Apartment block near new Crows Nest metro up for May 28 auction

66 Ernest St, Crows Nest goes to auction on May 28.

It’s one of the last remaining freehold apartment blocks in Crows Nest and the three-storey walk-up is full of potential.

The block of 15 one-bedroom apartments on 860sqm at 66 Ernest St, Crows Nest is one of four opportunities on offer in inner Sydney by CBRE currently worth a combined $35m, says CBRE’s Angus Beevers.

And the location is top-notch — it’s just 350m away from the new Crows Nest Metro station that opens this Sunday.

“It’s a huge bonus, with the potential rezoning, infrastructure and amenity — being able to hop on the train and be a few minutes to the CBD or further north, it revitalises the Crows Nest precinct,” Mr Beevers says.

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Fast train to Crows Nest … the Metro open day is this Sunday. Photo: Tim Pascoe

Being so close to this is a bonus.

But as he says, apartment blocks are a “hot topic” at the moment.

“There’s a shortage of housing stock as we know, and blocks of apartments are a defensive asset — people can put their money into them and enjoy capital growth over time and typically there’s lots of value add.”

The Crows Nest block, long-held by a local family, features apartments with private balconies and 15 car spots.

The estimated market gross income is $400,000 per year or significantly more if run as short-term rental accommodation.

The block consists of 15 one-bedroom units.

There are 15 off-street car spots.

The block has three frontages to Ernest St, Sophia St and Ernest Lane, close by the Metro.

It’s also close to Royal North Shore Hospital and only 4km to the CBD and goes to auction on May 28.

The other blocks in CBRE’s books include a new Surry Hills block called Rosie at 117-119 Foveaux St; a block of 14 at 15 Fowler St, Camperdown and block of eight one-bedders on Dolphin St, Coogee.