AN EDGECLIFF APARTMENT BLOCK BOUGHT ALMOST 80 YEARS AGO IS EXPECTED TO FETCH ABOUT $20 MILLION

A block of 11 units with water views in Sydney’s eastern suburbs is set to be sold for the first time in almost 80 years.

The Babington-Lees family bought the art deco building for £29,000 as an investment in 1938, three years after it was built.

But in a tell-tale sign of the area’s soaring land values, the property is expected to fetch about $20 million.

The listing comes as investment banker Scott Malcolm and his wife Jane Taylor scored Sydney’s highest sale of the weekend when a local buyer agreed to pay more than $15 million for their trophy home Carmel, which is next door to the apartment block.

READ MORE VIA COMMERCIALREALESTATE.COM.AU