SOLD
Sold on 05 Nov 2024 for $4,625,000

22 Cross Street
Corrimal NSW 2518

Bedrooms: 16
Bathrooms: 8
Car spaces: 8
Land area: 1488m2
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MMJ Real Estate North
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Property Details for 22 Cross St, Corrimal

22 Cross St, Corrimal is a 16 bedroom, 8 bathroom House with 8 parking spaces. The property has a land size of 1488m2. While the property is not currently for sale or for rent, it was last sold in November 2024. There are other 16 bedroom House sold in Corrimal in the last 12 months.

Building Type
House
Land Size
1488m2
Local Government
Wollongong
Lot/Plan
1/DP1252802

Last Listing description (December 2024)

Discover an extraordinary investment prospect that beckons endless potential. This unique offering presents an entire block of units, complete with Development Approval (DA) for Strata Subdivision, along with captivating concept sketch to add two more units to this exceptional site (STCA).

This distinctive property comprises eight spacious 2-bedroom units, each thoughtfully designed with its private lock-up garage, individual laundry facilities, and a personal balcony, offering an unparalleled living experience.

Situated on a level expanse of 1,488sqm, the property graces a picturesque location with sweeping northward views over the escarpment. It's just a leisurely stroll away from the train station and other convenient transportation options.

Furthermore, seamless access to the freeway ensures a smooth commute to both Wollongong and Sydney. In Corrimal, local amenities are within easy reach, enhancing the allure of this investment.

All units have a robust rental history and are currently leased, generating a substantial gross rental income of $176,800 with immediate potential for growth.

Consider implementing interior enhancements to these units and watch your returns multiply exponentially. The possibilities are limitless. You can opt to maintain the status quo and reap the benefits of rental income. Alternatively, you could proceed with strata title completion and the construction of the proposed additional units (STCA), opening doors to a remarkable project's profits. You might even consider including this exceptional investment in your super fund, capitalizing on this rare piece of real estate.

This exceptional opportunity is poised to sell quickly. Reach out today to Greg Ellul or Michael De Gori to secure further information the strata plans, explore the feasibility, and schedule an inspection. Your future prosperity awaits.

The Important Numbers:
Council Rates - $1,347pq
Water Rates - $1,462pq
Insurance - $8,000pa (approximately)

*This advertising has been prepared by MMJ Real Estate (MMJ) for the purpose of advertising and general information only. MMJ do not guarantee, represent, or warrant that the information contained in this advertising is correct. Any interested party should undertake their own inquiries as to the accuracy of the information published.

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Property History for 22 Cross St, Corrimal, NSW 2518

A timeline of how this property has performed in the market
Last Sold
$4,625,000
05 Nov 2024
  • 05 Nov 2024
    Sold for $4,625,000
  • 22 Oct 2023
    Listed for Sale $4,625,000

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About Corrimal 2518

The size of Corrimal is approximately 5.1 square kilometres. It has 25 parks covering nearly 29.1% of total area. The population of Corrimal in 2011 was 6,324 people. By 2016 the population was 6,496 showing a population growth of 2.7% in the area during that time. The predominant age group in Corrimal is 50-59 years. Households in Corrimal are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Corrimal work in a professional occupation. In 2011, 67.3% of the homes in Corrimal were owner-occupied compared with 66.1% in 2016.

Corrimal has 3,752 properties. Over the last 5 years, Houses in Corrimal have seen a 59.61% increase in median value, while Units have seen a 42.72% increase. As at 30 November 2024:

  • The median value for Houses in Corrimal is $1,133,702 while the median value for Units is $724,668.
  • Houses have a median rent of $700 while Units have a median rent of $530.
There are currently 12 properties listed for sale, and 5 properties listed for rent in Corrimal on OnTheHouse. According to CoreLogic's data, 155 properties were sold in the past 12 months in Corrimal.

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