‘He’s a mystery man’: Top-floor Darlinghurst studio up for auction 10 years after owner vanishes overseas

A TOP floor studio apartment in one of Sydney’s most expensive suburbs is being sold off after its owner vanished.

The tiny studio is “completely unlivable”.

NSW authorities are selling off a top-floor studio apartment with stunning views over the Sydney CBD to recover more than $200,000 in unpaid rates, levies and interest, after its owner vanished overseas 10 years ago.

More than 25 contracts have been handed out ahead of tomorrow’s auction of 72/3-5 Darley Street, with buyers being quoted at $375,000.

Its owner, Siak Hong Law, was in the process of renovating the tiny 32 square metre studio when he picked up and left, apparently to Malaysia. Property records show Mr Law purchased the unit in November 1989 for just $75,000.

All attempts to contact Mr Law in the years since have failed.

“He just disappeared,” said James Natoli from Ray White Surry Hills.

“No idea. I think he had a Malaysian background and took off back home. I spoke to one person in the building who knew of him, he was living in the building when they moved in 10 years ago, but they didn’t know him personally. He’s a mystery man.”

CoreLogic figures show the median sales price for a unit in Darlinghurst was $917,500 as of July 2017, with prices up about 10 per cent in 12 months. Mr Natoli said the price guide for Darley Street was so low because the place was “completely unlivable”.

“It’s pretty much like the person’s started renovating 10 years ago and [left],” he said. “There have been water leaks from the laundry directly above, a lot of leaks in the roof, cracks in the walls in the bathroom. It’s only 32 square metres as well.”

But it has an incredible view.

Its owner mysteriously vanished 10 years ago.

It’s being sold off to recover more than $200,000 in debts.

Despite the damage, Mr Natoli said he believed the water issues had since been fixed and the building, while “very old” — it was built in 1930 — was “actually really good to be honest”.

The property listing warns buyers it is in a “completely unrenovated condition and in need of some TLC”. Ray White says it has attracted interest both from first home buyers and property investors, who could expect $450 a week in rent.

“From its top floor vantage point in the iconic Ballina Art Deco building, this light filled studio apartment captures an elevated district outlook that sweeps around to the city skyline,” the listing reads.

“All the elements of entry level or investment success are here with bright interiors, an excellent lifestyle location and fantastic scope for a creative update or renovation to add tremendous value.

“It offers an exceptionally well positioned home ideal for renovators seeking an undercapitalised property that’s within walking distance to the local cafe and wine bar scene, a choice of transport options and the CBD.”

According to the agent, highlights include “prime position on the north east corner of the building”, “capturing excellent natural light and air crossflow”, “open plan layout with timber floors throughout”, “separate kitchen area, built in storage and original features”, “good sized bathroom with full bathtub and shower” and an “immaculate period building with intercom and lift access”.

Last year, a squatter who took over a dilapidated $1 million Redfern terrace — left to ruin after its Chinese-born owner disappeared in 1991 — abandoned his bid for adverse possession following a protracted battle with neighbours.

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