This article is from the Australian Property Journal archive
SYDNEY’S newest apartment project, Corsica at Wentworth Point formerly known as Homebush Bay, has sold 167 units off the plan since its launch a few weeks ago.
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Only 48 one bedroom units with car parking, starting at $375,000, out of 215 apartments remain for sale.
Rental property expert Warwick Williams said all apartments at Wentworth Point have proven to be a sound investment. By the time Corsica is completed he forecasts indicative weekly rents of $400-$440 for the one-bedroom units, $500 to $600 for two-bedrooms, and $600-$700 for three-bedroom apartments.
“Investors are back in the market, lured by the prospect of rental demand, capital growth and higher yields,” he said.
Wentworth Point is the new name for Homebush Bay, where the vacancy rate is less than 1%. Corsica is the first building launched on the peninsular in almost five years, with construction scheduled to begin in April.
Demand for accommodation at Wentworth Point will continue to outstrip supply for many years, particularly as the State Government has earmarked neighbouring Sydney Olympic Park as a major commercial centre catering for approximately 48,000 employees.
The project is marketed by CB Richard Ellis Residential. Managing director David Milton said before Corsica was first advertised last Saturday, already all two-bedroom and three-bedroom apartments have sold.
“The release of Corsica is good news for investors and for renters.
“Sydney’s chronic undersupply of dwellings is fuelling the demand – a situation highlighted by figures from BIS Shrapnel showing that medium and high-density dwelling starts plunged by 28% in 2009, hitting their lowest level since 1987.
“Developers have found it difficult to gain funding for their projects over the past two years, and Corsica will be one of the few Sydney developments to start construction this financial year,” Milton said.
Corsica comprises three buildings, ranging from six to eight-storeys, on the corner of Baywater Drive and Hill Road. It was designed by architects Robertson + Marks.
Completion of Corsica is scheduled for mid-2011.
Australian Property Journal