Redfern update

Peter 14.7 · 30th Sep, 2005

Jamie said:
LAND SIZE: 85sqm approx - is this a misprint?

With a land size of 85sqm, what do you add, and where do you put it?

Jamie

Classic case of know your market, no offence intended.

Land in inner city is worth $$$. Improvements could be securing rear access for garage carport. Add $100k.

Extend and fix up design. Variable subject to improvements.

I have a friend with 4 terraces side by side in Ultimo with 600m2 in total. Worth $2.5M min land only.

Peter 147

Ajax · 25th Oct, 2005

Redfern properties like these 3 x 3 storey terraces don't come onto the market very often.

http://www.realestate.com.au/cgi-bi...0&p=30&t=res&ty=&snf=rbs&ag=&cu=&fmt=&header=

With Sydney City Council's proposed $11m refurbishment of nearby Prince Alfred Park these should benefit.

http://www.cityofsydney.nsw.gov.au/...rojects/RedfernPrecinct/AVisionforRedfern.asp

http://www.cityofsydney.nsw.gov.au/...ects/RedfernPrecinct/PrinceAlfredParkPlan.asp

"A Vision for Redfern

I’m pleased the City of Sydney is now in a position to unveil its new vision for revitalising the southern sectors of the City.

Spearheading the vision is a $50 million-plus infrastructure program over four years to improve facilities and services for people living and working in Redfern, Waterloo, Darlington and Eveleigh.

This represents the first phase of an accelerated roll-out of capital works that is already budgeted for and predicated on engaging the local community.

The vision is about activating streetscapes, broadening access and use of public amenities, generating community pride and appreciating the character of the village and neighbourhoods.

The suite of projects includes:

$11 million revamp of Prince Alfred Park, including a 50 metre swimming pool
$19 million restoration of Redfern Park to provide a ‘jewel in the crown’ for recreational and sporting uses, both informal and competitive (scheduled for completion by Christmas 2008 subject to Council approval)
$20 million upgrades of the shopping precincts along Redfern and Regents Streets (scheduled for completion by late 2007)
$500,000 upgrade of the skate-park in Waterloo Park
$1 million upgrading three parks in the Eveleigh precinct – Yellowmundee,Hugo Street Reserve and Pemulwuy Park – and three parks in East Sydney – James Street Reserve,Marriott Street Reserve and Hansom Cab Place
500 new trees, in addition to the 2,000 trees already planted across the area in the past 12 months
expansion of child care places at Alexandria and Redfern Centres
preliminary planning for a Youth Centre
expansion of green waste collection services.

Looking at the upgrade plans for Redfern Park, what is important is that they bring about the greatest good for the greatest number – greater community access, space for athlete training, facilities for spectators to watch from both seated areas and the sidelines, versatile configuration to allow open plan and potential for temporary fencing; modest traffic and parking impacts; no appreciable decrease in air quality and no commercial conflicts.

Clover Moore"

Cheers

Ajax

randwick · 25th Oct, 2005

redfern

These 3 level terraces are great for backpackers/extra income.
However they are rta affected . I nearly bought one about 5 years ago just near the corner of Cleveland and Elizabeth there is a backpackers on the corner. Had parking for 1 car needed stacks of work.

regards
just my thoughts

Ajax · 25th Oct, 2005

Hi Randwick,

thanks for that information. Didn't know that.

I remember looking at a terrace in 1993 on the Surry Hills side of Cleveland Street near South Dowling Street. It too was RTA affected however the planned road changes have not occured to date.

Ajax

Ajax · 29th Nov, 2005

40 Walker St, Redfern

You may recall posts in this thread in late 2003 on 40 Walker Street, Redfern.

The purchaser has now completed his renovations and is asking $750/week rent
http://www.realestate.com.au/cgi-bi...0&p=10&t=ren&ty=&snf=rbs&ag=&cu=&fmt=&header=

From the advertisement ""QUALITY TERRACE WITH PRIVATE RETREAT/OFFICE"
$750 p.w.
40 WALKER STREET REDFERN
Brand New Three Bedroom Terrace.
Superbly designed for modern living, latest european fixtures and fittings.
Polished Floors through living and seperate dining, study area, kitchen with Stainless Steel Gas cooking appliances and dishwasher.
Living area leads onto private/sunny courtyard and bbq area.
Equally sized carpeted bedrooms with built-ins made for storage
Three Bathrooms, main featuring spa.
Attic in the roof for storage.

Downlights (Moodlighting) throughout.
Surround sound throughout the property internally and externally.
Property is completely networked for internet even for the fridge.
Lock up Garage and plenty of storage space.
Security Alarm and bars throughout.
This property is truly unique as the owner has spared no expense, producing this One Of A Kind property."

Posts on this property in late 2003:-

"I also inspected 40 Walker Street Redfern.

Am sorry that I did. The agent handed out white dust masks and dripped lavender oil onto the mask before you went in. The reason: house had been owned by an elerly couple who kept up to 20 cats and dogs inside. Absolutely appalling stench of animal urine and faeces. Carpet on the steps to first floor was drenched in urine. The previous occupants really needed a visit from social services and from a health inspector. I'm still trying to get over the experience. A demolition job though it has a deep backyard with street access for parking from Centre Strret behind. Land value less demolition costs imo. Under $300k my estimate."

