Real Estate

Investor buys entire apartment block

Written by The ReReport

A three-way tussle for a block of four apartments in Mosman ensured that it yielded a strong result — selling for $6.75 million.

The result is $250,000 above the $6.5 million price guide.

A local property investor’s offer was accepted the day before Belle Property Mosman’s Tim Foote and David Smeallie were scheduled to take 7 Redan St to auction.

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The sale will see the vendors receive a premium for their apartments if the $6.75 million is split in four.

This would effectively see each apartment sell for $1.687 million, a long ahead of the last recorded sale in the building, which was a three-bedder in April 2014 for $1.160 million.

The four units were owned by two vendors, one who owns three and another who owns the remaining one.

The site comes with DA-approved plans with BKH architects for four luxury apartments. This would see the existing building modified and extended.

Mr Smeallie said the investor did not plan to take advantage of the DA associated with the property for the time being.

“They are looking at renting it out in the short term, but they may do some work to it,” he said.

“They are very happy to have got their hands on such a rare opportunity.”

He said that more buyers were wanting to secure something prior to auction.

“If they have found the right property they are increasingly wanting to make an offer and avoid an auction,” Mr Smeallie said.

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