Say you picked up this one for $130k, spend $5-10k on interior. You could probable rent it out for closer to the $200 mark (example) after $ spent. Pretty close to neutral after negative gearing and claiming deductions for reno.
Close to the city @ 8km.
Though I've looked around Kilburn I don't know this particular part of Kilburn too well, it's further west than I've been looking. I'm assuming it's perhaps a bit of a derelict area.
I'm very tempted to take a closer look, I just think we might see other bargains in the not too distant future so think I'll hold off.
This unit is cheap for a reason.... too close to industry, is immediately surrounded by commercial properties and housing is mostly trust.
It's also on a main road that is used by heavy vehicles to get to the large industrial estates only minutes away. Overall, it has a polluted feel and is not the most asthetically pleasing of neighbourhoods.
I'm guessing that even with a reno there would be a ceiling on rent, and the type of tenants you would attract would be on very low incomes.
If you could be sure that some of that industry in the north of Kilburn is wound down in the future, then perhaps it is a good buy, but with the newer commercial and clean industrial businesses set up in it's vicinity I personally think it is a risk.
I'm sure the developers would have been in that part of Kilburn by now, as they have at the Southern end, but as far as I know that was never considered when the plans for the gentrification of Kilburn were drawn up.
Yeah I see what you mean (via google maps), it does seem relatively close/next door to commercial areas, it looks to me like it would be set back far enough from the road to block out a lot of traffic noise though. It would be especially handy if the unit for sale didn't have one of those front facing windows.
Another positive is that it's walking distance to the trainline, API talks about this benefit in their latest mag.
I do agree about the sort of tenant it might attract though, but then the same could be said of a lot of northern areas and Kilburn in general.
how many units in the immediate area...?
if only 8klm from CBD might be prime for redevelopment - if it returns a good yield then maybe buy and try to purchase remaining units.
then you couold organise a DA with possibly mixed use (commercial GF, resi UF) or just a commercial basis and then onsell the lot.
at those sorta prices, with only 6 units in the block, acquisition may be very easy indeed.
Well soomeone moved on it quick it is undercontract.
Didn't think it would last long. Would be interesting to know what it sold for.
Blue Card! said: ↑
Then you could organise a DA with possibly mixed use (commercial GF, resi UF) or just a commercial basis and then onsell the lot.Click to expand...The tennant in the commercial building next door tells a lot about the demand there for commercial property in the area!!
There is no way that the unit would get $200/week, irrespective of how good the renovation was.
I work up the city end of Churchill Rd and the noise and soot from the old trucks that use it should be a big deterrent for anyone wanting to live along there.
hobo-jo said: ↑
Didn't think it would last long. Would be interesting to know what it sold for.Click to expand...Hobo, PM me in about a month or so and I can let you know what it sold for.
I agree with Gools though, can't see it getting $200pw rent yet, even with a good reno.
steveadl said: ↑
Hobo, PM me in about a month or so and I can let you know what it sold for.Thanks in advance, will try to remember to ask
I agree with Gools though, can't see it getting $200pw rent yet, even with a good reno.Click to expand...
As for the rent, I linked an advertised place in the OP which is only just down the road in much the same sort of complex and is advertised at $210....doesn't mean they will get it I guess.
I used to rent the unit next door in 1988 for $60pw. It was up for sale and I got could have bought it for 40k.
Churchill Rd is very noise- trucks.
Albion hotel is 3 doors away and there was aways bikes out the front, brawls.
The lawnmower shop next door looks the same as back then.
Its very close to town and the Islington Railyards has since shut down, I don't know what they propose to do with all the land that it is on.
Just also like to correct that Kilburn in general can be deceptively far from train stations, the Kilburn train station is the only one there. Dry creek and Islington are a bit of a hike and the Islington one is pretty dubious.
Still kicking myself I sold my detached house in the south end of Kilburn (very nice street) for $80k all those years ago. Stupid ex, would still be living there if he didn't sit on my doorstep violating the restraining order every other day. So here I am 200km away instead ...
^^^ Spam! ^^^
Bushy said: ↑
Its very close to town and the Islington Railyards has since shut down, I don't know what they propose to do with all the land that it is on.They've started development of the yards now. Can't remember exactly what's happening there, but I believe it involves a retirement village and a shopping centre to begin with.
BushyClick to expand...
That's the Dudley Park part of the rail yards so the South Western corner of Churchill and Regency Roads. I think it is going to have multi level student type accomodation as well.
Gools said: ↑
That's the Dudley Park part of the rail yards so the South Western corner of Churchill and Regency Roads. I think it is going to have multi level student type accomodation as well.Click to expand...Yeah think you're right Gools. Came across this link:
Outlines the plan as well as showing some prelimnary sketches. Will be good for Kilburn in the long run.
grab a unit!
offer a backup contract.