What do you think of this property?

Hi Belu,

no price range mentioned. I figure more than $2m at auction...at $2m it would be yielding 6.24%p.a. gross. Lewisham is only 6kms from Sydney cbd and rental yields would probably be lower than this this close in to Sydney.

Very interesting to see what it goes for at auction.

Here's another house close by that's divided into units (2x2bedders and 1x 1 bedroom + sunroom) asking 925K

http://www.realestate.com.au/cgi-bi...header=&c=4081441&s=nsw&snf=ras&tm=1184239814

Ajax
 
For this place I'd worry about the parking. One spot just makes no sense. Maybe worth some creative parking solutions such as hoists.

Pulse
 
I like buying blocks of units on a single title...no body corp fees, and the landlord makes all the decisions. I would assume that with so many studio apts in the block, that public transport is nearby, and the renters in studio apts probably don't own cars.

Nice looking building... interesting to see a building inspection report tho!
 
When the REA advertises it as "strata plan ready to go"....where exactly is it's destination ?? Maybe it legally means the council has approved 8 separate titles.....or maybe it's off to the Council pending approval....or maybe it's ready to go from some consultant back to the Owner for modifying, or maybe it's off to the tenants for their general comment and feedback.

One carpark for a block of eight "units".....maybe they all ride mopeds. If they all had a car, that'd be seven extra cars out on the street....maybe just bearable if it was the only one of it's kind in the street and it was a longish street. Wouldn't be so flash if every house was like it, you'd be forced to park a good hike from the property, and of course this is where council's step in and say no thank you when you pop the strata plan in for approval. Maybe the SP isn't quite "ready to go".

Looks more like one big house, with it's normal one carpark, on one block of land and the Owner has physically divided it up and crammed as many living units into it as possible prior to handballing the place onto the next Owner. Let them deal with the regulatory niceities.

It'd be interesting prior to bidding to trundle down to the Council as part of the DD process and find out what the Council's written understanding of the dwelling is, especially in terms of plumbing and sewerage loadings on current services.
 
For our 11 unit we are renovating, we have to provide 20-22 car spaces,with at lease 1 for disabled.Otherwise we wouldn't have been able to get the Developement Agreement passed.
 
Some very intelligent comments there..."Strata Plan ready to go" rings a few alarm bells for me...if its ready to go why hasn't the current owner completed the strata'ing exercise...what extra costs are lurking there? What costs are there for a buyer if strata'ing does not proceed...is council now aware of fire safety, parking and zoning issues as the number of tenants and use of the land for multiple occupancies has now been brought to its attention?

Still I like the way rental income has been maximised by the current owner.

Ajax
 
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