Luxury Griffith Home Listed for $4.25 Million with Unique Lease Arrangement
A striking modern residence at 29 Carstensz Street in Griffith has hit the market with a price guide of $4.25 million, offering prospective buyers an unusual opportunity. The property comes with a guaranteed rental income of $2200 per week until December 2026, as the current tenancy is in place until that time.
Investment Potential with Immediate Rental Returns
Selling agent Richard Luton from Luton Properties explained that while the buyer cannot move in immediately due to the existing lease, this setup could attract investors or individuals planning a future relocation. "People buy and are not ready to move in themselves, but they'll buy it as an investment," Mr Luton noted. He added that back renting is quite common in luxury properties, with about 10 to 20 per cent of purchasers opting to lease the home initially.
Tenancies in high-end homes often last around 12 months, catering to families awaiting construction of their own houses or those in transition between properties. This trend underscores the dynamic nature of the premium real estate market in the area.
Transformation of Griffith: A New Suburb Emerging
Mr Luton highlighted a growing pattern in Griffith, where older homes are being purchased, demolished, and replaced with contemporary designs. "It's all changing. All the homes in the area are getting knocked down and new homes are being built," he said. "It's really a new suburb in an old suburb."
This redevelopment wave is driven by buyers seeking modern amenities and luxury living. Recently, an older house in Griffith sold for over $2 million, with the new owners planning to rent it out temporarily before undertaking a knock-down rebuild. Constructing such a modern family home can easily cost around $2 million, reflecting the significant investment involved in these transformations.
Premium Features Justifying the $2200 Weekly Rent
The property boasts a range of high-end features that contribute to its rental value and appeal:
- Japanese-inspired design with koi ponds that create a serene, modern aesthetic.
- Abundant natural light from extensive glass walls and ceilings throughout, including around the swimming pool and a plant-filled atrium.
- Four bedrooms, including one overlooking the atrium and two with en suites.
- A master suite featuring a walk-in robe, double shower, bathtub, make-up bench, and steam closet.
- An oversized curved stone island in the kitchen, separating it from the meal and family area.
- Outdoor amenities such as two decks, a swimming pool with a cold plunge, and a gas fireplace.
Mr Luton emphasised the home's efficiency, stating, "It's a modern home, so easy to heat and cool." Its location enhances its family-friendly appeal, with proximity to co-ed grammar schools and other educational institutions like St Eddie's and St Clare's.
Broader Implications for Canberra's Property Market
This listing exemplifies the evolving real estate landscape in Canberra, where knock-down rebuilds are becoming increasingly prevalent in established suburbs like Griffith. The combination of luxury features, strategic location, and investment potential makes this property a notable example of high-end urban redevelopment.
As demand for modern living spaces grows, such transformations are likely to continue, reshaping neighbourhoods and offering unique opportunities for both investors and future residents seeking premium amenities in sought-after areas.
