Block of flats sell prior to auction in Cremorne Point for $3 million plus

A block of flats in Cremorne Point sold prior to its scheduled June auction for a little over $3 million.

Located on Kareela Road, the property boasts harbourfront views and overlooks Mosman Bay.

The ground floor features two two-bedroom apartments, each with a sunroom, terrace, basic kitchen and bathroom.

The top floor features a four-bedroom penthouse with two bathrooms, and a one-bedroom apartment.

The 430-square-metre property has been with the same owner for over 50 years, with the units undergoing very basic maintenance over this time.

The apartments retain original sandstone and patterned ceilings and offer the potential to be redeveloped into luxurious waterfront apartments.

Listing agent Anthony Puntigam of BradfieldCleary says blocks of flats are proving to be a very popular choice with investors.

Puntigam says the purchaser has plans to remodel the apartments and eventually rent them out.

The median unit price in Cremorne Point is $700,000 and the Median Rent is $600 per week, according to RP Data.