Lavender Bay apartment block sells for $8.1 million after 52 years ownership
A complex comprising of six apartments on Bay View Street, Lavender Bay sold at Saturday auction for $8.1 million, having been listed with a price guide of around $8 million.
The apartment building has three one-bedroom and three two-bedroom apartments.
It sits on 720 square metres of waterfront land with a 19-metre wide deep-water frontage, a private marina and a waterfront pool.
It 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.
The selling agent Todd Houghton from Raine and Horne North Sydney said interest was strong with around 45 people inspecting the property. There were seven registered bidders with three active in the competitive auction.
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.
