Eastern Sydney

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<p>Retired AFL Sydney Swans captain Kieren Jack has listed a Randwick investment apartment for sale.</p>
<p>Jack, who retired last year and is now the Swans’ business development manager, paid $570,000 for the apartment in 2009, two years into his playing time at Moore Park.</p>
<p>The two-bedroom apartment, near the new light rail, sits on the top level of a 1960s block of nine.</p>
<p>Jack, who briefly called the apartment home, is now based in Paddington with his wife Charlotte.</p>
<p>Carl Wilson, from Home ­Estate Agents, has the Mulwarree Ave unit listed for September 19 auction, with 11 groups at yesterday’s first open for inspection.</p>
<p>They were advised the price guide was $925,000 to $975,000.</p>
<p>Randwick has a $1 million median for its two-bedrooms units, which typically rent for $600 a week. Based on five years of sales, Randwick has seen a compound 5.6 per cent price growth for units, ­according to realestate.com.au.</p>
<p>This article was first published in the Sunday Telegraph. </p>
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Sydney Swans legend Kieren Jack lists Randwick investment

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<p><span>The majority of development applications in the eastern suburbs relate to renovations and extensions, according to the latest Herron Todd White (HTW) residential report. </span></p>
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<p><span>The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. </span>This month’s HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</p>
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<p><span>The report notes renovations are generally made by owner-occupiers looking to enhance their current home to meet their changing needs and include examples such as renovations of terraces in Paddington and Woollahra, to second storey additions to semi-detached homes in Maroubra and Randwick, to huge extensions and renovations to large prestige homes in Vaucluse and Bellevue Hill.</span></p>
<p><span>"While we do see full renovations of units and townhouses in the eastern suburbs, it is more often the case that a part renovation is undertaken to get an uplift in rent for investors, or an uplift in price for owners looking to sell after the renovation," the valuation firm said. </span></p>
<p><span>These renovations often focus on the works that will give you more bang for their buck such as a new kitchen, bathroom renovation or new floor coverings.</span></p>
<p><span>"Given the local government areas of Woollahra, Waverley and Randwick have a significant proportion of development applications relating to renovations and extensions, we took a look at the number of new development applications lodged so far this year and how that compared to last year," the valuation firm said. </span></p>
<p><span>In the period to the middle of May this year, Woollahra LGA saw 150 new development applications lodged. This was slightly down on the 170 lodged over the same period last year. </span></p>
<p><span>Waverley had 150 in both years, while Randwick dropped from 270 last year to 215 this year. </span></p>
<p><span>"These numbers may reflect the stronger property market conditions in the first quarter of 2020 compared to 2019, with owners looking to sell rather than stay and renovate, but may also indicate that some owners may be placing larger </span>renovation projects on hold under the current COVID-19 environment," the valuation firm said. </p>
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<p><span>The report notes a good example of uplift in value from renovating in the eastern suburbs is a property at the southern end of the region in Chifley.<br></span></p>
<p><span>The original two storey, semi-detached, four- bedroom, two-bathroom dwelling (pictured below) situated on a thoroughfare opposite Long Bay Correctional Facility, sold in September 2018 for $1.15 million.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/10/chifley%20before.jpg" alt=""></span></p>
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<p><span>After a full renovation, the property (pictured below) resold in November 2019 for $1.9 million, more than covering the cost of the renovation.</span></p>
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<p><span>Another example at 9 Jane Street in Randwick saw a detached, single level cottage (pictured below) sell originally </span>for $2.1 million in June 2019, then undergo a full renovation, before selling again in April for an undisclosed price above $3 million.</p>
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<p><span>"Both of these examples also benefited from an improving market between purchasing and selling. This is an important consideration for anyone looking to flip, as in a falling market it may be difficult to cover your total costs after completing the renovation," the valuation firm said. </span></p>
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Eastern Sydney sees decline in development applications for renovations: HTW residential 

