Waverton apartment block for sale after 26 years ownership

A recently refurbished Waverton apartment block has been listed for sale by a local couple who have owned and operated the building for 26 years. The block is expected to sell for circa $3.5 million.

Located at 46 Bay Road, the north-facing block comprises two three-bedroom units, two studio units and four off-street parking spaces. 

CBRE’s Toby Silk and Angus Beevers are managing the sale, with an auction being held on September 26, 2023. 

“This apartment block represents a solid investment opportunity with potential for growth. There’s an opportunity to increase rents in line with market rates and the potential to strata title the property (SCTA), allowing for the individual sale of units,” Mr Beevers said. 

Mr Silk added, “The property is set to capitalise from further rental growth fueled by the current rental crisis in Sydney. Market data reveals that median rent values have shot up significantly in recent years, with vacancy rates at all-time lows. This is set to continue with a surge in the number of international students and graduates in Australia and a lackluster housing pipeline.”