Lavender Bay apartment block for auction after 52 years ownership with $8 million hopes

A complex comprising of six apartments on Bay View Street, Lavender Bay will go to auction this Saturday with a price guide of around $8 million.

The apartment building comprises of three one-bedroom and three two-bedroom apartments and sits on 720 square metres of waterfront land.

The property features a 19-metre deep-water frontage, a private marina and a waterfront pool and boasts views across Lavender Bay to the Harbour Bridge.

The complex comes with an existing development application to create three luxury apartments or to transform the property into a grand single residence.

The same family has held the property for 52 years and family members currently live in some of the apartments.

Listing agent Todd Houghton from Raine and Horne North Sydney says interest has be strong with around 45 people inspecting the property.

Houghton says a couple of the apartments have been renovated however it’s a bit rough and ready and offers a great redevelopment opportunity.

The apartment building was constructed in 1899.

The gentleman who constructed it also built three similar apartment buildings on Bay View Street.

Houghton says the neighbouring number 7 property was turned into a duplex, with one apartment selling in November last year for $5.85 million.

The sister property located at 9 Bay View Street was converted into a signature family home and sold for $11 million in 2008.

Meanwhile, 3 Bay View Street is still the original apartment building.