The 38 square metre Potts Point, Sydney unit that fetched $684,000
A Potts Point one-bedroom bolt hole fetched $684,000 at weekend auction.
The one-bedder in the Gemini building last traded in 2007 at $405,000 when bought by the property developer Peter Gaunt and his partner, vet Dr Kevin Foster.
39/40 Victoria Street sold through McGrath agents Richard Bonouvrie and Laura Bitar who were quoting upwards of $550,000. It is a one bedroom, one bathroom third floor unit without car space.
The price represented $18,000 a square metre for the 38 square metre apartment with city views. It is among the late 1960s modernism style apartment blocks designed by Harry Seidler. The twin seven-storey Gemini apartment complex comes with rooftop pool.
It was up for rent recently with its asking rent falling from $650 a week to $580 a week over the month it was advertised.
Its sale at the last asking rent would reflect 4.4% yield. The building's highest prior sale was $560,000 last November which was put up for rent at $590 a week which eased to $570 a week earlier this year.
