James Magnussen's Ryde investment apartment finally sold

James Magnussen's Ryde investment apartment finally sold
James Magnussen's Ryde investment apartment finally sold

Swimming champ James Magnussen has finally sold his Ryde investment apartment for $765,000.

The Drummoyne-based swimmer re-listed the renovated apartment last month after a number of prior attempts.

That led him to lease the three bedder for the last six months at $580 a week.

This time round Magnussen was asking $765,000, while still advertising the recently vacated home on the rental market, showing that the two time world champion wasn't too confident of a sale.

But it seems he was wrong, as David Gennusa at Snowden Parkes Real Estate Agents - Ryde has secured a quick 14 day sale.

It was just supposed to be a quick flip renovation project for Magnussen, who paid $623,000 in 2015 and refurbished during his recovery from shoulder reconstruction surgery.

He spent around $50,000 on the renovation which included a new kitchen and bathroom.

He listed the 88 sqm apartment in October 2015 with $750,000 to $800,000 hopes however a buyer failed to emerge. 

The price guide was dropped to between $710,000 and $750,000 in early 2016, but still no buyer.

He leased the apartment for $580 a week in June last year on a six month lease, a rental yield of 4.84 percent.

It's not always been doom and gloom in the property market for the 25 year old.

He spent $935,000 on a two bedroom apartment in Drummoyne in 2012 after it had traded for $910,000 some five years earlier.

Magnussen had an extended break after the Rio Olympics, where he snatched bronze in the relay. 

This article first appeared in the Daily Telegraph.

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Ryde Magnussen

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