This article is from the Australian Property Journal archive
APARTMENT blocks in Sydney’s inner eastern suburbs brought to the market for the first time in 50 years have sold for nearly $20 million at auction yesterday.
A 1,100 sqm property in Woollahra with two apartment blocks of a total 24 one bedroom units traded for $14.66 million, while in neighbouring Paddington, a block of five two bedroom apartments fetched $4.725 million.
CBRE’s Paul Grasso, Gemma Isgro and Nicholas Heaton marketed 113 & 115 Edgecliff Rd in Woollahra, and Igro, Heaton and Nick Wheatley, also of CBRE, sold 21 Cooper St.
Both were touted as holding value add potential through refurbishment, rental reversion and strata subdivision.
The Woollahra property has three street frontages and a total floor area 1,291 sqm, and is 200 metres from Westfield Bondi Junction.
On 449 sqm of land, the 382 sqm Paddington block is a short walk to the Five Ways precinct.
CBRE has said the asset class now receiving 20% more enquiry than office, development sites or retail investments, and estimates enquiries have risen by 48% over the past year.
The Woollara and Paddington blocks were two of six offerings that CBRE have been marketing in recent weeks, with an estimated combined value of over $50 million.
CBRE recently sold 20 Alexandra St in Glebe fir $5.25 million after receiving 660 enquiries, and in August 10 Henrietta St in Waverley sold for $20 million after 460 enquiries.
