Off-the-plans apartment buying came under tough scrutiny at Ray White City Apartments’ auction yesterday, when one recently completed SugarTree unit was passed in well short of original purchase price and bidding on a unit in the third Fiore building also fell short.
A student accommodation unit in Tetra House, now under Waldorf management, was sold under the hammer.
Korean-owned company Dae Ju Housing Co Ltd built the first 2 Fiore apartment blocks beside each other on Hobson St about 10 years ago, and at one point was lined up to build a 67-storey tower on the former Royal International Hotel site fronting Victoria St West, better known as the bungy site as it remains undeveloped.
Dae Ju’s Korean-owned successor, 3 Top Development Ltd (Jin Woo Heo), has the third Fiore block, the 124-unit Fiore Wakefield Residences, under construction across town on Wakefield St.
Bidding on a unit in the third & final component of the SugarTree development up at the top of Nelson St, Altro, stopped at $875,000. Auctioneer Ted Ingram said the vendor had paid $1.18 million for it, and the unit was passed in.
Waldorf Tetra, 85 Wakefield St, unit 313:
Features: 39m², fully furnished 1 bedroom, 2 bathrooms, managed by Waldorf
Outgoings: rates $4612/year including gst; body corp levy $4705/year including gst
Outcome: sold for $335,000 – plus gst if the buyer gst-registered, inclusive for a buyer not gst-registered
Agents: Damian Piggin & Rickus Moll
Fiore Wakefield Residences, 57-59 Wakefield St, unit 14E:
Features: 55m² internal, 2 bedrooms, 8m² balcony
Outgoings: body corp not yet formed
Outcome: passed in at $705,000
Agents: David Lee & Sean Ma
SugarTree Altro, 145 Nelson St, unit 617:
Features: 82m², 3 bedrooms, 2 bathrooms, balcony, tandem parking
Outgoings: rates $2992/year including gst; body corp levy $6059/year including gst
Outcome: passed in at $875,000 – vendor paid $1.18 million
Agents: Justin Wu & Gabriela Galateanu