Five downsizers sought $4.395 million Paddington apartment sale that topped Sydney auctions

Local downsizers bought a two-bedroom apartment for $4.395 million at its auction in Paddington

Five downsizers sought $4.395 million Paddington apartment sale that topped Sydney auctions
Five downsizers sought $4.395 million Paddington apartment sale that topped Sydney auctions

Five downsizers registered to bid on a prized apartment offering in the conversion of the 1905 Royal Hospital for Women that sold on the weekend for $4.395 million.

The two-bedroom apartment at 8/18 Flinton Street saw bidding open at the $3.7 million price guide.

The reserve was $4 million through Bresic Whitney agent Maclay Longhurst.

With 214sqm on title, the apartment came with level living house-like proportions.

It last traded for $1.61 million in 2005.

There was a $4,375,000 sale in March in the converted building in the Stockland Paddington Green development. 

Five downsizers sought .395 million Paddington apartment sale that topped Sydney auctions

The apartment came with 243sqm of living space and a north facing entertainer's deck.

Its price guide had been $1.4 million to $1.47 million.

Peter Chittenden, the managing director at Colliers Residential, wrote on his blog that Paddington Green was a large-scale, inner-city redevelopment of the former Royal Women’s Hospital site located two kilometres east of Sydney’s CBD.

"A unique aspect of the site, and something in common with Newmarket was the fact that the development comprised several (seven) precincts.

"These comprised a mix of terrace houses and apartment buildings designed by three different and highly regarded architectural firms.

"Construction started in 1999 and included 5-6 storey residential apartment buildings with basement parking (common across the entire site) and a pool.

"Plus, there were a variety of small mainly two-level, apartment buildings and the adaptive reuse of one of the existing 1905 free-standing hospital wings."

There was also office space and retail premises and a plaza fronting Oxford Street and in the final stages a large new park on Glenmore Road.

In total Paddington Green delivered some 130 dwellings with the intention of the developers Stockland to deliver a modern interpretation of the surrounding Victorian terraces alongside the new apartments and with varied scale.

CoreLogic calculated there was a 63 percent success rate from 625 apartment and townhouse auction offerings.

The success rate from the 2066 houses was 76 percent.

Sydney apartment vendors saw a 70 percent success rate compared to Melbourne's 56 percent.

There were 312 offerings across Sydney compared to 268 across Melbourne.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Sydney Apartments Paddington

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