University proxmity sees Kingsford apartment block fetch $13 million

A apartment block in the Sydney suburb of Kingsford has sold for $13 million. Located at 54-56 Meeks Street, Kingsford, its comprises eight apartments including six three-bedroom apartments and two five-bedroom apartments, plus 14 car spaces. The vendor had bought the the 1,391sqm property in 2016. The property was sold to a private local investor through Ray White Commercial South Sydney agent Phillip Elmowy. The investment block was built in 2010, just a minute’s walk to the University of NSW and Kingsford shopping centre. Mr Elmowy said there was a potential income of $412,880. “It also has development approval for a strata subdivision.” “Demand for eastern suburbs unit blocks has strengthened this year, driven mainly by mum and dad investors and family offices wanting low risk, multi-tenanted assets,” the selling agents said