Drummoyne waterfront property with views of the Harbour Bridge tipped to fetch about $9 million

But its R3 medium-density zoning means apartment development was a possibility, according to the agent Roger Mickhail, of Roger Mickail Property, who described St Georges Crescent as “arguably the inner west’s premier street”.

“It’s zoned R3 medium residential so you’d be looking at perhaps some luxury three-bedroom apartments, potentially six three-bedders and perhaps a penthouse above. It really just depends on the configuration and the approvals. That location is very popular with downsizers who are after waterfront sites,” Mr Mickhail said.

Alternatively, the waterfront location meant it would make for an ideal opportunity to knock down and rebuild a modern harbourside trophy home.

“It’s one of the last remaining opportunities to develop along the waterfront in St Georges Crescent,” he said.

Originally part of a subdivision of the former clay tennis courts that followed the waterfront along St Georges Crescent, the property was purchased in 1942 and a single-level residence built in 1946.

An upper level was built in the 1960s. Both levels are self-contained but can also be combined to make a six-bedroom home.

The property has been used by four generations of the one family, with the current owners deciding that now was the ideal time to sell and downsize.

“It’s time for them to move on – they have children who are getting married …They’re seeking a change of lifestyle,” he said.

Mr Mickhail reported an overwhelming response to the listing.

“We literally listed it yesterday and we’ve been overwhelmed with inquiries, the phone has been ringing all day and the emails are constant,” he said.