This article is from the Australian Property Journal archive
A MIXED-use apartment block in Sydney’s beachside suburb of Coogee has sold under the hammer for $7.95 million.
The 632.4 sqm building at 173-177 Coogee Bay Road, known as Pier Court Flats, has two one-bedroom apartments, five two-bedroom apartments and one three-bedroom apartment, and two tenanted ground floor retail suites on a 490 sqm site located 350m from Coogee Beach.
The retail spaces are occupied by a Thai massage business and a nail salon.
It sold with a gross income of $308,969 per annum, and at a building rate of $12,571.16 per sqm and land rate of $16,244.49 per sqm.
CBRE’s Nicholas Heaton, Gemma Isgro and Paul Grasso marketed the property, which was auctioned by Jesse Davidson of Auctionworks.
Australian Property Journal
