A private investor has splashed out $12,500,000 for an apartment block in Sydney’s inner-west in the latest example of buyers searching for safe-haven investments.
The 24 Wisbeach Street, Balmain block was sold at auction on an estimated fully leased gross yield of 3.8% and a passing yield of 3.1%.
CBRE’s Matt Fenn, Nicholas Heaton and Adam Droubi negotiated the sale of the standalone apartment block, which is situated close to the waterfront and Balmain’s popular Darling Street retail and dining strip.
The buyer acquired the block as a long-term hold with a view to capitalising on the property’s cash flow and rent reversion potential.
“Balmain is an affluent suburb known for its private peninsula location and excellent access to the CBD, inner west and northern suburbs,” Mr Fenn said.
“The buyer was attracted by the location and viewed this as a relatively safe investment offering a return that was better than cash in the bank and less volatile than the stock market.”
The block occupies a site area of circa 1,062sqm and has a net lettable of approximately 918sqm.
It includes six studios, 12 one-bedroom and six two-bedroom apartments, with 24 car spaces and additional visitor parking.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.