Investor seals $20m deal for entire block of Sydney beachside apartments

A block of apartments in Waverley has sold for about $20 million, Sydney’s largest unit block transaction since an Edgecliff site sold for more than $33 million in 2017.

The 27, two-bedroom apartments at 10 Henrietta St were built in the early 1970s by the Bergman family and have been held in the same ownership all that time.

It’s unclear who has purchased the site, with CBRE’s Gemma Isgro, Nicholas Heaton and Paul Grasso saying only it was a “passive investor”.

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The Edgecliff block, at 22 Albert St that sold in November 2017, was snapped up at auction for $33.25 million by property investor Vaughan Blank.

That remains the highest price achieved at auction for a residential property in Australia.

The huge block of 27 units. Picture. Mark Merton

Blank is well known as a collector of property across the eastern suburbs and bought the 11 units amid rapid-fire bidding and a packed auction room in Double Bay.

CBRE had also been involved with that sale, in conjunction with Ray White Double Bay’s Craig Pontey.

This latest sale was negotiated by the CBRE agents.

“We fielded in excess of 400 inquiries throughout the campaign, which led to 60 inspections conducted and 35 contracts issued from an array of buyers including developers, unit block traders and educational groups” Isgro says in a statement.

Eynesbury, 22 Albert St, Edgecliff, sold for $33,250,000 in 2017.

Heaton says the property attracted significant interest from people he described as “generational holders” — wealthy families looking for an investment to pass down to future generations.

“These assets are popular with investor families as they provide stable income and are easy to maintain for long-term family ownership,” Heaton adds.

The 2309 sqm battle-axe block features a shared pool and undercover parking for 25 cars.

This article from the Wentworth Courier originally appeared as “Largest unit block sale in Sydney since 2017: $20m deal in Kensington”.