Eynesbury, the tightly held art deco Edgecliff apartment block sold for $33.25 million

Eynesbury, the tightly held art deco Edgecliff apartment block sold for $33.25 million
Eynesbury, the tightly held art deco Edgecliff apartment block sold for $33.25 million

The Babington-Lees family, capitalised on strong market conditions, securing $33.25 million when their block of 11 units in Edgecliff went to auction tonight.

They have owned it for nearly 80 years.

The top bidder was wearing a cap promoting Woollahra's Hughenden Hotel, which recently sold to former Glencore executive, Vaughan Blank.

The underbidder for the trophy asset was wearing a polo shirt promoting Quantum, which is connected to the Burcher family who sail the yacht Quantum.

Michael Lowry bid to the low $30 millions. Eduard Litver did not place any bids. Richard Sheinberg attended the 6.30pm auction. Developer Philippe Remond had hoped to be in the mix.

Bidding opened at $15 million, with the agents having taken through around 200 groups during its marketing.

Auctioneer James Keenan formally announced it on the market when bidding passed $30 million.

The art deco building (above) cost £29,000 in 1938, three years after it was built.

The property was expected to fetch about $20 million when expressions of interest through CBRE and Ray White Double Bay were opened.

An unprecedented level of interest saw the campaign swapped to an auction sale.

Eynesbury, at 22 Albert Street, Edgecliff, has a rental return of $690,000 a year.

It includes 10 three-bedroom units each of about 164 square metres each.

There is one 400-square-metre penthouse, with harbour views. 

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Apartment Block Edgecliff

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