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360 degree Sydney views for $250,000

by Marquette Turner

in Real Estate Radar, Variety

It’s the tiny rundown laundry room offering only 16 square metres of internal living space, there’s barely enough room for a bed!

But step outside and it’s clear why the dilapidated washroom – tenanted by pigeons – has a $250,000 price tag. It has a 280 square metre, sixth-storey rooftop offering unrivalled 360-degree views across Coogee Beach and district. The property is zoned for residential redevelopment.

For anyone wishing to pursue council or strata approval, the possibilities are endless. The expressions of interest figure of between $200,000-$250,000 is extremely inviting.

When owner and retired real estate agent Steve Tamas bought the obscure property in the early 1970s, he did so because “nobody else wanted it”.

“I owned other apartments in the building and thought why not? I originally leased it to a local artist for a few years,” he said on Friday. “There were several tenants in there after that but if you exclude the pigeons that moved in when a window once broke, the place has been vacant for 10 years.”

Mr Tamas, 65, said it wasn’t for him to speculate on what might be approved under the zoning, but a penthouse remained one option.

Randwick City Council planning officer Curcic Zoran warned prospective buyers to be cautious, and said: “It is unclear what re-development could take place.

“The building is zoned residential 2B which means, technically, you could build two storeys upwards. [But] the building is from 1927, it is controlled by a different set of planning rules to those developed for today. Any application would need to be looked at very closely, and in the context of time.”

The Sydney Morning Herald

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