Inner West Sydney

<p>Sydney-based developer Heworth has lodged amendments to its approved development application of the former Balmain Leagues Club.&nbsp;</p>

<p>The group has improved the original design scheme for what will be Rozelle Village, with changes to the retail plaza and apartment designs.&nbsp;</p>

<p>Set to enhance the local retail precinct and provide a new community hub, apartment numbers have been reduced from 167 to 146, with a change in apartment mix also, increasing the number of two and three-bedders to suit the current market.&nbsp;</p>

<p><img alt="Render of the proposed Rozelle Place" data-entity-type="file" data-entity-uuid="1313b901-e402-4394-ac1f-e192c3287d46" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/SC_ROZELLE_VIEW01_Final_Rev02_Edit-1.0-.jpg?VersionId=_bJf1vsPMNi7JS2gV7eRn1CV1fCEFtrW" /><em>Render of the proposed Rozelle Place. Image supplied</em></p>

<p>Located on a prominent corner site, interjecting with Victoria Road, Darling and Waterloo Streets, the residences will be connected above a shared retail and commercial podium, which will include a new, state of the art, Wests Ashfield Leagues Club, which amalgamated with the former Balmain Tigers Leagues Club.&nbsp;</p>

<p>Rozelle Village’s retail precinct will also be anchored by a major supermarket, providing greatly increased convenience to the local area.</p>

<p>Heworth engaged architecture practice Scott Carver to improve the overall design scheme, with Head of Property Chris Walsh saying the amendments will benefit the local community, as well as its future residents.&nbsp;</p>

<p>“A key focus of our development is a new Town Square, public plaza and major retail and hospitality podium connected by a series of laneways. It’s going to significantly contribute to Rozelle and become a major community meeting place and destination,” Walsh said.</p>

<p>“We are also seeking to change the apartment mix, increasing the number of two and three bedroom apartments as we feel the larger size floor plates and premium interior architecture, fixtures and fittings, will appeal to discerning local owner-occupiers, particularly downsizers.”</p>

<p><img alt="Render of the proposed Rozelle Place" data-entity-type="file" data-entity-uuid="2522323d-1ff5-40f6-a39e-54649dea5dde" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/SC_ROZELLE_VIEW03_Final_Rev02_Edit-1.0-.jpg?VersionId=DkYx8wRZn6EsNyRnPG.BCgH6LnOgSkUP" /><em>Render of the proposed Rozelle Place. Image supplied</em></p>

<p>Construction is planned to commence in mid-2023 with completion due by 2025. It’s anticipated the apartments will be selling off the plan in 2023, with CBRE marketing them. An on-site sales office will include a display apartment and full detail on the retail offering.&nbsp;</p>

<p>Wests Ashfield, CEO, Simon Cook said the Club was excited that plans had progressed on the redevelopment of the site and he was pleased the amendments by Heworth sought to improve the current design scheme.<br />
&nbsp;<br />
“The redevelopment of the former Balmain Leagues Club has been years in the making. It’s highly anticipated by the Club members and they are very much looking forward to the delivery of a new state of the art facility,” Cook said.&nbsp;</p>


Developer, Heworth submits amendments to approved DA reducing apartments supported by a major new Town Square, public plaza and retail precinct



