How much would a laundry room be worth Bondi Junction?

My building's sinking fund is almost empty and we had a strata audit recently to determine our budget for the next 10 years.

One of this company's suggestions was to sell one of the 2 common laundries on the ground floor to raise money for the sinking fund, leaving just one common laundry for the block.

I would like to make a proposal to buy this laundry room to the executive committee and to have a bylaw put in place for exclusive use by my lot only or to have the strata plans changed.

The room is approx about 2m by 3m has a laundry plumbed in and a window.
This is located in Bondi Junction.

Could I get some opinions off the people who know the Sydney Eastern Suburbs market well on what I should offer to the Committee?
I was thinking 10k, or should I try even lower first?

My unit is a 1 bedroom with carspace , I was thinking if I could pick up this laundry room which could be used as a storage room it would definitely be a good investment.

Thanks
 
LOL $10k,

If strata goes down this avenue you will need to have an extraordinary meeting which would need from memory 75% of people to vote in favour of creating the by-law.

Strata would set a minimum price + some condition such as replacing all the washing machines in the remaining room etc... They should then auction the room to the highest bidder in the strata complex.

IMO if this block is close to the beach and is well located it would sell circa $50k+ easy. Worth as much as a car spot.

Could technically be converted into a 'studio' and rented out for $150 a week.
 
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It's obviously worth more than 10k but why would I offer 50k on my first offer?
The idea of it would be to obtain as cheaply as possible. Which is quite possible as there is no money in the sinking fund and lots of expensive maintenance coming up.

I do think you are correct in that if the EC did decide to sell it , it would probably be auctioned off to highest bidder.
Which is why I'm asking how much people think it would be worth if it comes to that.

The room is 2 by 3 metres would council really approve that to be a studio ?
 
The room is 2 by 3 metres would council really approve that to be a studio ?

Stranger things have happened. Boy, there would be lots of hoops to jump through. Every now and then on the internet there are projects like that - in Europe usually. One of my kids showed me something on YouTube the other day where somebody had created an apartment in a tiny space.
 
Stranger things have happened. Boy, there would be lots of hoops to jump through. Every now and then on the internet there are projects like that - in Europe usually. One of my kids showed me something on YouTube the other day where somebody had created an apartment in a tiny space.

It def could be a money maker if it was legal, as there is a separate common toilet downstairs as well.
Airbnb etc..
 
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