Wentworth Point Marinas

[JTBT]

Gday guys/gals

Hope all is well. Currently looking to add to my small portfolio and have been looking at purchasing an apartment as an IP and was suggested to look into a new development Wentworth Point Marinas developed by Billbergia.

It will be a 1 bedder+Study + 1 car space 61SQM. Price for this is $425k (off plan) with the developer saying it will take approx 24 months to complete. The block will not have any of the luxury ammenities such as gym or pool. Is this a benefit or a disadvantage?

There is a plan for a marina to be built, a walkbridge linking to rhodes, cafes, parks etc. Overall it looks like a 10 year development plan. It all sounds quite positive? I have tried to run a search on these forums to check if there have been discussions relating to this area but there are only 2 threads which have come up with limited discussion. The plan is to hold onto the property as an IP and hopefully enjoy some growth, I'm not looking at making quick cash or anything.

My concern is oversupply affecting CG. But if I intend to hold onto this property then over a period of time once all developed should experience good growth? Just looking at such areas with a roughly similar circumstance as WP, breakfast point and even meadowbank.

This will be the first apartment I purchase, is there anything that I would need to know ie any particulars regarding financing the property once its completed, also just to seek further clarification I would also benefit from the NSW state government stamp exemption on this property?

Any guidence would be greatly appreciated.

Cheers

Jt

 

[cannonloose]

I was looking at this area previously.

Although I see developers and marketers trumpeting the bridge which will make it immensely easy to walk across to Rhodes and the train station, important to note that a decision hasn't even been made on it, still in the fairly early stages of planning.

I wasn't entirely comfortable with the existing options for traffic around WP (i.e. getting to the station in the morning), but others may have other opinions?

At the price you quoted I believe you would be able to gain the NSW Home Builders Bonus.

 

[cadence]

The area used to be called Homebush Bay, part of Auburn Council. They carved out the area and called it Wentworth Point to sex things up just before the developments went off.

Not only will you be competing with the large supply in Wentworth Point from recent developments, you are also competing with the rest of Homebush Bay which already has a large supply.

Personally, I don't think Wentworth Point will rise to the heights of Rhodes and Breakfast Point. If you want OTP then for that kind of money, I would look at Waterloo and Zetland. THe proximity to the city and the gentrification that's going on there, I believe they will provide better growth and better yield.

 

[JTBT]

I was looking at this area previously.

Although I see developers and marketers trumpeting the bridge which will make it immensely easy to walk across to Rhodes and the train station, important to note that a decision hasn't even been made on it, still in the fairly early stages of planning.

I wasn't entirely comfortable with the existing options for traffic around WP (i.e. getting to the station in the morning), but others may have other opinions?

At the price you quoted I believe you would be able to gain the NSW Home Builders Bonus.

I came across some information through a quick search and found Auburn Council 'master plan' regarding the development and Hill road will be upgraded to accomodate the increased traffic.

Yeap interested in this as I was able to squeeze a lower deposited amount and stamp duty exemptions, so I'm gambling abit on the fact there might be some growth during the period it would take for the block to be built.

Billbergia seems to have fairly good quality buildings etc, but if anyone knows anything more or have first hand experience with this developer please post.

Have heard horrid things about the 'waterfront' development down the road from the proposed Wentworth Pt Marinas project in terms of building quality. A mate tried to pick one of the apartments up as an IP but knocked back the application due to the sinking fund being in the negative.

Regarding the bridge and the marina the devloper will be building the bridge and it will be completed same time as the first stage of the development. The marina project however will be put out as a tender with the developer once again putting their hands up for the project. This could all be speculation though!

The area used to be called Homebush Bay, part of Auburn Council. They carved out the area and called it Wentworth Point to sex things up just before the developments went off.

Not only will you be competing with the large supply in Wentworth Point from recent developments, you are also competing with the rest of Homebush Bay which already has a large supply.

Personally, I don't think Wentworth Point will rise to the heights of Rhodes and Breakfast Point. If you want OTP then for that kind of money, I would look at Waterloo and Zetland. THe proximity to the city and the gentrification that's going on there, I believe they will provide better growth and better yield.

Hey there, yeah I dont particularly understand the buzz about breakfast point, across the road from those expensive apartments are unsavoury looking industrial units.

Regarding zetland and waterloo prices seem to be abit more than the price I would be paying for WP. Although I do agree the potential ease of renting out the property. But with all the development happening near the audi dealership I think it will similar in terms of supply and demand?