This article is from the Australian Property Journal archive
BUYERS have raced to secure a Randwick apartment block, which sold under the hammer last Tuesday for $7.75 million, at a sharp 3.9% yield.
The 12 Dine Street property in Sydney’s south-east has a brick with nine two-bedroom apartments, each with their own parking space, and a gross return of $304,200 per annum.
CBRE’s Nicholas Heaton, Gemma Isgro and Paul Grasso marketed the property, which was auctioned by Jesse Davidson of Auctionworks.
It offers rental uplift opportunities, and potential to strata and sell down individually, and is positioned metres away from the Prince Wales and Sydney Children’s hospitals, and the Belmore Road commercial precinct.
On the same day, in the neighbouring suburb of Kingsford, a block of six two-bedroom apartments also changed hands at auction.
Offered for the first time in 50 years, the 515 sqm corner block at 42 Borrodale Road, sold for $6.52 million, some $1.5 million above reserve. N G Farah’s Martin Farah sold the property.
Australian Property Journal
