James Magnussen's Ryde property flip auction test
James Magnussen, the first Australian to win the men’s 100m freestyle world title in 2011, foresees his real estate investment hobby might become more serious at the end of his time in the pool.
Training now for the Rio de Janeiro 2016 Summer Olympics, Magnussen Enterprises Pty Ltd paid $623,000 earlier this year for a Ryde unit in a 1960s red-brick walk up block.
The 4/29 Gladstone Ave unit - an 88 sqm three-bedder - has been scheduled for November 14 auction with $750,000 hopes.
Bought in original condition in the block of six, the Drummoyne based Magnussen, and a builder mate, renovated the property over the last four months while he was in recovery from major shoulder reconstruction surgery.
The refurbishment, including new kitchen and bathroom, cost about $50,000.
The property, with district views, could yield a $650 plus weekly rent, its LJ Hooker Ryde City listing agent Neil Moorjani suggests.
Magnussen spent $935,000 in 2012 on his Drummoyne flat which was well bought as it had traded at $910,000 in 2007.
This article was first published in the Sunday Telegraph.
