Renovators' site Rosebery gets new life as Rosebery Park development: June 30 investor countdown

Renovators' site Rosebery gets new life as Rosebery Park development: June 30 investor countdown
Cassidy KnowltonDecember 8, 2020

The warehouse premises where Channel Ten filmed its ratings dud The Renovators is undergoing something of a major renovation itself – the 3.2-hectare Rosebery site is set to become the master-planned community Rosebery Park, and its first stage, Genesis, has just been released.

Rosebery Park will comprise 550 apartments, and Genesis comprises 105 studios and one-, two- and three-bedroom apartments. Of these, the one-bedders and some of the two-bedroom offerings will be under the $600,000 threshold for buyers to secure the NSW government’s home builders’ bonus, if they purchase before July 1.

Contracts began to be exchanged on June 9, and thus far about 20 units have been sold. Caroline Fagerlund of CBRE, who is marketing the properties, told Property Observer the sales thus far have been to a mix of owner-occupiers and investors, with most of the sold units under $600,000 as buyers secure stamp duty exemption. 

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 the last few 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 40-square-metre studios start from $340,000, and the one-bedroom-plus study apartments start from $565,000 and are up to 59 square metres. The two-bedroom offerings start from $570,000 and are up to 96 square metres. All of these units would be eligible for the home builders’ bonus.

Fagerlund says the most popular offerings so far have been two-bedroom offerings under this price point.

The two-bedroom courtyard apartments are a bit more expensive, starting from $640,000. The three-bedroom apartments range in size up to 116 square metres and begin at $785,000.

TMG is developing the project, which has been designed by architectural firm Bates Smart along with PTW. Interiors are by SJB Interiors, and the project is being marketed by CBRE.

“Rosebery Park will be a model estate for the rest of Sydney to admire, with tree-lined streets, good infrastructure and planned community facilities,” says CBRE director of residential projects Caroline Fagerlund. “This is a lifestyle for today, and capital growth for tomorrow.”

Rosebery Park is just six kilometres from Sydney CBD, and Fagerlund says the location will appeal to owner-occupiers and investors.

“Rosebery is close to many of Sydney’s best recreational attractions, such as our sporting stadiums, top golf courses, Randwick Racecourse, and our world-famous beaches, including Bondi, Bronte and Coogee,” Fargerlund says.

The median sale price for Rosebery units is $527,000, according to RP Data, and the median asking rent is $520 per week.

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