Real Estate

Sydney apartment not lived in for 21 years sells

Written by The ReReport

An apartment that has been vacant for 21 years has finally found an owner to live in it, after it sold in a private treaty deal last week for an undisclosed price.

While Milson Real Estate’s Chris Bell couldn’t reveal the exact price, he confirmed that it sold in the “mid $2 millions” to downsizers.

The last time 1901/38 Alfred St, Milsons Point, was lived in, the world was a different place. Newcastle won the NRL premiership, The Castle, was released, we were glued for the final season of Seinfeld while listing to Spice Girls on our discman.

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Mr Bell said it was an unfortunate story as to why the apartment been left vacant for 21 years.

“A medical problem came up in the family, so the owners had to return to Hong Kong for the treatment,” he said.

“Every year they planned to finally return and live in it, but never did, and after two decades they realised they would never live in it.”

The buyers are downsizing in advance and plan to move into the property in a couple of years. The first thing they will do is renovate it before looking at renting it out.

“The property doesn’t feel very homely, so it definitely needs some work,” he said.

It was a stroke of luck that the buyer ended up with the apartment at all. Mr Bell was forced to sell it a second time in the same campaign after another party pulled out of the deal during the cooling off period.

“Our buyer hadn’t been able to secure their finances the first time, but they were ready now and we were able to secure the deal,” he said.

Located in the Port Jackson Tower, the 162sqm apartment is also very much a time warp.

All the furniture, the TV and sound system in the apartment is “brand new” from when the vendors purchased the apartment way back when.

“When we came in, there were sheets over everything and a whole heap of things packed in boxes that never got to be used,” he said.

If you are wondering what will happen to all the “brand new” 1990s furniture and electronics now that the apartment has sold, Mr Bell said it will all go.

“The new owners won’t need it once they have finished their renovation,” he said.

Most of the interest over the campaign had come from downsizers. Due to a poor rental return on the property, there was not many inquires from investors.


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