Unit blocks a super idea for investors
Investors are viewing unit blocks as a great place to put their superannuation into.
Apartment blocks are hot property in the east as private investors hunt down prime property in a tight rental market. Melanie Lahoud of Ray White Commercial recently sold a block of nine apartments in Liverpool St, Rose Bay for $9.175m.
“The building was owned by a local investor for many years, and it ended up selling to another local family,” she said.
MORE: Entire Bondi Beach unit block to be sold as one
“There’s a really strong demand for blocks of units in the east. More often than not we’re finding local investors are buying for their super funds. When buyers turn out at auction they seem to be the number one bidder rather than those looking to split them up into strata apartments.”
This original block of 11 apartments at 55 Gould st Bondi Beach will be sold as one.
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The unit block market remains a flurry of activity, especially around Australia’s most popular beach. Last week the Wentworth Courier’s Property of the Week was an original block of 11 apartments at 55 Gould St marketed with DA approval for four luxury units and an undisclosed price guide through Gavin Rubinstein.
Now Knight Frank has added two more to the pile with four-unit art deco block The Pines at 88 Francis St listed via an EOI campaign expecting in the vicinity of $6.5m with James Masselos, Adam Droubi and Demi Carigliano.
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The four unit block at 88 Francis St Bondi Beach will be sold as one.
The trio has also listed a block of six at 3 Moore St with expectations of $7m.
Ken Jacobs of Forbes Global Properties has a dress circle block of six units on Campbell Pde asking $15m.
MORE: Latest in home prices from PropTrack
