Finance Property Property of the week: the best of inner-city Sydney

Property of the week: the best of inner-city Sydney

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Where: 85 and 87 Cascade Street, Paddington 

Bedrooms: Five

Bathrooms: Four

Car spaces: None

Price guide: $3.25 million

The very best of inner Sydney is on offer with this larger-than-normal Paddington property.

In what is a rare occurrence for this locale, two Victorian terraces, each with their own title, are being sold as one line.

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Apart from its eye-catching heritage facade, internal period touches, five bedrooms and four bathrooms, the property is smack bang in the middle of sought-after Sydney. It is walking distance or a short drive to schools, shops, restaurants, galleries, parklands, harbour foreshores, marinas, Allianz Stadium (home of the Sydney Roosters rugby league side), the Sydney Cricket Ground and Centennial Park. And it is only a 10-minute bus ride to the central business district.

The property is ready to move into.

The terraces have been renovated over the last 15 years to meet contemporary demand for comfort and convenience.

LJ Hooker sales agent Dominic Kuneman says the property is ready to be lived in or can be demolished to make way for an even larger family home, provided the heritage facade is retained.

“It is probably one of the last opportunities in Paddington to build your own grand design. Most homes in Paddington are 140 years old, and people are simply doing cosmetic renovations. Whereas this property gives you the chance to reinvent the wheel so to speak.’’

The agent points out the 280sqm deep block is unique for the old inner suburb.

“That is double or nearly triple the size of the standard home. Even the planned garaging (to accommodate up to six cars) would be of similar size to certain Paddington terraces.’’

The property is about double the size of the typical Paddington home.

Mr Kuneman believes people are genuinely excited about this property coming on to the market.

“They (the potential buyer or buyers) will have a chance to redevelop this property rather than relocating because they couldn’t find a property of this size in Paddington,’’ he says.

“Many Paddington residents move to the coastal fringe and buy properties of a larger size because of a lack of supply for larger homes in Paddington.’’

The agent says the property will appeal to a professional person or couple.

“It is going to suit a banker or a professional aged between 35 and 50 who has a couple of kids,’’ he says.

“When this home is fully renovated it could potentially sell for a price of between $7 and $8 million.’’


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