BrickX purchase Double Bay apartment

BrickX, a new innovative trading platform that offers part ownership of properties, has bought a two bedroom Double Bay apartment. The initial entry price for investors will be $95.

The new fractional ownership platform, that allows the online purchase and the sale of 'Bricks', have paid $1.305 million for the Ocean Avenue property.

The recreated Art Deco apartment in the heart of Double Bay is a mid level apartment with grand-timbered entrance foyer, high ceilings and a marble bathroom.

Raine & Horne Double Bay selling agents Louise Snowden and Molly Bellemore described the home as 'a nod to Manhattan style'. There were three bidders including John Spender QC.

It last traded for $655,000 in 2010.

BrickX is offering an innovative way into the housing market for young home buyers, with fractional investments starting from as little as $67 in residential properties.

The Double Bay bricks will be initially priced at $95. The settlement date for the first buyers will be late October. There is debt funding on the acquisition. Its expected rent will be $850 a week.

Anthony Millet, the BrickX chief executive, said they were working towards having 100 properties. A waiting list has been commenced for potential investors in the Double Bay investment trust.

To read more about BrickX, click here.