Two-bedroom apartment with modern kitchen, fantastic views and parking is going on sale for $250,000 – so what’s the catch?
- An apartment in Canberra sells for $250,000
- The building is facing expensive repairs
A two-bedroom apartment with a modern kitchen, parking space and large living room has been put on the market for $250,000, but it comes with a huge catch.
Despite the mountain views, the 77sqm apartment at 41 Leahy Close in Canberra is for sale at a bargain price as the building around it is falling apart.
The damage to the building is so bad that the layers have gone under administration as it struggles to pay its mounting bills, with repair costs reported to be around $200,000 per unit owner.
A disclaimer at the top of the list: “Please note that this complex is currently being managed to manage the progress of building restoration work.”
‘Inquire for more information’.
But after briefly describing the apartment’s flaws, the ad spews all the features of the property, describing it as a “great opportunity.”
“The kitchen itself contains plenty of storage and bench space, making it easy to use for the home cook,” it reads.
‘The apartment then opens onto the large living room and the outside balcony. From the balcony you have a view of the mountain ranges in the distance.’
A $250,000 apartment in Canberra (above) needs expensive repairs, with owners expected to pay $200,000 in costs
The 77sqm apartment (above) is advertised as a great buy for first time homeowners but mentions that the ‘complex is currently under administration to manage the progress of building refurbishments’
While the ad doesn’t specify the damage to the building, one Reddit user said they received a strata report for the building after contacting the agent.
It describes how the building can no longer support itself due to water damage “to all major structural elements,” with scaffolding to prop it up.
‘Water has entered all major structural elements, everything is held up by jacks or trusses. In short, the building cannot support itself,” they said.
“They’re looking at a $7 million quote for repairs, which equates to about $200,000 per owner and years of work.”
Another person said they looked at another apartment in the same building in August.
“I went to the parking lot below, it’s under the building itself, but open at the front and sides, and holy f**k,” they said.
Huge cracks in most of the columns and pillars.
“Four big, heavy jacks at each support column, and several in various other places around the place. It seemed that the place was only held up by the jacks at the time.’
But surprisingly, the apartment is currently rented for $480 per week.
Two Redditors who previously looked at other apartments in the complex said they saw extensive water damage (Photo, 8/41 Leahy Close)
Anyone who wants to buy the apartment will be forced to pay $8,600 a year in strata fees.
The condo last sold in October 2021 for $310,000 after being on the market for 113 days, according to Domain.
Several other properties in the complex have been put on the market, including a one-bedroom unit that has requested an offer of over $335,000, and a three-bedroom townhouse that is being offered for over $750,000.
Meanwhile, in January of this year, a two-bedroom unit on the block sold for $640,000, nearly double what the owner paid for it.
Daily Mail Australia has contacted the broker for comment.