Investors snap up units in Botany’s Park Grove with two weeks left before bonus ends: June 30 investor countdown

Investors snap up units in Botany’s Park Grove with two weeks left before bonus ends: June 30 investor countdown
Investors snap up units in Botany’s Park Grove with two weeks left before bonus ends: June 30 investor countdown

Toplace Developments' Botany project Park Grove is 80% sold less than a month after its official launch, with strong investor interest.

Park Grove consists of two low-rise apartment buildings comprising one-, two- and three-bedroom apartments and street-facing townhouses, all set in within a 3,500-square-metre development that includes native parkland.

Apartment prices start at $395,000 for 60- to 62-square-metre studios. One-bedroom apartments start at $477,000, two-bedrooms at $570,000 and three-bedrooms at $670,000. The townhouses start at $850,000.

The project is being marketed by Colliers, and Colliers International residential director Ian Bennett says there has been strong investor interest in the sub-$600,000 category. There have been 120 sales so far.

“Colliers has taken more than a 1,200 enquiries both from both local Botany residents as well as newcomers to the area,” says Bennett. “Well over half of these are from property investors who recognise that the Park Grove development will spark Botany’s metamorphosis from a traditional industrial zone into a master-planned neighbourhood and a new era in modern Sydney urban community living.”

Buyers who want to take advantage of the NSW government’s home builder bonus, which applies to new properties under $600,000 for both owner-occupiers and investors and exempts buyers from stamp duty, have until July 1 before the scheme expires. First-home buyers would probably be wise to wait until October to purchase if they are willing to risk missing out on their first choice of apartments, but upgraders and investors could miss out on a stamp duty savings of up to $22,490 if they don't purchase by July 1.

The project is billed as being environmentally friendly with features including cross ventilation, optimal solar access, rainwater harvesting and energy efficient fixtures and fittings.

“Park Grove is designed to accommodate a community which will require close proximity to high-quality local shops, local schools, restaurants, cafes and other amenities, which in turn will unlock the potential of the previously overlooked suburb of Botany,” Bennett says.

“The development will have a new green urban community atmosphere and will be home to a rich and diverse landscape of architecturally designed living environments and abundant open space.”

Alistair Walsh

Alistair Walsh

Deutsche Welle online reporter

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