James Magnussen rents Ryde investment

Swimming champ James Magnussen has opted to rent out his Ryde investment apartment following being unsuccessful at getting it sold.

The Drummoyne-based swimmer paid $623,000 for the property early last year to flick it on after a renovation.

It was initially listed it with $750,000 to $800,000 hopes last November.

The price guide was dropped to between $710,000 and $750,000 this year.

There's still a likely profit for Magnussen Enterprises Pty Ltd despite the lack of interest, having spent around $50,000 after he teamed up with a builder mate on the renovation of the three bedroom, 1960's red-brick walk up block unit.

Magnussen refurbished the 88 sqm apartment while recovering from shoulder reconstruction surgery.

The renovation included a new kitchen and bathroom.

Magnussen wasn't able to secure an individual spot at the Olympics in Rio however he will be part of Australia's 4x100 metre freestyle retail team.

The apartment was last listed through Hunters Hill McGrath agent John Paranchi, who confirmed that the buying interest wasn't strong enough for a sale.

When listed last year potential investor buyers were given a likely $650 weekly rental prospect, however the rental market isn't as strong now.

It hit the rental market at $600 a week, but this was revised down to $580 a week before finding a tenant.

Magnussen does have an eagle eye for a good property deal as he spent $935,000 in 2012 on his own Drummoyne flat which was seemingly well bought as it had traded at $910,000 some five years earlier in 2007.

The swimmer is off the the Olympics despite missing out on an individual berth, having been selected for Australia's 4x100 metre relay team.

This article was first published in the Saturday Daily Telegraph.