This property is situated in a quiet pocket of this popular inner-city suburb.
It is a fairly old home on a large level allotment of 809sqm of land.
Our clients purchased this property on 06/03/2020 for $589,000. The intention was to develop the site into 4 townhouses.
Arnold Property were appointed as managing agents in the interim.
Plans were submitted to Newcastle city council on 03/09/2020 and subsequently approved. Our clients invested a significant amount of money on Architects, council and other fees.
Since 2020 we have had three tenancies, with current ten ats on a fixed term lease until 29/04/2025.
The landlords’ circumstances recently changed, resulting in them needing to sell the property with the DA approval. It was important to the landlords that we respected the tenants right s to quiet enjoyment.
Arnold Property, as managing agents, personally interviewed the tenants to reassure them that open homes were kept to a minimum. It was most likely that the new owners would be a builder/developer.
Arnold Property were appointed as selling agents on 03/09/24 with an advertised guide of $1,000,000 – $1,100,000. After two open homes we have secured a buyer at $1,070,000. The new owners signed an unconditional contract immediately, paid the deposit and will settle in six weeks. Further the tenants are able to stay in the property until the new owners are ready to proceed with the development.
This is another success story for Arnold Property. We have very happy tenants, Vendors and buyers.
The key was once again our thorough research and an accurate price guide.
Looking to sell your property? Get in touch with our office today on (02) 4969 2600 and speak with Steve or Michael Arnold.
