Former factory site Clemton Park in Campsie releases third lot of apartments with one-bedders starting at $430,000
The former Campsie factory site of electrical appliance maker Sunbeam is now being transformed.
It's now a coffee-culture residential development.
Its third release of 95 Parklife apartments (pictured below) in what's now known as Clemton Park Village are now being sold.
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Prior to residential zoning, Sunbeam owned the land from 1951 to 2002.
Before this, the block was Mackinders Market Garden farming potatoes, beetroot, carrots, pumpkin and squashes.
Clemton Park Village will be a 700 apartment development which will also include a mix of retail opportunities including cafes, restaurants, a childcare centre and a supermarket.
The first two stages of the development have now sold about 90% of their residences.
One-bedroom apartments start at $430,000 and apartments with two bedrooms and two bathrooms are priced up to $580,000.
A range of buyers have purchased apartments at Clemton Park, said Nigel Edgar, NSW residential division general manager of developer, Australand.
“Typically half of Clemton Park buyers have been investors and the other half are a mixture between first home buyers and locals who are choosing to downsize.”
Their website is also tailored to prospective Chinese buyers, due to the development’s location.
“There’s a lot of Chinese or Asian residents in the local community and we’re finding that it’s reflective of the mix in the community,” he said.
The median price of an apartment in Campsie is $385,000 up 40% from five years ago, according to RP Data.
The median asking rent for an apartment in the suburb is $370 showing an indicative gross rental yield of 5%.
Within the suburb, a two-bedroom apartment at 7/56 Ninth Avenue is on the market for $439,000 after selling for $315,000 in March 2009.
A two-bedroom 1970s apartment at 9/138 Ninth Avenue Campsie sold in April for $392,000 after it was sold for $209,000 in November 2005. It is now up for lease at $380 per week.
The first stage of Clemton Park is complete, construction of the second stage will finish in December this year and the final stage of the development will be completed in 2016.