Developers build skyscrapers around house after owner demands £11m for property

A development firm has been forced to build skyscrapers around an elderly woman's rundown house after she refused to sell her property for less than AU $20million (around £11m).

This is according to locals in Sydney, Australia, with the three-bedroom suburban rental home now sitting between three high-rise apartment buildings, a shopping centre complex and a train station.

With the owner of the single-storey dwelling sticking to her guns, the building now looks somewhat out of place – having been dwarfed by its surroundings.

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"There used to be three houses along this street," a man who manages a nearby building told the Daily Mail earlier this year. "Those owners were smart and sold, but this woman wanted $20million and the developers basically laughed at her. She should have asked for $2million and an apartment in the new building."

The man added that the owner had even taken firm Billbergia to court in a bid to stop development in – a case which she lost.

He continued: "She fought against the developers in court for a few years, but she lost. The house has been renovated since then and it's in better condition than it was – it was a crumbled mess – but it still needs a lot of work."

The cottage was most recently listed on a lease of $900 (£740) per week and features an impressive 679 square-metres of space – considerably more than that of the surrounding flats.

The listing added that the property is 'located in the heart of Rhodes and business district' and boasts timber flooring, a double carport and a 'huge backyard'.

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Property data shows that the woman bought it in 2012 for AU $1.7m (£932k), whilst local estate agent Robert Yu, who manages the property, believes the land it sits on would now be worth around AU $4million (£2.1million).

It's no wonder, however, she hasn't felt the need to cash in.

She reportedly has a multi million-dollar housing portfolio throughout the city, including a six-bedroom house in nearby Strathfield.

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