‘Dream come true’ Rundown Edgecliff property awaits big payday
The property enjoys three street frontages to Glenmore Rd, Reddy St and Artlett St.
A rundown mixed-use property in Sydney’s eastern suburbs is offering investors an opportunity to purchase a potential four storey residential/commercial development.
Situated at 500 – 502 Glenmore Rd Edgecliff within the suburb’s growth corridor, the property has been approved for a potential height increase to 20m.
The 257 sqm site occupies a corner position and currently consists of five areas; two residential, one retail, a warehouse, office, and garage at the rear of the property.
The Edgecliff property will be sold at auction to the highest bidder.
While the property is run down, the separate lettable areas allow for flexible usage and income producing for buyers and investors wishing to make a profit from its reconstruction.
LJ Hooker Double Bay’s Aaron Del Monte and Alon Beran are managing the listing, with an auction taking place at the end of the month.
“The gentlemen who owned this property had managed it for years before going bankrupt, so this is a mortgagee sale,” Mr Del Monte said.
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An aerial view of the property.
“This property is situated in a growth precinct and offers huge potential for landholders who want a yield on it and wish to reap the rewards of the site.”
Mr Del Monte said that the auction for the site would hopefully result in the highest bid taking ownership of the property.
Recent auctions seen by Mr Del Monte had resulted in properties selling for over $120,000 above the reserve price – proving the market to be incredibly attractive for buyers looking to get into the commercial market in the eastern suburbs.
The property is situated in a growth precinct within Edgecliffe and offers development potential for both residential and commercial usage.
The property enjoys three street frontages to Glenmore Rd, Reddy St and Artlett St and is ripe for renovation with many classic and original architectural features including high ceilings and period inclusions.
Enjoying easy access to the hubs of Darling Point, Edgecliff, Paddington, Rushcutters Bay Park and Sydney’s CBD, the detached building at the rear includes a commercial office, warehouse style storage and undercover parking for two to three cars.
