Double Bay Apartment Block Sales Smashes 2017 Auction Record

With only days left in the year, a block of apartments in Double Bay has crushed the auction record by selling for $33.25 million - the single largest residential sale of 2017.

Located at 22 Albert Street, Edgecliff, the consecutive string of apartments were picked up by a local investor after being held by the same local family for more than 80 years.

CBRE Marketing agent Peter Vines who shared the listing with Craig Pontey and Evan Williams of Ray White Double Bay said the current total rent income was $690,000 per year for “a very low two per cent yield”.

“We had interest from some of the most astute and weathiest property investors in Australia and overseas," Mr Vines added.

“The bidding was extremely competitive with over 30 prospective buyers in the room wanting to buy this amazing trophy asset."

The apartment block comprises 10 three bedroom apartments plus a 400 square metre penthouse, set atop of Edgecliff's highest point ensuring Sydney Harbour views from every apartment.

Ray White Double Bay director Craig Pontey said the property had received overwhelming interest during its four week campaign.

"With interest rates still very competitive at the moment it was a great time to lock in long term funding,” he said.