Chinese investor pays more than $3m for Eastwood site

Posted by on August 19, 2016 in Market Reports | 0 comments

Chinese investor pays more than $3m for Eastwood site
Eastwood 北区 悉尼房产

22 East Pde, Eastwood

A private Chinese investor has paid $3.068 million for a 635sq m site at 22 East Pde, Eastwood.

The site is the location of the old Legacy House. It is now tenanted by Pentecostal church, The Potter’s House Christian Church Eastwood. According to CoreLogic RP Data, the vendors were the Sydney Legacy Appeals Fund.

The site is currently zoned for business with a ‘general commercial land use’ definition.

Ray White Commercial NSW advertised it as an “exciting opportunity to acquire an investment property with strong passing rent and potential for future development (STCA) in the rapidly growing Eastwood area”.

It is 350m from the station.

 

LOOKS DO MATTER

Ryde 西北区 悉尼房产

24 Heath St, Ryde

A cosmetic facelift was all it took to elevate the sale price of 24 Heath St, Ryde, above the auction reserve.

The three-bedroom home sold for $1.402 million, $202,000 above a $1.2 million reserve.

Agent Michael Dowling from McGrath Ryde said the vendors spent about $15,000 to $20,000 to spruce up the property.

The refurbishment included new carpet, interior and exterior painting and some landscaping.

It was money well spent on a home on a 480sq m block that held no appeal for the knockdown and rebuild market, Mr Dowling said.

He said that without the refurb the vendors could have expected a sale price around $1.1 million.

On auction day, 15 parties registered to bid. Most were families interested in living in the property with a view to renovating the kitchen and bathroom down the track.

“They felt they would be able to move into a home they didn’t have to touch,” Mr Dowling said.

The new owners are the parents of the owners of the house next door. “They live in a unit in Meadowbank and want to move next door to their daughter,” he said.

Mr Dowling said the result was unexpected. “Last year people were saying the boom was over, but this result doesn’t reflect that sentiment,” he said.

 

By: Shayne Collier

Published: August 17, 2016

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