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Smart money buys big blocks

Property Markets / Transactions

Australia

May 18 2018

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A block of apartments, with DA approval imminent, located in the tightly held suburb of Rose Bay is on the market through Colliers International.

Aon Ari Property Fund are divesting the block of six two bedroom and one bedroom apartments at 686 Old South Head Road, and have engaged James Cowan, Matt Pontey and Miron Solomons of Colliers International and Craig Pontey of Ray White Double Bay to handle the sale.

The block is well located in the affluent area of Rose Bay, next to the Rose Bay North Shops, and near prominent schools Kincoppal and Kambal. The property enjoys its close proximity to the main bus transit line to Bondi Junction connecting to the city.

“This is 690sqm of underutilised land, located in one of Sydney’s most highly coveted and prestigious areas,” said Matt Pontey, Senior Executive Investment Services at Colliers International.

“Big Blocks are still hot property; they are trophy assets with good fundamentals, a flight to quality, generating secure long-term holds.

“According to the ABS, the Sydney residential market requires 330,259 new dwellings in the 10 years to 2028, however, on average over the past 10 years only 18,000 apartments per annum have been completed due either to financial or planning constraints,” said James Cowan Executive, Investment Services at Colliers International.

“Due to this compound undersupply, and the 33,000 required dwellings per annum, we are of the opinion the residential market will continue to display recurrent growth.’

“With comparable two bedroom strata apartments selling well in excess of $1,000,000 each, and recent in-one-line sales in surrounding suburbs, we are expecting a firm result in excess of $6,000,000.”

This sale marks the second venture between the Pontey duo, who sold a $45 million asset in Double Bay last year. 

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