Block of apartments in blue chip neighborhood sells for $13 million

A quality apartment block in the blue chip suburb of Kingsford has sold for $13 million.

Located at 54-56 Meeks Street, Kingsford, the 1,391sqm property comprises eight apartments including six three-bedroom apartments and two five-bedroom apartments, plus 14 car spaces.

The vendor had bought the property in 2016. The property was sold to a private local investor.

Ray White Commercial South Sydney listing agent Phillip Elmowy said the rare investment opportunity had attracted a lot of interest.

“This first class blue chip investment block built in 2010 is located just a minute’s walk to the University of NSW and Kingsford shopping centre,” Mr Elmowy said.

“A block of eight apartments, the property has a potential income of approximately $412,880.

“It also has development approval for a strata subdivision.”

Ray White Commercial South Sydney agent Michael Khouri said their had been a lot of demand for similar properties in the area.

“Demand for eastern suburbs unit blocks has strengthened  this year, driven mainly by mum and dad investors and family offices wanting low risk, multi-tenanted assets,” Mr Khouri said.

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