An apartment block on Sydney’s Lower North Shore is up for grabs, with its size and location making it a potential goldmine for savvy investors.
Listed with CBRE’s Toby Silk, Nicholas Heaton and Jason Lowry, the eight-block complex is expected to sell for around $6 million, with the current owner looking to explore other investment opportunities.
With seven of the eight units currently occupied and the potential for redevelopment, the 842 sqm site is sure to catch the eye of a variety of interested parties.
“Investors will be attracted to this multi-tenanted investment as it’s almost fully-leased, with only one empty apartment which has been left intentionally vacant for the duration of the campaign to make inspection activity easier,” said Mr Silk.
We expect investors will add value through refurbishment and rental reversion; however, we also expect there will be an appetite to pursue a potential redevelopment play.Nicholas Heaton – CBRE
Positioned on a corner block, the Cremorne site overlooks Brightmore Reserve and is located in proximity to the harbour as well as public transports and popular retail stores.
“Through existing use rights, the property can potentially be developed into a modern apartment block development making better use of the site,” said Mr Heaton.
“Despite the property being in R2 Low Density Residential zoning, as it has apartments on the land, existing use rights means it could be extended or demolished and a whole new apartment block built,” he said.