat lodged by Mr Amos on the property title.

The judge also ordered that Mr Amos pay Perpetual Trustee Company as trustee for Argyle Capital Management Trust No 1 the sum of $513,053.85 and that the firm be given possession of 247 Lancaster Road, Ascot. Mr Amos was also ordered to pay Perpetual’s costs in the matter.

The property (centre) is sandwiched between a block of flats and a house that’s been approved for a block split.

The parties had gone to court in June 2014 over whether Mr Amos had defaulted on a loan provided by Challenger Managed Investments - which later became Fidante Partners - involving two properties, one at Ascot and the other at Clayfield. The matter was settled on May 30, 2014 and a deed was executed on June 1 and 2 that year - with Mr Amos agreeing to pay $620,000 plus interest by October 1, 2014.

The plaintiffs alleged Mr Amos did not fully comply with the terms of that Deed, by “failing to have made any payment under the Deed since 8 April 2015 and failing to pay the settlement sum on 1 October 2014”.

The home is in blue-chip Ascot.

The move against Mr Amos comes six years after a different party - the Brisbane City Council - chased Mr Amos in court about over hundreds of thousands of dollars in overdue payments for rates, fees or charges involving other prime properties not linked to this one.

But just because the property is in need of renovations does not mean that it will go cheap, with realestate.com.au’s “What’s it worth today?” estimator having “medium confidence” of a value range between $870,000 and $1.01m.

CoreLogic records showed that the last time the cottage was on the market was in February 2012 when then agent Don Mulcahy listed it for $750,000.

He had marketed the two bedroom, one bathroom house as “once a well loved and charming home”, adding “in recent times it has fallen into disrepair and needs somebody with love and imagination to create a better use for the property”.

Eagle Farm racecourse is across the road, with the pedestrian entry just 80m or so away.

The current agents have listed the home for sale by auction at 10am on Friday September 7.

The listing described it as the “ultimate renovation opportunity”.

“Set on a flat and level 405m2 block, and originally hosting two bedrooms, bathroom and living spaces, the home still retains elements of its traditional design including timber flooring, VJ walls and ceiling roses. Awaiting new life, this home is now seeking a transformation by those with a keen eye for renovation and design.”

Some original features remain in the home.

The house was currently unoccupied but continued to generate curiosity among passersby.

At present it’s designated as a single use dwelling, though its neighbours were a large apartment block on one side and a home where the council permitted a block split last year.

Residents in the area said signs that had been put up by the agent were taken down by an unknown person.

Many in the area applauded the possibility of change on the site given the house was in a prime blue-chip location. It’s just a few doors across the road from the entrance to Brisbane’s premier horseracing venue Eagle Farm and just 80 metres from the ever-popular Racecourse Road restaurant precinct.

The view from the top.

Mr Amos has an array of properties in some of Brisbane’s most coveted suburbs including Albion, Clayfield, Northgate, Virginia and Wooloowin, plus a house sandwiched between bigger properties in high-demand Surfers Paradise.

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