PHOTO: Erika Heynatz COURIER MAIL

Model, Singer, and Actor Erika Heynatz’s Profitable Potts Point Studio Investment

The Chimes Complex Acquisition by Time & Place: A Prolonged Yet Promising Venture

Potential Windfall Gains as Holdouts Seek Resolution in Land & Environment Court

Erika Heynatz, a well-known model, singer, and actor, has achieved remarkable success in the property market with her residential Potts Point studio investment. Her financial gains have surpassed expectations, showcasing her acumen beyond the entertainment industry.

The former star of “Home And Away” recently secured an impressive $1.14 million from the sale of her top-floor apartment in The Chimes complex. The complex was acquired by the Melbourne developer Time & Place as part of an envisaged $85 million buyup, a venture that has taken longer than anticipated but has reached the 75 percent threshold for compulsory acquisition of the remaining strata apartments.

Model, singer and actor Erika Heynatz has more than trebled her money on her residential Potts Point studio home.

Under the helm of Time & Place, the purchase prices for The Chimes studios have ranged from $650,000 to a staggering $2,063,000. The block, designed by the renowned post-war emigre architect Hugo Stossel, has garnered significant attention in the property market.

Interestingly, Time & Place’s acquisition of car spaces within the complex has shown diversity in pricing, with the highest price reaching $400,000 and the cheapest available inexplicably priced at just $50,000. The spotlight fell on The Chimes in 2016 when a car space within the complex set a record in Sydney, selling for $264,000.

Despite the prolonged buyup, some holdouts have remained resolute in their decision not to sell, hoping for even more substantial windfall gains. These determined individuals have sought resolution in the Land & Environment Court, where they are presenting their case for a favorable outcome. Additionally, 14 car spaces within the complex are yet to be secured, further shaping the future of The Chimes.

Last year, Tim Price’s Time & Place, with financial backing from Maxcap and tycoon James Packer, submitted draft concept plans for the strata renewal. The SJB-designed, nine-level tower with 45 one, two, and three-bedroom apartments now awaits evaluation by the Land & Environment Court in a scheduled onsite hearing in September.

The fate of the 80-studio building remains uncertain, with decisions yet to be made whether it will be retrofitted or demolished. Situated at the Parisian end of the Macleay St strip, The Chimes complex occupies less than a third of its 1284sq m holding and was constructed in 1964 after partial demolition of the remaining 1905 Santa Fe row of Queen Anne-style terraces.

Erika Heynatz’s remarkable success as a property investor serves as an inspiring example for those looking to diversify their portfolios beyond their primary careers. With Time & Place’s ongoing efforts and the pending Land & Environment Court’s decisions, The Chimes complex continues to be a focal point in the property market, promising a bright future for its stakeholders.

SOURCE: NEWS.COM.AU