This article is from the Australian Property Journal archive
AN older-style art deco apartment block in Sydney’s eastern suburb of Edgecliff has been traded between private families at auction for $33.25 million.
Having been held in the same family for 80 years, the new owner of the Eynesbury building likewise intends for asset to be passed down over generations.
The 22 Albert Street property comprises 11 three-bedroom apartments and a 402 sqm penthouse – occupied by the vendor – across a total floor area of 1,290 sqm.
Fully leased it returns $690,000 per annum, reflecting a 2% yield on the sale price.
CBRE sold the property in conjunction with Ray White Commercial.
This is the second apartment to change hands in Sydney in a week, after a 1970s block in Glebe sold for $10 million.
The 2 Rosebank St property comprises 33 apartments and sold with a fully leased gross income of $524,836 p.a. JLL’s Paul Hunter and Gary Mason marketed the property and sold it via Auctionworks.
Australian Property Journal
