Designer Darren Palmer sells Potts Point trophy apartment

Interior designer and judge on The Block, Darren Palmer, has sold his Potts Point investment apartment for $540,000.

The property (pictured below) was listed in May with $550,000 hopes.

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Palmer bought the fifth floor art deco Cahors apartment in 2007 for $360,000, thereby reflecting overall 7% annual price growth. It's not known how much was spent on the apartment fitout but its renovation included the removal of two walls, installing nib walls and a new kitchen and new bathroom.

It is currently rented for $520 a week, reflecting a rental yield of 5.01%.

The 1938 building (pictured below) has 72 units above its pale-blue-tiled entrance and opulent foyer designed by Joseland & Gilling.

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The common area has Opera House and Harbour Bridge views.

It was sold by Matthew Nicastri of Laing Real Estate who had it listed inconjunction with colleague Anthony Birdsall.

The median apartment price in Potts Point is $422,500, a 9% growth in the past five years, according to RP Data.