Is this location good for investment?
I want to buy an IP. Last week I inspected an apartment located in Holroyd garden. 100 years ago, there were brickworks; nowadays there are a few chimneys left. Generally, the environment is good, but there is a huge chimney which is just about 8 m in front of this apartment, and is about the same height of this 7 level apartment.
Do you guys think it is a big problem? Any effect for finding tenants in the future?
http://images.domain.com.au/img/2008124/7984/2007460389_1_FS.JPG?mod=081204-1133
Find out if chimney is staying there. Are there plans by a developer in at the council to build a similar apartment block on this site across the road. The chimney may have a historic order on it and will never be knocked down.
Maybe the developer you are buying from is waiting for all the apartments to sell to have enough money to do the same across the road.It doesn't seem to be a problem around the inner city (Waterloo/Sydney Park area). Generally it will be heritage listed so there is no chance of the chimney being knocked down. The area will probably be set aside for recreation so you will be close to the park.
It will be a small apartment block (3 level) on this site across the road, but this chimney is heritage listed and will be staying there for ever. I am worrying about that the chimney there affects the view and tenants might not like it
It's close to Parramatta so it will rent with no problems. My concern would be the total annual fees to keep it, ie insurance, body corporate, sinking fund etc. Does it have a lift or pool etc? Good luck.
You never know they might integrate the chimney into the development so it doesn't stand out too much. In Melbourne they built a shoping centre around a chimney used for making shot. It now is a feature inside Melbourne Central Shopping centre.
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