alisonwarters@gmail.com

Balmain Leagues Club set for redevelopment

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<p>The inner west region of Sydney comprises a vast range of property types, from older character dwellings through to modern apartment buildings, according to the latest Herron Todd White residential report.</p>
<p>The valuation firm took a look at whether HomeBuilder and other stimulus has bolstered the demand for vacant land and new builds in markets around Australia.</p>
<p>Many of the older dwellings have some level of heritage overlay under local planning regulations. These regulations are generally not too restrictive and mostly relate to maintaining the façade of the property to keep it in line with the heritage style of the area.</p>
<p>Due to this, the majority of renovation work is either internal or extending the property to the rear or a first floor, the report noted.</p>
<p>"We have recently noticed an increase in requests for valuations for the purpose of applying for the New South Wales Home Builder Grant.</p>
<p>"As per information from Revenue NSW, a valuation is required to show the value of the property (house and land) in the three months before commencement of renovation," the valuation firm said.</p>
<p>A recent example of this was an enquiry on an older style terrace house in Enmore, the report noted.</p>
<p>The property was purchased in 2014 for approximately $1 million and the owner of the property required a valuation to determine whether the current value (prior to renovation) would be less than or equal to $1.5 million in order to meet the eligibility requirements for the New South Wales Home Builder Grant.</p>
<p>"Notwithstanding wider economic conditions and the COVID-19 pandemic, we anticipate that this trend of renovating single dwellings will continue throughout the remainder of 2020 and into 2021," the valuation firm said.</p>
<p>The report suggests some of the key elements that may might drive the renovation demand include: relatively cheaper building rates than in recent years; record low interest rates; government stimulus packages; tax incentives (in some situations); and the continued preference to renovate the home rather than upgrade or downsize in these unprecedented times.</p>
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<p>Urban.com.au has<a href="https://www.urban.com.au/developments/enmore-nsw?utm_source=PropertyObserver" target="_blank"> 20 new property developments in Enmore </a>among the many developments in inner west Sydney are under way. </p>
<p><span>Buyers need to make sure they and the property they are purchasing are eligible for the HomeBuilder Grant. </span></p>
<p><span><a href="https://treasury.gov.au/sites/default/files/2020-08/HomeBuilder_Frequently_asked_questions.pdf" target="_blank">These are the rules for the Homebuilder Grant. </a></span></p>
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j.ballantyne1990-6AQqhLzZaK

Inner west Sydney renovation trends for single dwellings continues: HTW residential 

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<p>The past decade of strong capital growth has resulted in properties in Inner West Sydney with large land allotments experiencing greatly declining yields, according to a recent Herron Todd White (HTW) residential report. </p>
<p>This applies in particular to properties with poor improvements where the value is predominantly underpinned by the land content.</p>
<p>The valuation firm took a look at the rental yields across the country to dissect where to find the best returns in residential markets. </p>
<p>"Investors in suburbs where this is the case typically rely on capital growth as an investment strategy, rather than the yield they are likely to receive," the valuation firm said. </p>
<p>Taking the suburb of Drummoyne, if yields are of utmost importance, the unit sector is predominantly a better investment, with close proximity to infrastructure along with all the other usual drivers of yield in this sector.</p>
<p>Drummoyne land values have risen dramatically over recent years, with consequently decreasing yields, so investors either have to accept this or get creative. </p>
<p>This creativity has been in the form of utilising the current improvements to increase the rental income received.</p>
<p>According to the HTW report, a great example of this was a property recently advertised in Drummoyne.</p>
<p>The land area was 920 square metres and the residence was an original circa 1920 bungalow in average overall condition.</p>
<p>The main dwelling was accessed at street level, providing three-bedroom plus one-bathroom accommodation and appreciating restricted water views, currently renting for $750 per week.</p>
<p>A second area of occupancy had been built below the main dwelling and accessed from a separate entry via the side pathway, comprising a modern three-bedroom plus one-bathroom accommodation, currently renting for $550 per week.</p>
<p>At the rear of the property was a circa 1970 high clearance garage, accessed via the rear lane.</p>
<p>This garage had been converted into a large two-bedroom plus one-bathroom modern flat, appreciating water views and a single off-street car space, renting for $700 per week.</p>
<p>Although there was some cost in the capital improvement of the property, the utilisation of separate areas of occupancy has significantly increased the rental income.</p>
<p>The current passing rent for the combined occupancies is $2,000 per week, equating to a yield of 4.6% (the value of the property is approximately $2.25 million).</p>
<p>"This yield may not set any investment records, but it is a dramatic improvement on what other properties are yielding in the area, relying on a single occupancy rental income," the valuation firm said. </p>
<p>"It allows investors to reduce their holding costs for such a property, while waiting for capital appreciation, or alternatively while Development Approvals are sought for future development."</p>
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Inner West Sydney properties with large land allotments experience declining yields: HTW residential 

