An Edgecliff apartment building held by the same family for almost 80 years has been listed for sale.
CBRE’s Peter Vines and Nick Heaton, together with Ray White Double Bay’s Craig Pontey and Evan Williams, have been appointed to market the 22 Albert Street property, which comprises 11 apartments on one title within a stunning art deco building. The building offers north facing views over Sydney Harbour.
Built in 1935, the seven-storey complex includes 10 three-bedroom apartments measuring approximately 164sqm each, in addition to a 400sqm penthouse with a second storey indoor and outdoor entertainment area. The apartments each have parking and a balcony, and currently return a combined income of approximately $690,000 with significant potential to increase. Features of its construction make it ideal for strata titling.
Mr Vines commented: “This property is one of the most exclusive investment opportunities to be offered in Sydney this year. It is a magnificent trophy asset that ticks every box with plenty of value-add potential. It is minutes’ walk from Edgecliff Station, the Edgecliff centre and Double Bay amenities.”
The property is bounded by some of the most affluent and robust markets in Sydney including Double Bay, Woollahra and Darling Point.
“Prices in these areas have compounded year on year with many downsizers looking to trade out of their family home and purchase units close to amenities,” Mr Vines added.
Mr Pontey said the property was expected to generate interest from across Australia as well as offshore, given the rarity of the offering.
“This is the first time ‘Eynesbury’ has been offered for sale since the original family purchased it in 1938. This extraordinary building constructed in the late art deco style and with world class build quality, must be seen,” Mr Pontey said.
The property is being offered for sale via an Expressions of Interest campaign closing 30th November 2017.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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:CBG), 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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
