This article is from the Australian Property Journal archive
TWO blocks of Sydney apartments, in Marrickville and Coogee, have been listed for sale.
The Marrickville building, at 11-13 Osgood Avenue, comprises 46 studio and one-bedroom units, whilst the Coogee site is a 24-apartment block at 326 Arden St. The units in each block are held by single owners.
The premium prices achieved on recent apartment block sales have spurred more offerings in the Sydney market, including 12 separate apartment owners joining together to offer their Queenscliff apartment block at 5 Pavilion St for sale, and returning more than $10 million at auction.
A block in Sutherland, featuring 18 two-bedroom apartments, at 30 Clio St and 50-52 Glencoe St also sold recently at auction for $8.85 million following 150 enquiries during the campaign.
The Coogee property has been in the same family for 85 years, and was redeveloped in the 1970s from a site comprising three terraces into its current form.
It is being marketed by CBRE agent Nick Heaton, who sold the Queenscliff and Sutherland properties, via an expressions of interest campaign closing August 4.
The Marrickville property is being marketed by CBRE’s Peter Vines via expression of interest closing August 25.
“Investors have the ability to create significant value by transforming all of the units into one-bedroom apartments to increase their rentals,” Vines said. “This will appeal to strata dealers who renovate and sell down whole unit blocks, and we believe there might also be potential interest from government agencies, affordable housing groups and other owner occupiers.”
Australian Property Journal