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<p>After almost 11 years at BresicWhitney, Matthew Carvahlo has joined Ray White in the inner west.</p>
<p>Matthew Carvalho (pictured) has just joined Ray White Erskineville|Surry Hills &amp; Alexandria as an associate director.</p>
<p>The decision was made just before Christmas.</p>
<p><a href="https://www.urban.com.au/news/94077-nic-krasnostein-recruited-by-ray-white-double-bay-from-bresicwhitney" target="_blank">Nic Krasnostein</a>, one of the leading agents in Sydney’s east and inner-city precincts, quit BresicWhitney too over the break, recruited by Ray White Double Bay.</p>
<p>Krasnostein had been at BresicWhitney since January 2007, so just short of 12 years. </p>
<p>Carvalho has the ambition of expanding their existing business to Glebe.</p>
<p>“I know the inner west like the back of my hand and my main areas of have always been Glebe, Pyrmont, Camperdown and Forest Lodge,” Mr Carvalho said.</p>
<p>“I have been friends with Ercan Ersan for many years and I have always clicked with he and Shaun Stoker.</p>
<p>"We are keen to grow our footprint onto the other side of Parramatta Road to cover the inner city fringe in yellow."</p>
<p>Ersan said Carvalho had joined their team to complete their "Golden Triangle”.</p>
<p>“We see Matthew as the missing link in our business. Shaun and I have a great hold on the Erskineville and Enmore area while Matthew services Glebe, Forest Lodge and Camperdown area so well. For us that’s the Golden Triangle,” they said.</p>
<p>Carvalho is the son of a veteran estate agent, Don.</p>
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jchancellor-FAypfDUnLy

Ray White signs on Matthew Carvalho for inner west expansion

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<p>Mark Bowis has quit The Agency to join Cobden Hayson.</p>
<p>Bowis is an inner west specialist having spent 15 year mostly on the Balmain peninsula.</p>
<p>He spent just one year at The Agency office led by Shad Hassen. </p>
<p>Before that he was at McGrath for six years and eights years from 2004 at Sarah Lorden Real Estate, which was <a href="https://www.urban.com.au/news/15183-sarah-lorden-real-estate-joins-mcgrath" target="_blank">merged into McGrath in 2012</a>.</p>
<p>His past clients include the chief of Perpetual Fund Management Geoff Lloyd who sold his Louisa Road, Birchgrove waterfront home for $3.3 million.  </p>
<p>In 2015 he sold <span>27 O'Neill Street, Lilyfield at auction for $2,585,000, setting a suburb record for a house price in Lilyfield.</span></p>
<p><span>His sales include <span>5 Simmons Street, East Balmain at</span><span> $6,560,000 in 2014.</span></span></p>
<p><span><span>His last sale at The Agency was when e</span></span>tiquette adviser Alexandra Frampton, director of A Manner of Style, and her husband Peter sold their two-bedroom, two-bathroom Balmain residence for $1,475,000. </p>
<p>Cobden Hayson was founded in <span>Balmain in 1995, and is now strategically positioned in key inner urban fringe locations around Sydney, with offices in </span><span>Annandale, Drummoyne</span><span> and more recently </span><span>Surry Hills</span><span> and </span><span>Marrickville.</span></p>
<p>The Agency also lost its <a href="https://www.urban.com.au/news/93645-tahnee-barnes-million-dollar-intern-joins-the-agency-s-highest-volume-sales-agent-brad-gillespie-2" target="_blank">star recruit Tahnee Barnes</a>.</p>
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The Agency Inner West loses Mark Bowis to Cobden & Hayson Balmain 

