505/23 Pelican Street, Surry Hills NSW 2010

Prime Surry Hills location | parking included | premium Candalepas building | high strata cost This apartment offers a rare combination in Surry Hills: a one-bedroom with a dedicated car space in a building designed by an award-winning architect. The 2015 build means modern construction standards and the rooftop pools and communal dining add genuine lifestyle value that owner-occupiers will pay for. It suits professionals or downsizers wanting lock-up-and-leave convenience in a walkable city-fringe pocket. The 62 square metre internal area is generous for a one-bedroom, giving it an edge over newer micro-apartments in the area. The main risk is the asking price sitting above recent comparable sales in the same building, which means the buyer is paying a premium for the location and parking rather than underlying value. The strata of nearly $1,600 per quarter is a meaningful holding cost that eats into any rental return, and the recent lease at $730 per week suggests the headline yield is tighter than it first appears. For an investor, the numbers need to work harder. For an owner-occupier who values the building quality and position, this is a property to hold long term and enjoy.