Syndicate anyone? Lower North Shore

[blw101]

If only...

http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/NSW/Wollstonecraft/?adid=2010018988

Anyone got any insider info on this one?

Cheers,
BLW

 

[DaveM]

No insider info but I used to live a few unit blocks down the road, Belmont Ave is a nice street.

 

[Aaron_C]

Not a bad piece of real estate!

 

[Scott No Mates]

I know a few people who live next door. That building has several issues including a developer who went broke.

 

[westminster]

That is my dream thing to own (or part own)!

 

[serrz]

Take a guess as to how much you think this will go for...

 

[spludgey]

Take a guess as to how much you think this will go for...

$6M, as it's not strata titled.

 

[Rolf Latham]

Hiya

Under 5 , and possibly as low as early 4s

Average gross strata unit yields are saddish at 4.3 %, with a median price of 650 or so

With the limited number of buyers and finance options for something like this I reckon a 25 to 30 % discount is on the money from a single strata unit, so my best guess is 4 550 000,unless there is obvious and easy conversion to strata (which I doubt)



ta
rolf

 

[westminster]

if you only have 1.8m you can buy this baby apartment block in Nedlands, WA. 4 x 1 bedroom apartments
http://www.realestate.com.au/property-apartment-wa-nedlands-108871371

I think the Sydney one is better value for money. Who's going to win lotto and buy it?

 

[saiman]

ill chip in for the 3 bedder

i reckon if we had 10 people pocketing 1 unit each the 1/10 cost to reno and strata would be worth the while !

 

[Aaron_C]

It depends on whether strata is going to be permitted or not.

 

[saiman]

these look interesting aswell!

http://www.realestate.com.au/property-unitblock-nsw-north+sydney-108608526

http://www.realestate.com.au/property-unitblock-nsw-bondi-111725207


http://www.realestate.com.au/property-unitblock-nsw-north+bondi-111268047

 

[blw101]

I know a few people who live next door. That building has several issues including a developer who went broke.

Yes that could be an issue! I imagine part of the reason he went broke is because it's NOT easy to strata title.

Im with rolf, between 4 and 5m. I'm not too far from there, might go check it out for a bit of fun.

 

[westminster]

It would be the most awesome project.

It would greatly benefit from some updating and there might be scope to do some value add in other areas.

 

[Wrenn]

What is the benefit of strata titling it if you own the entire property? Does it just allow you to sell individual units later on or is there some other benefits?

 

[Aaron_C]

What is the benefit of strata titling it if you own the entire property? Does it just allow you to sell individual units later on or is there some other benefits?

Yes and higher value overall.