The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a TUD+ Membership for your team? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
On Demand

Fireside Chat | Inside GemLife With Adrian Puljich

Building Australia's Newest Airport: Multiplex

The Makers Of The Mondrian | Design, Vision And Delivery Behind One Of Australia’s Most Anticipated Luxury Hotels

Next Gen Now | How Emerging Developers Are Redefining The Game

View All >
Latest News
Interiors

Inside the Making of Mondrian’s Iconic Design

Partner Content
4 Min
Development

Brookfield, GPT, Charter Hall, MSCI Join CRE Summit

David Di Marco
4 Min
Office

Golden Age Completes $180m 130 Little Collins Street Tower

Lindsay Saunders
3 Min
Lendlease and Mitsubishi Estate Asia are topping out sales books and construction on the One Circular Quay tower which could boast the most expensive apartment in Australia.
Residential

Sydney Penthouse Poised to Be Nation’s Priciest Home

Renee McKeown
2 Min
View All >
Events
Summit

Commercial Real Estate Summit

Summit

Urban Leader Awards

One-Day Course

Property Development Masterclass Series

Lunch

Long Lunch Series

View All >
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
SHARE
print
Print
ResidentialStaff WriterTue 02 Sep 14

Buyers Pounce On Sydney Apartment Blocks

N

Highly competitive bidding has resulted in the sales under the hammer of two Sydney apartment blocks for a combined total of $13.55 million.

Residential unit blocks are experiencing unprecedented levels of enquiry, as investors and developers look to take advantage of strong rental growth and capital gains.

In auction sales this week a unit block at 818 Victoria Road, Ryde has sold at auction sold for $7.85 million while a Redfern block at 31 Chelsea Street sold for $5.7 million. Both deals were negotiated through CBRE.

The auction sales follow CBRE’s recent sale of 25 Western Crescent in Gladesville – a block of nine, two-bedroom units which fetched $4.035 million after receiving over 150 enquiries during the five week campaign.

The largest of the most recent sales involves 818 Victoria Road, Ryde - a three storey property comprising 18 two bedroom strata units, all with parking and balconies.

Peter Vines from CBRE said the campaign had attracted over 150 enquiries – well above the typical level for a commercial campaign, which was in the order of 50 enquiries.

Eight interested parties were in the auction room, helping to drive a sale result well above expectation. Mr Vines said the price paid by the buyer - a family trust - was close to that which could be achieved from selling each unit separately.

“These type of properties don’t come to the market very often so the demand is extremely strong due to the solid fundamentals that this style of asset offers, including strong rental increases, capital growth and, overall, a potential to add-value to the property,” Mr Vines said.

“We are seeing a mix of private investors and developers enquire when this style of property is listed for sale. Private investors (who are often purchasing for their SMSF) are attracted to the strong residential leasing market and the constant flow of income. Some also choose to renovate as each unit becomes available in order to increase the rent.”

“Developers see the units as good investments and generally choose to renovate the block before selling each unit individually, especially in the current hot residential sales market."

Also sold under the hammer this week was 31 Chelsea Street, Redfern comprising 15 one bedroom units. The four-storey property benefits from car spaces with every unit.

CBRE’s Tim Grosmann said the property was a deceased estate that had been acquired by private property trader Mike Lowry of Pelican Properties.

Four bidders were chasing the property at this week’s auction, helping to drive the strong sale outcome.

ResidentialAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
TOP STORIES
Mirvac Liv Anura BBQ amenity
Exclusive

Mirvac Monopoly: BtR Pioneer Plots East Coast Domination

Leon Della Bosca
9 Min
The Urban Developer Industrial and Logistics Summit 2025
Exclusive

Keeping the Lights On: Growing Pains Jeopardise Industrial Boom

Vanessa Croll
8 Min
Exclusive

What’s Driving Pro-invest Push into ‘Underserved’ Micro-Apartments

Taryn Paris
6 Min
Sud-slingers are back in action in 2025, with the Sydney market recovering after years of disruption.
Exclusive

Sydney Pub Market Rebounds After Post-Covid Lows

Patrick Lau
5 Min
Gelephu Mindfulness City: Bhutan how a city of the future is planned
Exclusive

Bhutan’s Mindfulness Masterplan Resetting How Cities Work

Renee McKeown
8 Min
View All >
Article originally posted at: https://www.theurbandeveloper.com/articles/buyers-pounce-on-sydney-apartment-blocks