InvestingSydney eastern suburbs block Brantwood Hall sells to investor for $5 millionSydney eastern suburbs block Brantwood Hall sells to investor for $5 million
Brantwood Hall, a block of 13 apartments in Edgecliff, in Sydney’s eastern suburbs, has fetched $5 million two weeks after being passed in at auction.
The New South Head Road listing sold under instructions from receivers had been tipped to fetch more than $5 million.
The four-floor Art Deco block comes with 12 apartments with one bedroom, living room plus sunroom, totalling about 58 square metres each. There is also a three-bedroom penthouse with about 300 square metres of top-floor space including balcony.
It has individual strata sale potential, according to its Ray White Double Bay selling agent Craig Pontey.
“The gross annual rental could be improved,” says conjunctional Ray White agent Violet Farebrother
Its current gross annual return is $270,000. After renovations with new kitchens in 1986 it was $110,000, reflecting just 3.6% annual growth during the past 25 years.
