$85 million offer made on Potts Point apartment block The Chimes

$85 million offer made on Potts Point apartment block The Chimes
$85 million offer made on Potts Point apartment block The Chimes

Amid the coronavirus lockdown, some luxury apartment developers have an eye on the future.

There has been a conditional $85 million offer made for the purchase of every apartment in The Chimes, a 1960s Potts Point apartment block.

It has been made by the boutique Melbourne-based developer, Time & Place Property, founded by developer Tim Price in 2015, who would end up paying about $1 million per apartment.

The Macleay Street block is best known for its pricey car space prices rather than its 80 studio apartments.

In 2016 an undercover car space fetched $264,000 which was a Sydney record. 

Set at the plane tree-lined Parisian end of the strip, 45 Macleay Street is a 10 storey building that sits on the McDonald Street corner.

Its value is the block sits on a 1268 sqm block of land.

The Chimes strata block was registered in 1964 after demolition of the historic row of Santa Fe 1905 Queen Anne style terraces.

The other end of the row remains with Justin Hemmes recently selling the premises to Tony Benjamin.

Given the COVID-19 slump in tourism, he's now seeking long term tenants, rather than his initial overnight stays offering.

The Chimes body corporate has signed a non-ainding heads of agreement with Time giving them eight weeks to advise if it wishes to proceed to the next stage.

The highest 38 sqm studio apartment sale was $825,000 in 2018 with Harbour Bridge and Opera House views from the eighth floor, plus a car space.

The cheapest recent sale was $520,000.

The original unit allocation is a tad simplistic as every unit no matter whether with a view of harbour view or car park is either seven (fn one floor) or eight in the remaining 10 floors.

The 27 car spaces each have one unit entitlement.

The building sits on less than a third of its 1280 sqm holding.

The strata was the 934th, with the first coming in 1961 at Lindsay Gardens was the world’s first ever strata-titled building at 189 Liverpool Road, Enfield.

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Tags: 
Potts Point Residential Development

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