In the inner ring Sydney suburb of Ryde, situated just 14 kilometres from Sydney’s CBD, a dilapidated three-bedroom home has achieved a near one-million-dollar gain in just nine months, following the approval of a development application for two, four-bedroom luxury duplexes.
The decaying post-war property was purchased for $1,390,000 last May, according to First National Real Estate West Ryde, and achieved a $955,000 gain at auction last weekend after 10 registered bidders battled for the property.
While the brick home offers a sunny north east aspect from the rear of its 670 square metres of land and is situated on the high side of the street, its state of repair generated more appeal for purchasers looking to knock down and rebuild.
‘The only change made to 10 Keppel Road by the owner in nine months was the acquisition of a CDC approval for the two, four-bedroom duplexes,’ says selling agent, Robert Younis.
‘I’m amazed at the result achieved, considering the difference in purchase price and the sale price within such a short space of time. A home in much better condition, only two doors down and on an identical block with the same orientation was sold for $2,150,000 on the 6th of March this year’.
The New South Wales Government’s ‘Complying Development Certificate’ is a fast-track approval process for straightforward residential, commercial and industrial development. Approvals are determined by local councils or accredited private certifiers.
‘Ryde sits on the north bank of Parramatta River, and was named for a town on the Isle of Wight,’ says Younis.
‘Along with good local schools and proximity to Macquarie University, several State Transit buses pass through Ryde on their way to the Sydney CBD, Milsons Point, Burwood and Marsfield, making the suburb highly appealing for families.’
The property was purchased by a builder and the under bidder was looking to develop the property, with the aim of living in one side and later selling the other.
Issued by: First National Real Estate
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