When 7 Parslow Street Malvern first publicly listed for sale it caught my attention.

An original, free-standing white timber Edwardian house in need, I suspected, of some desperate TLC.

Buyers have two options here: demolish and build again or seriously renovate.

If renovating (which would be my preference), this could be done on a single or two-storey level. The real plus with this property is the charm of the original facade (if renovated/restored well, the value of this property will be underpinned) and also the generous setback width to the northern boundary that not only allows for car access down the side of the property but also maximises exposure into the house of much needed sunlight throughout the day.

My concept here is for a single-level extension to the rear comprising of four bedrooms / two bathrooms plus study at the front, with a large open-plan living area to the rear that would logically connect well to a private backyard. Style could be in keeping externally with the original house (ie painted weatherboards and a pitched iron roof) or it could be something totally modern. Irrespective of this, a modern interior would be the go, best suiting a modern family.

This street or area is really only average for Malvern and it does have a mix of housing styles, yet with strong recent sales of original period homes, renovating here certainly can work and it would be difficult to overcapitalise.

How much do you spend next Saturday?

Financially, you have a few things to consider:

• A fully renovated house at 1 Parslow sold with the same company in October of last year for $1.9 million – a strong result at the time. Do you add some for market improvements since then?
• No 7 is a better location than No 1?
• Work backwards from control price with estimated, planning, building and holding costs.

Emotionally, you also have a few things to consider

• Is this the right and best block for me? I mean, what about a different sort of project in a slightly better location eg 13 Bonview Road Malvern which should cost you considerably more on the day but …..
• Am I mentally up to the challenge of renovating or should I pay more and buy complete?

I personally think No 7 is worth some serious thought and effort. I like it.

We rated 7 Parlsow Street 661 / 1000. It is listed by Marcus Chimenello of Marshall White and goes up for auction 11.30am on May 30.

Design Smart.