Goldsbrough Building Pyrmont Sydney

[davea]

Im not sure if this is the right section, so if not could a mod please move it...

I am just wondering if anyone owns (has previously done DD) on the apartment block Goldsbrough Building in sydney?? It seems to provide a good retrun (on paper) however on realestate.com, there is about 10 properties for sale in the building all with different strata rates (range from 500-900 pq). I just wanted to see if anyone more expierance has done the DD and have picked up things that i havent and didnt invest because of that...

Also im sure the building is fairly old (no depreciation) but the inside got totally refurbished when they changed it to residential appartments. How would this work for depreciation???

 

[JoannaK]

hi Davea,

I've not investigated the Goldsborough thoroughly, but I have heard/read bits and pieces as I did have a passing interest in the building when it was being done.

the building was finished about 10 years ago. It was a mixture of a refurb as well as an extension on top.

Strata rates would be different as they are based on the unit entitlements of each lot individually.

If you dig around deeply, I THINK (not 100% sure) you'll find that there were some issues between the body corporate and the management of the building, and i THINK there may have been a court case, perhaps concluded around 4 to 5 years ago. I believe that the body corporate accused management of mis-management, and that there were issues with the funds in the sinking fund...

i could be wrong, but please please dig deep.

I remember when the property was being developed and marketed (i worked for the large city real estate agency marketing the property) and it was a hot commodity back then.

not much info, but hopes it helps a bit

 

[davea]

hmmm ok, thanks for that...

im a bit worried about the depreciation part at the moment, so depending on the answer to that it might be the end of my DD and ill move onto something else.

but thanks for putting that out there

 

[depreciator]

Plenty of depreciation in that refurb - the building was gutted. We've done a few jobs there. It's been around so long that lots of units have been renovated since the original refurb. I've heard also that there are 'issues' there, but I can't shed any light on them.
Scott

 

[grossreal]

hi scott
interesting use of words ( shed light ) from my last visit to this building light was one thing that I thought was the major issue or lack of light.
the internals are very different but was very dark and I looked at 5 of the 1br units.
the young guy that showed us around did know alot about real estate in the area and for someone so young he looked about 16 to 17 did understand all about depreciation and costings.
they seem to have only one agent in the building but seem that alot of the units are leased out from other companies.
from my look at it it was doing about a 1% vacancy rate but the units with darling harbour views get snapped up for rental very quick so from an investment point it would be a very steady investment I haven't looked at the build from an investment point of view but the 1br market is very cut throat in this area and is very hot.
just a bit of info on the market there all the 1br inner city has about 3 viewings per saturday and they have about 10 to 15 per viewing so it is a very hot market at the moment

 

[ani]

hi Davea,

I've not investigated the Goldsborough thoroughly, but I have heard/read bits and pieces as I did have a passing interest in the building when it was being done.

the building was finished about 10 years ago. It was a mixture of a refurb as well as an extension on top.

Strata rates would be different as they are based on the unit entitlements of each lot individually.

If you dig around deeply, I THINK (not 100% sure) you'll find that there were some issues between the body corporate and the management of the building, and i THINK there may have been a court case, perhaps concluded around 4 to 5 years ago. I believe that the body corporate accused management of mis-management, and that there were issues with the funds in the sinking fund...

i could be wrong, but please please dig deep.

I remember when the property was being developed and marketed (i worked for the large city real estate agency marketing the property) and it was a hot commodity back then.

not much info, but hopes it helps a bit

Joanna is right.

The Owners Strata Plan No 50946 (The Goldsborough) entered into litigation with Multiplex in 1993(? ) to the tune of 35 mill.

It was settled out of court but I'd sure be doing a strata search before I bought there.

I think it is one of those buildings that will have a stigma attached for a long while yet......

 

[davea]

I think it is one of those buildings that will have a stigma attached for a long while yet......

isnt this quite a good thing for a buy and hold stratagy???

strata searchs? are they something you get the Office Fair Trading, or you search legal cases to find more, or its a service you pay for (similar to a pest and building???)

there seems plenty for sale on realestate.com, and ive tracked about 6 or 7 (studios and 1 bedders) that have sold since janurary for about 190 & 250k, since there are so many may inhibbit CG, but im really interested to find more about the strata, ill post anything if i find it though...

 

[JoannaK]

your solicitor, or even yourself, can do a strata search. On this building I'd be doing it myself. You can read the minutes of each and every strata meeting ever held.

 

[davea]

so where would i start, are the minutes freely available online somewhere..

i found www.strata.com.au who create a report on everthing for about $250-$300, is this the type of thing your talking about?

cheers

 

[ani]

so where would i start, are the minutes freely available online somewhere..

i found www.strata.com.au who create a report on everthing for about $250-$300, is this the type of thing your talking about?

cheers

Yep that is the sort of thing, but as Joanna said, I'd be doing it myself too.

Just ask the re agent who the strata manager is, ring them and make an appt to view the minutes.

 

[davea]

so apart from viewing the minutes, how else should i go around for my strata DD?

 

[JoannaK]

you could try talking to a number of owners. surprisingly, alot of what is discussed at the strata meetings aren't recorded, simply because purchasers will come and inspect the records...but with this particular building that is doubtful as it has had so much going on.

 

[davea]

yeah i was hoping someone here owned/had owned one but a bit out of luck im guessing..

its alright i know if i buy ill do a lot of DD

the other building block im looking at is 313 harris street pyrmont... very similar however have a car space.... 313 is in front at the moment (with figures) havent inspected any yet though...

thanks for the tips guys

 

[XBenX]

As well as the formal DD I also like to chat to owner occupiers in the building if it is a strata complex.

You can do this many ways, however without ownership information you can generally bump into an owner occupier in the foyer quite easily.

Im often suprised how valuable a 5minute chat can be.

Another favourite is calling the contractors who have worked on the building (the contract cleaner or pest person will generally know just about everything going on in the building)

 

[Pazu]

I've had a look at this building too. Although, something doesn't seem quite right. I can't really place my finger on what it is, but I haven't done any further investigation - it's not really my kind of place for occupying or investing.

 

[Jeanie29]

Goldsborough Building

Did you finally buy in here. I am currently looking at this property, I would appreciate an update

 

[davea]

i was only looking, i wasnt looking at purchasing to the end of the year anyway... i did find some nice ones in 303 harris st, they had a carpark for 300k, building not that attractive but still could be good for tenants... strata seemed reasonable 2

 

[Scott Graham]

Hello,

We looked at this place when looking for a place to stay for a weeks accomodation in Sydney.
As others have mentioned it has very poor light levels.

From a potential renters point of view as a holiday unit we rejected it at the outset, how much more so then as an investor?

I personally would not even consider buying a unit in the property and actually believe that they must be having trouble renting and selling them.

Scott.