1 Bedder unit off plan in St Leonards

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From: Will G


I colleague of mine is thinking of buying a 1 bedder unit in St Leonards (off the plan due to be completed in 24 months)for 361K.

The unit is apparently close to the train station and shops ...

He reckons the place would rent out 350 - 400 /week

I don't know a lot about the Sydney market to call this a good or bad buy.

Does any body have experience in this area ?

Thanks,
Will

 

[NigelW]

Reply: 1
From: Nigel W


I live in the area. what building is it in? there are quite a few going up at the moment.

Rents are relatively high but I'm renting a very large one bedder for 320pw. Older two bedders in the area are renting 350-390pw. New Studios rent from about $240pw without carspace to 280pw with carspace.

I hope he's more at the 350 end for his affordability than 400 end. I don't think AT THE MOMENT that 1 bedders will rent at $400 unless they have something special like spectacular views. From St leonards you can see the city from about 6 stories up...
BUT who knows, maybe in 2 years time 400pw will be on the mark?

Also, does it have a carspace? That's not a bad price if it does (not spectacular but okay). If not TOO pricey. Add a carspace is about 20-40pw more rent and about 30-50K on price.

there is already one residential tower over the train station at st leonards - the Forum. A new one next door (forum west) and several just a few streets away are being built .

If it's in the vicinty of the train station then its also very close to Royal North Shore Hospital (altho query whether nurses could afford $350pw??)

Houses in the St Leonards/Crows Nest area are ridiculously expensive $600-950K

Hope this helps.

 

[Sim]

Reply: 1.1
From: Sim' Hampel


On 6/6/02 12:11:00 PM, Nigel W wrote:
>I live in the area. what
>building is it in? there are
>quite a few going up at the
>moment.

Bit of an understatement there Nigel ;-)

At last count, there are 4 Meriton apartment blocks going up - Forum West is one, then there's the pre-fab high rise one next to it, with the bottom floor units looking straight out over the railway station platforms... great for train enthusiasts I suppose. Then there's that old 3 storey warehouse conversion, followed by another pre-fab high rise. These are literally right next to each other, so within about 300m from the Highway down Herbet St, there are no fewer than 8 high rise apartment blocks.

Australand are building one on Atchison Street about 50m from the Forum building, and there are several other smaller developments in the area right now.

There are plenty of stories around about people who lost money buying in the Forum building off the plan. I haven't followed priced there, I would imagine they have gone up in value recently, but there is a massive oversupply coming online very soon, which I don't think will be absorbed particularly quickly. Rents in the Forum building dropped pretty dramatically last year too, but I haven't followed them closely enough to know what they are doing now.

There are still plans to sell off the old hospital buildings along Herbet street, they will possibly be zoned commercial, but then there is a heap of space behind the railway station (eastern side of the line), which I would bet is owned by one of Meriton, Australand or Mirvac (who have several low-rise blocks down Lithgow St.)!

>Also, does it have a carspace?
>That's not a bad price if it
>does (not spectacular but
>okay). If not TOO pricey.
>Add a carspace is about
>20-40pw more rent and about
>30-50K on price.

With all the commercial development happening in St. Leonards at the moment too, there is a massive shortage of parking around.

>If it's in the vicinty of the
>train station then its also
>very close to Royal North
>Shore Hospital (althogh query
>whether nurses could afford
>$350pw??)

Most nurses I know can not afford that kind of rent. They all seem to live out in the Ryde area, with a large number of them in the hills district, and many even further out. I can't believe how little they get paid, considering how hard they work (being married to a nurse, I get to hear about it every night !!)

>Houses in the St
>Leonards/Crows Nest area are
>ridiculously expensive
>$600-950K

It gets worse as you get closer to the water, or closer to Chatswood !

 

[igs]

Reply: 1.1.1
From: Igs Kanny


Herbert street apartment blocks are all across the road from the rehab centers. A close friend of mine has been robed 5 (!!!) times. He lives in one of those Meriton towers with his wife and kids (there were all at home at the time, plus the dog that didn't make a pip). And he's not the only one in the building with this problem.He rarely sleeps at night and when he does he is hugging his cricket bat. The rumble from the train is unbearable. It's a nightmare. However, not a bad investment after all. He (my mate) has accumulated a significant amount of equity in the last two years and has been able to buy a house in Killara off that. Flats over there (not the new devs though) sell like hot cakes, if become available. There haven't been any for sale (in his two towers at least) in a long time. He couldn't even argue with the valuer since there weren't any references he could provide to other sales.

But I would think twice about the 24 months though. But It's me.

Igs

 

[WebBoard]

Crows Nest

Reply: 1.1.2
From: Brett Burt


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We are looking at project in Crows Nest with a little shop under it and =8 x 2 bedders with car stacker parking under groun. Colliers Jardine =have buyers lined up for them, if we take on the project, at average =price of $600k including a shop at $700k. (for all the budding =developers out there that is around $8,500 per sq metre !)

At this time there doesn't appear to be a shortage of buyers however as =ours is a smaller boutiquey type development it may not be really =comparable to the 200 unit monsters Meriton et al are doing.

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We are looking at project in Crows Nest with a =little shop
under it and 8 x 2 bedders with car stacker parking under groun. =Colliers
Jardine have buyers lined up for them, if we take on the =project,at
average price of $600k including a shop at $700k. (for all the budding
developers out there that is around $8,500 per sq metre !)

At this time there doesn't appear to be a shortage =of buyers
however as ours is a smaller boutiquey type development it may not be =really
comparable to the 200 unit monsters Meriton et al are
doing.

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