Perfectly positioned just a 1-minute walk from Bankstown Station, this spacious apartment offers exceptional convenience and lifestyle in the heart of Bankstown CBD. It is also only a 5-minute walk to the new University of Western Sydney campus, making it an ideal opportunity for both owner-occupiers and investors.
Situated on the 7th floor with a sunny northerly aspect, the apartment features a generous balcony with attractive district views.
Property features include:
• Two large bedrooms, main with walk-in robe.
• Spacious open-plan living and dining area, ideal for entertaining
• Modern polyurethane kitchen with granite benchtops, stainless steel appliances, and gas cooking
• Elegant main bathroom with separate shower, bathtub, and toilet
• Full-sized internal laundry with second toilet
• Secure single car space plus a 2m² storage cage
• Plenty of visitor parking available
The apartment offers 105m² of internal living space including the balcony, with a total area of 124m² including the 19m² car space.
Currently rented at $600 per week, with an estimated rental return of approximately $600-$630 per week in the current market. The lease has expired, allowing for vacant possession with a standard 42-day settlement if desired.
Strata levies are $3,863.41 per quarter. This building is 26 years old and there are some building issues that the Owners Corporation has borrowed money to fix. The loan repayments are mostly responsible for the high strata fees. The strata fees will be reduced significantly in the next 6 months once the Fire Safety Certificate is obtained, and the Building Insurance Premium is reduced. The Loan Repayments have about 3 years to run until they are repaid. The building rectification works should be finished in the next 2 years.
This unit is a good long-term investment for those who have the cashflow to afford the $3863 per quarter strata fees. If this unit had no strata issues it would be worth $630K-$650K in the current market. You will pay $3863 x 4 quarters x 3 years = $46,356 to hold this unit to the point where the defects are rectified and the Bank loan is repaid. But at that time, it should be worth at least $630,000 meaning that you will make a Capital Gain of around $150,000.
Inspection via advertised open homes, or call Graeme on 0410306880 to make a private inspection, or have a chat about this property.
