One of the Eastern Suburbs’ largest unit blocks has been sold to a passive investor for circa $20 million, representing a 1.5 per cent return.
The block of 27, two-bedroom apartments was built in the early 1970’s by the Bergman family and has been held in the same ownership since construction.
Situated on a significant 2,309sqm parcel of land, the battle-axe property features a shared pool and under-cover parking for 25 cars.
CBRE’s Gemma Isgro, Nicholas Heaton and Paul Grasso negotiated the sale of the 10 Henrietta Street, Waverley property.
“We fielded in excess of 400 enquiries throughout the campaign, which led to 60 inspections conducted and 35 contracts issued from an array of buyers including developers, unit block traders and educational groups” Ms Isgro said.
Mr Heaton said the property attracted significant interest from ‘generational holders’ - high net-worth families looking for a passive investment to pass down to future generations.
“These assets are popular with investor families as they provide stable income and are easy to maintain for long-term family ownership,” Mr Heaton added.
“The property ultimately sold to a passive investor who intends to hold the property for its secure return.”
10 Henrietta Street represents Sydney’s largest unit block transaction since the CBRE managed sale of 12 Albert Street, Edgecliff, in November 2017 for $33 million.
The block of 27, two-bedroom apartments was built in the early 1970’s by the Bergman family and has been held in the same ownership since construction.
Situated on a significant 2,309sqm parcel of land, the battle-axe property features a shared pool and under-cover parking for 25 cars.
CBRE’s Gemma Isgro, Nicholas Heaton and Paul Grasso negotiated the sale of the 10 Henrietta Street, Waverley property.
“We fielded in excess of 400 enquiries throughout the campaign, which led to 60 inspections conducted and 35 contracts issued from an array of buyers including developers, unit block traders and educational groups” Ms Isgro said.
Mr Heaton said the property attracted significant interest from ‘generational holders’ - high net-worth families looking for a passive investment to pass down to future generations.
“These assets are popular with investor families as they provide stable income and are easy to maintain for long-term family ownership,” Mr Heaton added.
“The property ultimately sold to a passive investor who intends to hold the property for its secure return.”
10 Henrietta Street represents Sydney’s largest unit block transaction since the CBRE managed sale of 12 Albert Street, Edgecliff, in November 2017 for $33 million.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
