Real Estate

Investor buys tiny Surry Hills unit for $192,000

Written by The ReReport

Two investors ended up fighting over a tiny Surry Hills unit in the Art Deco block ‘Belgenny’, which ended up selling for $192,000.

Records show is the cheapest sale in the suburb in more than a decade.

Described as a “Petite bedsit/crash pad”, the second-floor unit at 203/389 Bourke St attracted a lot of inquiry from first-home buyers looking for a cheap place to live.

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But they disappeared when the BresicWhitney agents Gavin Brightwell and Nic Krasnostein advised they would need a deposit of up to 70 per cent of the asking price because of the size of the apartment — the investors who wanted it were both cash buyers.

It is incredibly small at just 12 sqm, and totally unliveable with rotten floors, with the walls badly in need of a paint job.

The studio is at the back of the block, with the view of the wall of a neighbouring building.

The sale was being handled by the Public Trustee, with the previous owner who’d lived there understood to have been relocated.

His personal effects had to be removed ahead of it hitting the market.

CoreLogic records show he’d paid $103,000 for the tiny space in 1995 — 23 years ago. It had sold five years before that for a bargain $44,000.

The small space comes with some positives — it won’t cost much to renovate, perhaps $15,000 or $20,000 with some paint, a cheap refurb of the tiny kitchen and bathroom.and 8sqm of new carpet.

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Taylor Square and local cafes, restaurants and transport are just down the few flights of the charming old staircase.

Investors made a series of offers, forcing the sale price up beyond the original $185,000 asking price.

The renovated space would probably be an attractive short term rental — and the agents say the strata laws don’t rule that out.

Though it’s understood the buyers plan to go for the long-term option, which may attract a weekly rent of $250 to $300 a week, depending on the quality of the renovation.

CoreLogic records indicate the sale was the cheapest Surry Hills sale since a similar unit in Belgenny sold for $185,000 in 2007.

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