Property Developers are snapping up old commercial buildings in the lower north shore and transforming them to become luxury homes in the sky.
The areas around North Sydney and Milsons Point have bared witness to this movement and now these residential developments have been released on the market.
Commercial occupancy rates are strong but Sydney’s rising real estate market means that rental yields from dwellings can be stronger.
Yibin Xu, the managing director of Bridgehill Residences which is one such development said, “a new apartment with good views can be worth seven times more than what the space was worth as a dated office.”
These conversions make sense as there are environmental benefits as well as infrastructure already set up in the area.
North Sydney has had 1400 dwellings approved and Mr Hill, the council’s director of city strategy said, “we’ve planned for it well, and now we’re going to have a very diverse and resilient North Sydney.”
While redeveloped buildings may look new, they are still old buildings.
Make sure you have any property you buy checked by a North Shore building and pest inspector first. A detailed property report will give you the piece of mind that the new home you buy is ready to be lived in, or warn you in advance of potentially expensive repair work.
Photo by Michael Zimmer