block of apartments

’$1m each’ – Whole unit block expected to fetch $45m

PHOTO: Plenty of investor upside. Picture: Supplied

An entire block of apartments with sweeping views of Sydney Harbour’s greatest assets has hit the market with price expectations of $45 million – approximately $1 million per property.

The Potts Point building of 45 apartments was built in the 1960s and is for sale for the first time after being tightly held in one family for more than half a century.

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Steffan Ippolito, director of IB Property, is marketing the rare residential tower which sits on a prized 1205sq m parcel at 117 Victoria St.

In its current form, the building features postcard panoramas of the CBD skyline capturing the Sydney Harbour Bridge and Opera House. Picture: Supplied

In its current form, the building features postcard panoramas of the CBD skyline capturing the Sydney Harbour Bridge and Opera House. Picture: Supplied

He said the once-in-a-generation listing represented an extraordinary purchase for developers and investors wanting to capitalise on the building’s unique position.

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“In my 22 years in real estate I’ve never seen anything like this in Potts Point. It’s on a large block with a dual street frontage as well as an irreplaceable view that you’re just not going to get elsewhere,” he said.

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In its current form, the building features postcard panoramas of the CBD skyline capturing the Sydney Harbour Bridge and Opera House.

Mr Ippolito said while the property is a gem for developers seeking a prime location with multimillion dollar views, it is a solid cash cow as is.

Inside one of the units. Picture: Supplied

Inside one of the units. Picture: Supplied

Currently the Victoria St site has 34 one-bedroom apartments, 10 studio apartments and one two-bedroom apartment with parking for 18 cars. Picture: Supplied

Currently the Victoria St site has 34 one-bedroom apartments, 10 studio apartments and one two-bedroom apartment with parking for 18 cars. Picture: Supplied

“It’s very rare to get a development site that actually has substantial income. Whoever buys this, they’re sitting on cash flow from day one. And that income will allow them the time to get DA approvals and ride out the current building challenges,” he said, adding that his private vendors were unwilling to reveal the annual earnings of the block.

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Currently the Victoria St site has 34 one-bedroom apartments, 10 studio apartments and one two-bedroom apartment with parking for 18 cars.

There is potential to take advantage of the extra floor space permissible under the current planning controls. Picture: Supplied

There is potential to take advantage of the extra floor space permissible under the current planning controls. Picture: Supplied

He added there is potential (STCA) to take advantage of the extra floor space permissible under the current planning controls which permit a gross floor area of 3012.5sq m, but reiterated that the premises is only zoned for residential use only.

“Properties like this come up once in a generation – we are expecting significant interest from a variety of parties.”

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Located within 300m of Kings Cross Station, and in the midst of the gentrified neighbourhood’s bustling restaurant and bar precinct, the Potts Point property is listed through an expressions of interest campaign which closes at 4pm on August 25.

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