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<p>Ryde and the inner west were among the worst performing housing markets during the last financial year.</p>
<p>They were almost as bad as the seriously problematic Darwin market, CoreLogic suggest.</p>
<p>Nine of the ten worst performing capital city SA4 regions came from the surrounding areas of Sydney.</p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/7/2/regional-declines.jpg" target="_blank">to enlarge.</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/7/2/regional-declines.jpg" alt=""></p>
<p data-gtm-vis-first-on-screen-7770372_137="2525" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">"With Sydney values falling over the past year, values have been dragged lower virtually throughout the entire city," CoreLogic's Tim Lawless said.</p>
<p data-gtm-vis-first-on-screen-7770372_137="2525" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">"In fact, the Central Coast is the only region of Sydney in which values haven't fallen over the past financial year."</p>
<p>Ryde, down 7.4 per cent and the Inner West, down 7.2 per cent were the weakest regions. Blacktown and the Inner South West dropped 6.5 per cent and 6 per cent respectively.</p>
<p>The slowing in price growth was seen in the offering at 17 Arnold Street, Ryde (top) that sold earlier this month.</p>
<p>The offering, a single storey brick home, <a href="https://www.realestate.com.au/sold/property-house-nsw-ryde-128234718" target="_blank">sold at $1,615,000</a>, having been initially listed with $1.6 million hopes in 2015, but failing to then sell after 55 years ownership.</p>
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Ryde and Sydney's inner west see property value slump rivalling Darwin

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<div>Richard Stubley, director at executive search business management firm Conari Partners, and wife Kylie have sold Linnbrae, their Glebe home.</div>
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<div>The 1880s Victorian Italianate residence in the prestigious Toxteth Estate cost the couple $2.35 million in 2009.</div>
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<div>Set on 315 sqm, the restored and updated home has four bedrooms, three bathrooms and elegant formal rooms.</div>
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<div>French doors open to a courtyard set in manicured gardens.</div>
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<div>The Agency's new recruit Michael Glynn was marketing the home with $4.5 million expectations.</div>
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<div>Stubley previously spent six years at KMPG Australia and Canada and co-founded executive search firm Hamilton Partners in 1995.</div>
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Linnbrae, Glebe snappily sold through The Agency's Michael Glynn

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<p>Seven home owners in Sydney’s inner west suburb of Burwood are putting up their homes on the market later in October with the combined sale expected to fetch $40 million.</p>
<p>The <a href="https://www.domain.com.au/9-11-13-15-neich-parade-burwood-burwood-nsw-2134-2013510017" target="_blank">10-20 Neich Parade</a> site has a combined area of nearly 3,158.8 sqm.</p>
<p>Though the land is zoned R2 Low Density Residential, new proposals seeks to increase the building height limit to 32 metres as part of the new R3 Medium Density Residential zoning.</p>
<p>The plan is in line with the Parramatta Road Urban Transformation Strategy, which has developers honing in on new residential development opportunities.</p>
<p>This proposed zoning will allow for the construction of up 150 apartments subject to council approval.</p>
<p>The site is being sold through expressions of interest closing November 9.</p>
<p>The sale is being handled by Neil Cooke, Stuart Cox and Johnathon Broome of Savills Australia. </p>
<p>It is understood that the seven homes combined are worth circa $17 million while as a development site, the land could fetch circa $40m. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/05/Burwood%20_site1.jpg" alt=""></p>
<p>This is in line with another neighbouring Burwood site in Esher Street which sold for in excess of $3,000 per square metre of proposed Gross Floor Area (GFA) that Savills also undertook earlier in the year, benefitting from the same development controls.</p>
<p>This Neich Parade parcel has three street frontages and can provide Sydney CBD views to the eastern elevation and Blue Mountains views to the western elevation, via a redevelopment of the site.</p>
<p>It is close to Burwood CBD and Parramatta Road.</p>
<p>“This site represents a unique opportunity to acquire a significant parcel of tightly held level land, benefitting from three street frontages with significant development upside (STCA), situated just minutes from Burwood’s best amenities,” said Neil Cooke.</p>
<p>“Not to mention that the finalised Parramatta Road Urban Transformation strategy released by Urban Growth will positively impact the eventual owners within a future potential development, including the introduction of at least 82,500sq m* of employment Gross Floor Area across a variety of uses and the redevelopment of Concord Hospital situated 3.5 kilometres* from the site”.</p>
<p>Any developer contributions under the strategy will go towards upgrading open space for residents, new and upgraded roads, a refreshed Burwood Park and Burwood Library, added Stuart Cox.</p>
<p>“More importantly, WestConnex will significantly reduce traffic along Parramatta Road, as thousands of daily road users use this as the preferred route to avoid as many as 52 traffic lights,” he said.</p>
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jonathanchancellor-7SQnKwU6yx