"Re: 40 Walker Street

I still think its strictly a demolition job.

If I had $ to burn I'd build a new terrace at the back facing the new townhouses/terraces in Centre Street (stca) and take my time demolishing the front (very little noise at the rear of the property from Centre street). I'd apply for council approval for a garage and to open the footpath for car access from Walker Street."

"
cant even imagine fixing this place up and definitely not keen to even inspect it.

will be interested to see what it goes for. how much does everyone think?

julie

alpina"

"gumballr1

I inspected 40 walker street on Saturday. The smell was not that bad. I thought it was a marketing gimmick giving out the face masks.

My estimate would be 290-310. 320 tops.

The stairs were truly disguisting. They were very dodgy and soaked in urine. I had a shower and put my clothes in the washing machine when I got home!

It would be a brave person to take the job on as it was disguisting. But I could see it as a good option for a first time buyer wanting to get in cheap and fix the place up to a livable state. The walls seemed ok (not that I am a builder) so the shell was ok (I think). Rip out the floorboards, the earth underneath then replace the whole upstairs floor (hard) and it would be livable (maybe).

The commision would be a real problem at night seeing there is a pub on the corner of cleveland. I could imagine a lot of noise when people returned home.

But I think give that area of Redfern time and it will improve. The commision will more than likely be developed and eventually redfern will be another paddo. However when this happens is anyones guess"

"40 Walker St

--------------------------------------------------------------------------------

Thanks for the link. What a dump however....

GOOD
quietish street
good street parking
rear parking of lane with sime very upmarket new terraces built 1997
services nearby (shops, pub, etc.)
Easy acess via lights at Cleveland
SOme front yard.
Possible subdivision potential or build seperate rental at rear?

BAD
Housing COmission
Redfern adress for rental max rental 2 bed say $330 to $35week
Need to spend mon $25k assuming wiring is ok and more likely 50K

THE QUESTION
Can you buy, do up as capital not repairs ( I assume am I wring, ATO does not allow repaors to make rentable) , and rent out to good tentants??

Do your sums People

Regards

Peter 147"

geoffw · 29th Nov, 2005

So it's "Brand New" rather than "Newly renovated"? So the owner detonated rather than renovated?

Peter 14.7 · 29th Nov, 2005

$750 a week. Tell em they're dreaming

Even with off street parking , which I note they did not make

My estimate as 3 bed = $450 to $525 a week.

Peter 147

MichaelW · 29th Nov, 2005

Peter,

I agree. They probably just reverse engineered it to calculate how much rent they'd need to be neutral after all their expenses. Markets don't work that way though, they set the price based on supply/demand curves. I think its a bit rich.

Oh, and RWA released their latest Redfern-Waterloo update on the 22/11:

http://www.redfernwaterloo.com.au/other/newsletters/november05_newsletter.pdf

Some commentary about how RedWatch have taken it too:

http://www.redwatch.org.au/update/22-november-2005

Interestingly:

REDwatch said:
On the Built Environment side the RWA Update announces that the Minister for Planning Frank Sartor has delegated to the RWA the power to deal with development applications under $5 million on State Significant sites.

Here's the link to State Significant Sites in the RWA including a map outlining them:

http://www.redwatch.org.au/RWA/statesignificant/

Cheers,
Michael.

Ajax · 29th Nov, 2005

$750/week seems a lot, given my unrenovated 3 bedroom terrace in the same street lets for $350.

I'm told the renovation was no effort/expense spared. 40 Walker Street has off street parking (a newly constructed garage and office above) fronting Centre Street (the street behind).

Ajax

Peter 14.7 · 29th Nov, 2005

A brothel may pay it.

Not enough bathrooms though.

Peter147

Ajax · 31st Jan, 2006

Just found this listing in William Street Redfern...not too bad a street runs parrallel to George and Pitt Streets (between both).

Lots of land content!!!

"Rarely Traded Street Plus Excess Land!
Auction Sat 25-Feb-06 3:00pm
17 WILLIAM STREET REDFERN"

http://www.realestate.com.au/cgi-bi...0&p=10&t=res&ty=&snf=rbs&ag=&cu=&fmt=&header=

Ajax

yadreamin · 31st Jan, 2006

What sort of price range would this property bring Ajax?

Ajax · 31st Jan, 2006

yadreamin,

Not really sure.

My rough calcualtions: -

Existing house and usual sized block $590k-$650k
Offstreet carparking and additional land $200k-$300K

$790k-$950k

This would be a good buy as this street will be a big beneficiary of changes to Redfern and Prince Alfred Park.

Ajax

Ajax · 28th Feb, 2006

Ajax · 8th Mar, 2006

Ajax said:
yadreamin,

Not really sure.

My rough calcualtions: -

Existing house and usual sized block $590k-$650k
Offstreet carparking and additional land $200k-$300K

$790k-$950k

This would be a good buy as this street will be a big beneficiary of changes to Redfern and Prince Alfred Park.

Ajax

Hi Yadreamin,

the property at 17 William Street, Redfern sold on Monday 27-Feb-2006 for $885,000 (in the middle of my estimated price range).

Ajax