Rare ‘early Harry Triguboff block’ sold for $11m
A tightly held block of units has sold for a huge multimillion-dollar price at auction, surpassing its price guide by $500,000.
Desire for blocks of units has surged, with the Lane Cove block of 16 apartments selling for a staggering $11m under the hammer.
Consisting of eight one-bedroom units and eight two-bedroom units, the auction lured seven registered bidders with five of them active.
MORE: The Block stars ditch ‘sumptuous’ project
96 Burns Bay Rd, Lane Cove.
The block was sold by Ray White Commercial Eastern Suburbs agent Zorick Toltsan and Ray White Double Bay agents Melaine Lahoud and Breanna Skewes.
“I wish I had more blocks of units,” Mr Toltsan said.
Mr Toltsan set the guide at $10.5m.
He said units blocks were quite rare to come up in Lane Cove, and on top of that – they were tightly held.
MORE: ‘No other’: Private island sold for $228m
“A lot of people hold on to their unit blocks, especially with the current rental demand.”
A brother and sister duo sold the block at 96 Burns Bay Rd after holding on to the units for 50 years.
The units still looked in good nick.
The property sold to neighbouring business, the Vasey Group.
“Majority of the bidders were investors and one or two strata traders. The group that bought it were the next door neighbours,” he said.
The next door neighbours who came out on top were The Vasey Group, a retirement group who specialise in independent living for over 55 year-old residents.
“They’ve now created a 5000 square metre block,” Mr Toltsan added.
There were rumours that the block was one of the early works of ‘High-rise Harry’ Triguboff, managing director of Meriton.
Harry Triguboff, Managing Director Meriton Apartments.
Mr Toltsan said those rumours have now been quashed.
Reports show the site was generating an annual income for $450,000.
The Vasey Group had planned to keep the site as is and decide what to do with it in the future, according to Mr Toltsan.
The neighbouring Vasey property, ‘Northcott Gardens’ includes secure modern units for over 55’s where residents can enjoy “village art classes or tend to the gardens,” according to its website.
MORE: ‘Breaking point’: scary number of borrowers behind on loan