Seven homeowners to put their sites on the market in Sydney's Burwood for $40 million

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<p>Sydney's Inner West had the highest weekend auction clearance rate, according to CoreLogic’s latest report.</p>
<p>The property data firm says that out of the 72 auctions in the Inner West 88.9% were successfully cleared.</p>
<p>This is followed by the North Sydney and Hornsby and Sutherland with 88.6% and the City and Inner South and Eastern Suburbs with 88%.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/05/22/Screen%20Shot%202017-05-22%20at%2010.57.20%20am.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/22/Screen%20Shot%202017-05-22%20at%2010.57.20%20am.jpg" alt=""></p>
<p>The South West region had the lowest auction clearance rate with only 46.2% of its 52 auctions cleared.</p>
<p>A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-burwood-125293794">15 Appian Way</a>, Burwood (above) was sold for $4.35 million.</p>
<p>Similarly a three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-russell+lea-125315126">11 Rowley Road</a>, Russell Lea (below) was sold for $2.35 million.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/22/11%20Rowley%20Road.jpg" alt=""></p>
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Inner West Sydney scores 88% weekend auction clearance rate: CoreLogic

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<p>The Inner West has continued to defy expectations with the market going from strength to strength across all suburbs, according to Herron Todd White’s latest report.</p>
<p>The property valuation firm says that auction results continue to hover between 85% and 90% with the continued lack of stock now being the main driver.</p>
<p>"The strongest growth has been for houses in the $2 million to $4 million price bracket and although growth has slowed for units, the $1 million to $1.5 million price bracket has been the strongest.</p>
<p>The suburb of Rozelle has seen some of the strongest growth across the inner west with a 2016 median house price of $1.577 million, up 13.5% from 2015 (source: PriceFinder)," the report advised.</p>
<p>Rozelle has always been a highly sought after suburb and demand is driven by proximity to the CBD, excellent bus services and the café culture.</p>
<p>"Rozelle comprises a mixture of property styles, with period style homes traditionally in the highest demand.</p>
<p>As with many period style homes in the inner western suburbs, high quality renovations and well-designed extensions tend to achieve premium prices.</p>
<p>An example of this is <a href="https://www.realestate.com.au/sold/property-house-nsw-rozelle-124483558" target="_blank">202 Evans Street</a>, Rozelle (above) which sold on 10 February 2017 for $3 million.</p>
<p>This circa 1900s property is situated on a 251 square metre allotment and has been renovated and extended, comprising 4-bedroom, 2-bathroom accommodation with a single lock-up garage," the report stated.</p>
<p>The main demand for this price point in Rozelle is from the owner-occupier market rather than the investor, as owner-occupiers see greater opportunity with dated or dilapidated properties in need of renovation.</p>
<p>“Although we expect houses in Rozelle to see continued growth, we predict it to be more subdued than the previous three years,” the report stated.</p>
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