A sprawling building that originally housed hundreds of workers building the Snowy Hydro Scheme has hit the market, and with a bit of TLC it could have huge potential.

The remote property is up for auction and could sell for less than a typical apartment, although given its condition it could cost a bit more than that to get up to scratch.

The massive building sits on a five-acre site in Khancoban, a town that sprang up almost overnight in the 1960s to house the influx of people involved in the construction of the power stations, dams and aqueducts that made up the Snowy Scheme.

The massive property was originally built to house workers constructing the Snowy Hydro Scheme. Picture: realestate.com.au/buy

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The 946sqm building has more than 120 rooms, split across two residential wings connected to a central structure featuring multiple dining halls, commercial kitchens and recreation rooms.

The west wing was converted into residential units in the 1980s, which are in reasonably good condition, according to sales agent Luke Tozer of McGrath Snowy Mountains.

Half the building was converted to residential units in the 1980s. Picture: realestate.com.au/buy

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But the rest of the building is in a sad state, having all but succumbed to the elements over the years.

“It has 12 units you could live in tomorrow,” Mr Tozer said. “Works have been completed to start gutting the second part of the building, but they left it unfinished and weather has got in.”

The other half of the property is in a rundown state awaiting transformation. Picture: realestate.com.au/buy

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Sections of the building are missing roof panels, with the rain and wind causing further damage and filling the interior with dirt and debris.

“I’m not going to sugarcoat it, this property does require a lot of work,” Mr Tozer said.

Parts of the ceiling are missing, letting the elements in. Picture: realestate.com.au/buy

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Parts of the building are cluttered with the remains of its former life, including furniture, building materials and even a piano and an old billiards table.

Mr Tozer described it as “a work in progress”, but said that despite its rundown state, there were no rectification orders in place, meaning the new owners could get straight to work.

The property is still littered with furniture and building materials. Picture: realestate.com.au/buy

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The property hasn’t been completely abandoned, he said, with a caretaker currently living onsite and maintaining the grounds.

“I would say it’s been forgotten about,” Mr Tozer said. “It’s just become a project that's too big for the owner.”

Plenty of odds and ends have been left behind throughout the building. Picture: realestate.com.au/buy

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With huge scope for transformation, potential future uses could include a hotel, wedding venue or school camp, Mr Tozer said, subject to the relevant approvals.

“With so much potential, this property could be used as a destination for someone with a vision and funds to bring it up to a more modern standard,” he said.

The central structure includes multiple commercial kitchens and large dining halls. Picture: realestate.com.au/buy

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Khancoban, which has a population of 319, is about two hours from the nearest regional centre of Albury, and about five hours from Melbourne and six hours from Sydney.

“It's a very rural area and it has a gorgeous outlook,” Mr Tozer said.

The scenic surrounds mean the property would lend itself to a variety of creative reuses. Picture: realestate.com.au/buy

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The massive property has already generated plenty of enquiries, Mr Tozer said, especially from buyers in Sydney and Melbourne inspired to take on their own Escape to the Chateau-style undertaking.

Initially advertised with a $380,000 auction guide, the sale has since been converted to a timed online auction given the level of interest, with a starting bid of $520,000.

Advertised with a bargain auction guide of $380,000, the huge five-acre property would cost less than most Australian homes. Picture: realestate.com.au/buy

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If it sells for that price, that would make it cheaper than Australia’s median unit price of $562,000, according to the latest PropTrack Home Price Index.