NSW Sell Lane Cove North 1 bed apartment?

Having sleepless nights about considering selling 1 bedder in Lane Cove North.

Plus:
Great floorplan,
Big balcony (39sqm)
Private garden
4th floor
Great views including city, Cronulla (if you squint) etc

Negs:
Basically whole area will be medium right high density

500k owing. Approx 750k value (according to RE agent). Current rent 510 pw.

 

With everything going on around you, any chance your building would be sold to a developer?

 

No - the property was finished in 2015. Bought it off the plan in 2013 (and already put a new floor in, renovated the bathroom, painted it, and put LED downlights in.)

 

Developer bought 4/5 of the adjoining blocks, the one in the middle held out and is getting nothing. Now they'll have 2 x 5 storey boarding houses either side.

Why? In a 5 year old building you have bearly settled down - unless the tenants had trashed the place it shouldn't have required any work.

 

Yeah Council said no, but then when it went to the LEC council didnt take representation and got the predicable answer.

 

Had an opportunity to make some improvements it and went for it. Still has some room for improvements e.g. it has a massive balcony which could accommodate an opening roof vergola.

 

Put $810K on it, if it sells great, if it doesn't it doesn't matter

 

Often council will be toeing the line that it opposes a proposal but in reality, knows that it will lose against a permissible use so allow the LEC to look like the bad guy.

 

Yeah. It’s actually micro-apartments. Each apartment is self contained with the addition of common areas.

 

Depends what are you going to do with the sale proceeds - reinvest somewhere you think will have higher returns eg shares, deposit for another property?

 

Yes thinking of using it as a PPR.