Entire Rozelle apartment block for sale amid COVID-19 bounceback

An entire inner west apartment block has come up for sale as Sydney’s commercial property market shows signs of a bounce after the easing of COVID-19 restrictions.

The site at 3-5 Gordon St in Rozelle is privately owned by an investor and is being sold in one line with seven apartments.

Sitting near the centre of Rozelle, the site also offers the new owner the option to sell the apartments individually at a later date to form a strata complex.

Ray White Commercial director Samuel Hadgelias, who is selling the 656sqm site with colleagues Jeff Moxham and Steven O’Neill, says it is an opportunity that does not come up often.

“Assets like this are very rare in the inner city and are highly sought after when they come up,” he says.

The property has seven apartments that can generate an income of $255,060 per year.

“Buyers like them as they are a diverse investment and offer multiple income streams.”

The modern apartment complex is configured into six two-bedroom apartments and a single one-bedroom unit with eight car park spaces. The residences in the complex are described as being larger than a typical inner city dwelling and offer a good rental return.

It is currently yielding the owner a yearly gross income of $226,400 and has the potential to reach $255,060 per annum when fully rented.

“It also offers potential for strong capital growth in the coming years from either a rental uplift or sale price increase,” Hadgelias says.

The apartments are larger than typical inner city units.

It is expected to be popular with a mixed bag of buyers.

The Gordon St property is due to go to auction on July 16 and is expected to be popular with a range of buyers from mum and dad investors to super funds.

“The income potential of this property broadens the buyer pool to a diverse mix of parties chasing a secure investment,” he said.

Hadgelias says the commercial market is showing promising signs of growth following a wind back of COVID-19 restrictions.

“The market is strong and buyer confidence is surging in confidence as each week goes by,” he says.

A price guide is expected to be set in the coming weeks following market feedback.

This article from The Daily Telegraph originally appeared as “Rozelle apartment block up for sale as commercial market shows signs of COVID-19 bounce”.