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<p>The closed Watters Gallery building in East Sydney has been listed for the first time in more than five decades. </p>
<p>It goes to March 14 Colliers auction.</p>
<p>The three-storey Victorian corner terrace was built in the 1850s.</p>
<p>It saw many exhibitions by many top artists, including Reg Mombassa.</p>
<p>Its long-time owners, Frank Watters and Geoffrey and Alex Legge, are retiring and moving to the country.</p>
<p>Colliers agent Miron Solomons said the gallery opened in 1968.</p>
<p>"It would be ideal for a really cool creative as a corporate HQ and is ready to be transformed into something a little bit unique," Solomons said. </p>
<p>There is buyers’ interest above the $5 million mark for the 578-square-metre freehold building at 109 Riley Street, on the corner of Stanley Lane in East Sydney.</p>
<p>There is 578 square metres of space is the gallery that closed in 2018.</p>
<p>Solomons said it was originally the site of a boot warehouse in 1858.</p>
<p>It became the Victoria Hotel between 1863 and 1870, and from 1871 The Harp of Erin Hotel.</p>
<p>In 1921 the building was used as a shop with the flat above and then altered in 1968 to accommodate the gallery.</p>
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Vacated East Sydney art space Watters Gallery to go under the hammer

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<p>Commercial property sales in eastern Sydney increased in the past three months, according to analytics firm CoreLogic's latest Eastern Sydney Cityscope.</p>
<p>The property data firm said sales recorded in the quarter to July 2017 totalled $155.3 million, up from the $141 million in the quarter to April 2017 but a decrease from the $381.6 million in the quarter to January 2017.</p>
<p>The 12-month total was $797 million, a significant increase from the $459.5 million recorded the same time last year.</p>
<p>The table below shows sales recorded for the past eight updates of Eastern Sydney Cityscope.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.38.58%20am.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.38.58%20am.jpg" alt=""></p>
<p>Notable sales listed in the July 2017 update of Eastern Sydney Cityscope include: </p>
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<li>20-26 Cross Street, Double Bay, a two-storey building comprising 34 suites with a net lettable area of 1,065 sqm, which was bought for $54.6 million through CBRE North Sydney;</li>
<li>Kinselas Hotel, at 383-387 Bourke Street, Darlinghurst, a four-storey Victorian-style building with an internal Inter-War Art Deco style, formerly a chapel and funeral parlour which was built in1933, it was bought for approximately $23 million through Colliers International and</li>
<li>Bay House, at 2 Guilfoyle Avenue, Double Bay, a four-storey office building with a net lettable area of 985 sqm, which was bought for $12 million.</li>
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<p><a href="https://www.propertyobserver.com.au/images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.39.29%20am.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.39.29%20am.jpg" alt=""></p>
<p>Properties listed as for sale in the July 2017 update of Eastern Sydney Cityscope include: </p>
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<li>Room 4 at 285A Crown Street, Surry Hills, a three-storey commercial building with underground parking for 15 cars and a building area of 4,520 sqm available through Colliers International and CI Australia;</li>
<li>The Colombian Hotel, at 117-123 Oxford Street, Darlinghurst, a three-storey Inter-War building, built in 1930 and refurbished in 2002, available through Ray White Hotels and</li>
<li>48 Little Oxford Street, Darlinghurst, a mixed-use building with one ground floor commercial tenancy and three floors of residential units above, available through CBRE Sydney.</li>
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<p>Leasing opportunities listed in the July 2017 update of Eastern Sydney Cityscope include:</p>
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<li>64-76 Kippax Street, Surry Hills, an eight-storey warehouse conversion building with car parking for 72 cars, has suites of 75 to 1,200 sqm available through Karbon Property Sydney and Colliers International Sydney;</li>
<li>21 Bay Street, Double Bay, a one and two-storey building, has retail space of 300 sqm available through Rose and Jones Buyers Agents and Property Managers and</li>
<li>Ozone Bondi Beach at 102-106 Campbell Parade, Bondi Beach, a four-storey block comprising ground floor retail and 13 upper level residential units, has retail space of 370 sqm available through CBRE Sydney.</li>
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