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Zenix, Erskineville ~ epitome of Sydney’s inner west city lifestyle

Zenix Tower, Erskineville

Zenix Tower, Erskineville

The Zenix in Erskineville is the flagship development of integrated property developer, Metroland. It consists of 100 one-bedroom apartments, 121 two-bedroom apartments and 3 three-bedroom apartments spread over a 11,531 sqm opposite the Sydney Park. This project was completed in 2003 at a cost of $80 million.

This development is located in a strategic pocket of Erskineville as it is a mere 150m to the St Peters train station which is only three stops from Central Station in the heart of Sydney’s CBD. Zenix is also within walking distance to the recreational facilities of Sydney Park, the cafes, restarants and shopping strip of King street in Newtown. It is also a 10-minute drive to Sydney University, Sydney airport, Broadway Shopping Centre and Chinatown.

Local residents enjoy this area for its eclectic, bohemian and trendy lifestyle which is synonamous with Sydney’s inner west.  Young professionals and the lifestyle conscious are attracted to this area because of its close proximity to Sydney’s CBD and the array of local amenities such as schools, hospitals, restaurants and shopping.

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Another brand new Erskineville apartment for rent

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With the imminent completion of the Verve’s luxury apartments in Erskineville by renown property developer AV Jennings, the first of its 106 apartment is now available for rent in Sydney’s hip and eclectic inner west.

This brand new, top floor apartment boast a 30sqm sun-drenched balcony over-looking serene internal gardens, swimming pool and tennis court. Filled with day long natural light, this north-west facing unit boasts a large 90sqm internal space with open plan kitchen and dining which walks out to the balcony made for entertaining, summer BBQs, sunbathing or to simply to read your favourite book.

Why I would rent this apartment:

  • Brand new and top floor apartment with spanking new Smeg / Omega gas kitchen and other high-quality finishes.
  • The sun-drenched 30sqm balcony is built for entertaining family and friends and adds a fresh dimension to the already large 90sqm internal open-living plan.
  • Located within a 5-minute walk to St Peters train station, you are merely 3 direct stops or 10-minute train ride from Central station and 6 direct stops from Circular Quay, Sydney Opera House and the Botanic Gardens.
  • A double side-by-side car space means you will never have to hunt for scarce public / visitor parking in this popular inner city location for your second car.
  • Sydney Park’s outdoor activities – walking, running, biking, family picnics, is 5 minutes away. Sydney Park is also a leash-free park for dog lovers.
  • 10-minute drive to Sydney CBD, Chinatown, Broadway Shopping Centre, Sydney Fish Markets and Sydney airport.
  • Erskineville and Newtown’s cafes, pubs, restaurants precinct located within a 10 minute stroll.

Other key features include:

  • Master bedroom walks out to sunny north-west balcony
  • Built in wardrobes in both rooms
  • Reverse cycle air-conditioning
  • Large 8sqm basement storage facility
  • Study nook with ducting for internet connection
  • Cable TV connection points in living and master bedroom
  • Internal laundry and dryer facility
  • Convenient garbage chute disposal
  • Security video intercom

This apartment is available from early December and is managed by Johanna Cheong from Infinity Property Agents at 0430 597888.

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Recent acquisitions


Over the last 10 months, the Reserve Bank of Australia shed more than 4% off the cash rate to the current 3% which is now at a 50-year low. Capital cities around Australia continued to experience an acute shortage of housing stock where most cities had an average rental vacancy of less than 2%, thus fuelling strong rental demand. The Rudd government is determined to support the economy through this crisis by extending the First Home Owners Grant of up to $24,000 for new dwellings to the end of 2009 and continue to provide concessions for stamp duty to assist home buyers. The combined effect of all these factors was an over-whelming attractiveness to get into the property market for first home buyers and investors alike.

Front of building

The main features and compelling strengths of this 1 bedroom apartment in Marobra are as follows:

Maroubra bay

Maroubra bay, Sydney

Guiding Principle

Compelling strengths

1 bedroom apartment at 94 – 96 Yorktown Parade, Maroubra (pictured above)

New or near new Building is approximately 4 years old.
Tenant’s amenities Security garage and storage cage.
Close to public transport Bus stop directly in front of apartment building with express buses to CBD and Circular Quay.
Local attraction and lifestyle 500m from Maroubra beach and surf lifestyle, cafe and restaurants, 1.5km to Maroubra Junction’s retail and commercial centre – shops, cafes, restaurants, bank, post office, newsagent, Coles etc.
Strategic location Within close vicinity to airport, University of NSW, Randwick racecourse, Royal Prince Alfred Hospital, Randwick and Coast golf courses.
Low maintenance costs Boutique block of only 14 units with minimal facilities. Hence, total outgoings are less than $2,800 per annum.
Attractive and good floor plan North facing private balcony with ducted gas for heater and BBQ, galley style kitchen and master bedroom with ensuite and balcony.
Strong rental yield This property was rented out at $390 per week within 2 days of being on the market, giving a yield of approximately 6% per annum.

