{"id":39712,"date":"2022-07-25T10:13:23","date_gmt":"2022-07-24T22:13:23","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=39712"},"modified":"2022-07-25T10:13:23","modified_gmt":"2022-07-24T22:13:23","slug":"1m-each-whole-unit-block-expected-to-fetch-45m","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/1m-each-whole-unit-block-expected-to-fetch-45m\/","title":{"rendered":"\u2019$1m each\u2019 \u2013 Whole unit block expected to fetch $45m"},"content":{"rendered":"

PHOTO: Plenty of investor upside. Picture: Supplied<\/strong><\/p>\n

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An entire block of apartments with sweeping views of Sydney<\/a> Harbour\u2019s greatest assets has hit the market with price expectations of $45 million – approximately $1 million per property.<\/p>\n<\/div>\n

The Potts Point building of 45 apartments was built in the 1960s and is for sale for the first time after being tightly held in one family for more than half a century.<\/p>\n

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Inside Wimbledon finalist Nick Kyrgios\u2019 plush Sydney penthouse<\/a><\/h2>\n<\/header>\n<\/div>\n

Steffan Ippolito, director of IB Property, is marketing the rare residential tower which sits on a prized 1205sq m parcel at 117 Victoria St.<\/p>\n

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\"In<\/div>\n

In its current form, the building features postcard panoramas of the CBD skyline capturing the Sydney Harbour Bridge and Opera House. Picture: Supplied<\/strong><\/em><\/div>\n

He said the once-in-a-generation listing represented an extraordinary purchase for developers and investors wanting to capitalise on the building\u2019s unique position.<\/p>\n

\"Kyle<\/a><\/div>\n
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Kyle Sandilands drops $3million on eight bedroom Sydney mansion<\/a><\/h2>\n<\/header>\n<\/div>\n

\u201cIn my 22 years in real estate I\u2019ve never seen anything like this in Potts Point<\/a>. It\u2019s on a large block with a dual street frontage as well as an irreplaceable view that you\u2019re just not going to get elsewhere,\u201d he said.<\/p>\n

\"Fat<\/a><\/div>\n
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Annalise Braakensiek\u2019s one-bedroom Potts Point apartment sells for $635,000\u2026 ten months after she tragically died<\/a><\/h2>\n<\/header>\n<\/div>\n

In its current form, the building features postcard panoramas of the CBD skyline capturing the Sydney Harbour Bridge and Opera House.<\/p>\n

Mr Ippolito said while the property is a gem for developers seeking a prime location with multimillion dollar views, it is a solid cash cow as is.<\/p>\n

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\"Inside<\/div>\n

Inside one of the units. Picture: Supplied<\/strong><\/em><\/div>\n

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\"Currently<\/div>\n

Currently the Victoria St site has 34 one-bedroom apartments, 10 studio apartments and one two-bedroom apartment with parking for 18 cars. Picture: Supplied<\/strong><\/em><\/div>\n

\u201cIt\u2019s very rare to get a development site that actually has substantial income. Whoever buys this, they\u2019re sitting on cash flow from day one. And that income will allow them the time to get DA approvals and ride out the current building challenges,\u201d he said, adding that his private vendors were unwilling to reveal the annual earnings of the block.<\/p>\n

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Model Annalise Braakensiek snares apartment in Potts Point<\/a><\/h2>\n<\/header>\n<\/div>\n

Currently the Victoria St site has 34 one-bedroom apartments, 10 studio apartments and one two-bedroom apartment with parking for 18 cars.<\/p>\n

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\"There<\/div>\n

There is potential to take advantage of the extra floor space permissible under the current planning controls. Picture: Supplied<\/strong><\/em><\/div>\n

He added there is potential (STCA) to take advantage of the extra floor space permissible under the current planning controls which permit a gross floor area of 3012.5sq m, but reiterated that the premises is only zoned for residential use only.<\/p>\n

\u201cProperties like this come up once in a generation \u2013 we are expecting significant interest from a variety of parties.\u201d<\/p>\n

\"Jesinta<\/a><\/div>\n
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Miss Universe Australia enjoys model investment return<\/a><\/h2>\n<\/header>\n<\/div>\n

Located within 300m of Kings Cross Station, and in the midst of the gentrified neighbourhood\u2019s bustling restaurant and bar precinct, the Potts Point property is listed through an expressions of interest campaign which closes at 4pm on August 25.<\/p>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

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