Waverley Investment Sold for $9.65 Million
An investment opportunity at Waverley in Sydney’s eastern suburbs has been sold at auction for $9.65 million by Ray White Commercial in conjunction with CBRE.
The tenanted apartment complex at 36 Albion Street, Waverley, was sold to a private investor by Anthony Vella of Ray White Commercial South Sydney and Nicholas Heaton of CBRE Sydney on behalf of a private owner for a yield of 2.8 per cent.
Anthony Vella said the marketing campaign for the complex on a land area of approximately 892 sqm attracted strong interest.
“We had more than 35 inquiries for the property and more than six bidders at the in-room auction,” he said.
“The property is returning gross rental of $270,000 per annum and there is potential to grow income with refurbishment.
“There was highly competitive bidding at the auction and the property sold under the hammer in a terrific result for both buyer and seller.”
Mr Heaton said the offering was one of the most secure residential investments offered in Sydney’s eastern suburbs this year.
“This is a proven and well-performing unit mix of 8 x 2 bedroom apartments and a 1 x 3 bedroom apartment,” he said.
“The building has generous parking with 14 lock up garages and two visitors parking bays and it is ideally located close to public transport, Queens Park, Bondi Junction and beaches.”