An apartment block in Sydney’s Inner West has been snapped up for $12.5 million at auction in the latest showing of buyers hunting for safe long-term investments.
The Balmain apartment complex, at 24 Wisbeach Street, consists of 12 one-bedroom units and six two-bedroom units, making up a total of 1,062 sqm and a net lettable area of roughly 918sqm.
CBRE’s Matt Fenn, Nicholas Heaton and Adam Droubi helped negotiate the sale of the Sydney property which attracted considerable attention due its proximity to Balmain’s popular Darling Street and waterfront.
Balmain is an affluent suburb known for its private peninsula location and excellent access to the CBD, inner west and northern suburbs.Matthew Fenn – CBRE
The highest bidder decided to purchase the property as a long-term investment with a view to capitalising on the property’s cash flow and rent reversion potential.
The buyer was attracted by the location and viewed this as a relatively safe investment offering a return that was better than cash in the bank and less volatile than the stock market.Matthew Fenn – CBRE
The standalone apartment block also features 24 car accommodation and has an estimated fully leased gross yield of 3.8% and a passing yield of 3.1%.
24 Wisbeach St, Balmain, NSW 2041
Mattew Fenn – 0416 925 444
Nicholas Heaton – 02 9333 3565
Adam Droubi – 0420 807 090