Development of residential, retail and commercial property in Maroubra Junction such as Pacific Square has transformed and increased prices of apartments in this area. However, I believe that pockets along Maroubra and Fitzgerald roads which are close to the beach are still relatively inexpensive compared to the junction area. It enjoys a closer beach and ocean front atmosphere, at the same time close enough to access the amenities of the junction without having to contend with traffic.

My second purchase was an off-the-plan 1 bedroom apartment in the Dee Why Grand development ~ an integrated residential, retail and commercial project which includes the upgrade of the iconic Dee Why Hotel. This development is located right at the heart of Dee Why’s commercial and retail precinct along Pittwater road. I foresee this development to be the dawn of a new cycle of gentrification in the area similar to how Pacific Parade has transformed properties around Maroubra junction in a little over 5 years.


Dee Why beach, Sydney Australia

Dee Why beach, Sydney

The main features and compelling strengths of this Dee Why property are as follows:

Guiding Principle

Compelling strengths

1 bedroom apartment at Sturdee Parade, Dee Why

New or near new Building is under construction and due for completion in July 2010.
Tenant’s amenities Swimming pool, gym, spa, sauna, security garage and storage cage. The apartment is also part of an integrated development consisting retail and commercial businesses and refurbishment and upgrade of the Dee Why Hotel.
Close to public transport Bus stop with express buses to the CBD.
Local attraction and lifestyle 900m from Dee Why beach and surf lifestyle, cafe and restaurants.
Strategic location Within close vicinity to Northern beaches, Long Reef golf course, Warringah Mall.
Attractive Floor Plan I have never been a fan of split level apartments unless they are a good size. I have made an exception for this property ~ 81sqm split level with 2 North east facing private balconies of 9sqm each overlooking internal gardens.
Favourable exchange and settlement terms Only required $10,000 to exchange and up to 5% of purchase price until development is completed.

The third of the 3 properties was a 2 bedroom apartment due for completion in December 2009 in the Verve development in Erskineville. I have conducted research on suburbs which are close to the CBD with good access to public tranport and amenities. Such suburbs which have not seen a significant rise in value will have their day over the next 5 – 8 years and I believe Erskineville to be one of these suburbs. The latest Market Review by John McGrath of McGrath property agents appears to support this view.

Sydney Park

Sydney Park, a leash-free park in Sydney

The main features and compelling strengths of this property are as follows:

Guiding Principle

Compelling strengths

2 bedroom apartment at Verve development, 2 – 4 Coulson street, Erskineville

New or near new Building is under construction and due for completion in December 2009.
Tenant’s amenities Two side-by-side security car spaces and storage cage. I believe having an extra car space on title in a suburb so close to the CBD where there is an acute shortage of street parking give this property an invaluable advantage over other 2 bedders with single car space.
Close to public transport 350m to St Peter’s train station.
Local attraction and lifestyle Walking distance to King street restaurants and cafe, 100m to Sydney Park, Erskineville village lifestyle.
Strategic location 4km to CBD, Chinatown, Central train station, within close vicinity to King street cafe and restaurant strip, airport.
Attractive Floor Plan Top floor apartment of 89sqm open style living, dining and kitchen with a 28sqm North west facing balcony overlooking internal gardens, swimming pool and tennis court.


Motto vs Verve, Erskineville


Comparative analysis of 2 new developments in Erskineville ~ Motto vs Verve

Development

Motto

Verve

Developer

Austcorp AV Jennings
Architect Allen Jack & Cottier

Turner & Associates
Location

2, Nassau Lane, Erskineville 2 – 4 Coulson street, Erskineville
No. of units

90 one bedroom units

56 two bedroom units

11 three bedroom units

200 units

102 units
Facilities

Outdoor pool, gym, 1 cafe / retail outlet None
Proximity to train station

600m to Erskineville train station, 700m to St Peters train station 400m to St Peters train station, 800m to Erskineville train station
Quality of finishes and inclusions

(Please refer to inclusions) (Please refer to inclusions)
Price:

1 bedroom

2 bedroom

3 bedroom terrace / 3 bedroom

From $470k

From $585k

From $925k

From $465k

From $534k

From$770k

*Average price per sqm $

1 bedroom

2 bedroom

$6.0k

$5.5k

$5.5k

From $5.2k

Estimated completion date

Completed

20 December 2009

*Based on Asking price of typical unit divided by total internal and external living areas only (does not include car park and storage space).

Verve is closer to the train station although the north aspect of Verve is fronting Coulson street. Traffic noise can be an issue along Coulson street. Units fronting the north west corner of Coulson street will experience noise from the trains.

Motto is located on the corner of Eve street and Nassau Lane. Although slightly further from the train station, there is less traffic noise around its vicinity. The inclusions and finishings for Motto is of higher quality than Verve. Motto offers an outdoor pool and gym whilst there are no facilities for the Verve development. Investors should confirm approximately strata levies for both development.


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