A strata-titled apartment block comprising of four split-level units in the heart of Sydney’s eastern suburbs has sold under the hammer for $4.6 million, a whopping $600,000 over the reserve price. 

The property at 8-10 Abbotford Street in Kensington was hotly contested given the highly valuable on-grade parking and proximity to key transport links and Randwick Town Centre.  Cooley Auctions controlled the auction and ultimately knocked the hammer down.

Interest was incredibly high throughout, with over 200 enquiries and 43 inspections, as the auction attracted a total of 14 bids. The property was eventually secured at auction by a local family who intend to renovate the building and the apartments, then re-let them. 

The Colliers team of James Cowan, Charles Raine and Steam Leung, in collaboration with Peter Goulding of NGFarah, sold the property, with it ultimately secured by an investor. 

“This transaction highlights the effectiveness of a well-executed auction strategy in generating strong interest and competitive bidding. The campaign attracted a wide range of buyers, which wasn’t surprising given the attractive price point and premium location in Sydney’s east,” Mr Cowan said.

“With zoning for a R-3 Medium Density Residential, the property was highly desirable with incredible demand for assets in the current market. The recent interest rate cut and the premium nature of the Eastern Suburbs provides the perfect auction conditions, with high demand expected in the future,” Mr Raine said. 

“Real estate investors still have an appetite to secure quality buildings in excellent locations and that there is still depth in the market from residential investors seeking return and capital growth,” Mr Goulding said. 

 Anzac Parade and surrounding streets are full of boutique shops, trendy cafes, and world-class dining options, all just a short walk from the property.