Griffith family wins the day in Coogee in $18.5m unit block sell-up
224 Rainbow St, Coogee sold for $7.25m after an expressions of interest campaign.
A Griffith family originally from Italy has won the day in Coogee as agents sold three apartment blocks for $18.5m.
On offer were a block of six two-bedroom flats at 224 Rainbow St, Coogee; four two-bedroom flats at 37 Beach St, Clovelly and eight one-bedders at 9 Colindia Ave, Neutral Bay.
“Throughout the sales campaigns we generated over 900 inquiries and had over 90 groups inspect and more than 50 contracts out, which was a real testament as to where the market is headed,” said the CBRE sales agent Paul Grasso.
His CBRE colleague, Toby Silk, said: “Taking these assets to market, we knew they would be well received due to the tailwinds the apartment block sector is enjoying right now, but even we were blown away with the results.”
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The Coogee block featured six two-bedroom flats.
The last to sell was the Rainbow St, Coogee block, on offer in an expressions of interest campaign that closed last Thursday via the two agents. It fetched the highest price of the three blocks — $7,245,000.
“We had six offers and we did a tender with the two highest buyers …. the result was the highest price for any apartment within a 500sqm radius of the property,” Grasso said.
“Units are selling for $14,500 per sq m to $15,000 per sq m and we sold it for just under $19,000 per sq m.”
37 Beach St, Clovelly consisted of four two-bedroom flats.
A bonus was that each of the six apartments came with lock-up car spots.
The block had been owned by the Melick family for more than 50 years and the late patriarch was one of the builders.
The two other properties went under the hammer on Monday night at Damien Cooley’s Double Bay auction room.
The Neutral Bay block of eight one-bedders had Harbour Bridge and city skyline views.
The Clovelly block, with four car spots, sold for $5.35m and the Neutral Bay property, with Harbour Bridge and city skyline views and three car spots, fetched $5.7m, 20 minutes after the gavel fell.
These two blocks were owned by the same consortium.
The Neutral Bay block sale was with the assistance of the agents’ CBRE colleague Angus Beevers in conjunction with I.B Property’s Steffan Ippolito.
Ippolito was also the conjunction agent on the Beach St property.
