Two unit blocks hit the market amid strong buyer demand

A block of 13 units at 128 Parramatta Road in Camperdown, with one retail/commercial space on the ground floor, is being taken to the market via an Expressions of Interest campaign run by Anthony Pirrottina, Demi Carigliano and Adam Droubi of Knight Frank.

Price expectations for the property, which provides around 1,500sqm of building area with street frontages and parking via the rear lane, are north of $10 million.

The block has a mix of studio, one and two-bedroom units and is fully leased, with a staggered lease expiry profile, providing opportunity for significant rental uplift over the coming months.

The property currently has a gross passing income of just over $535,000 per year, but is estimated to have a potential gross income of $559,000.

Meanwhile, an art deco block of six units on a 468sq m site at 1 Woollley Street in Glebe is also up for sale, with price expectations of $6 million.

It is being taken to the market via an Expressions of Interest campaign run by Adam Droubi and James Masselos of Knight Frank.

The two-bedroom units are newly renovated and all have parking, with a projected gross income of $327,000 per year.

Mr Droubi said both unit bocks were in sought-after locations in inner Sydney.

“1 Woolley Street, Glebe offers an outstanding opportunity to purchase an Inner West trophy unit block located in one of Glebes most sought after streets, just footsteps from the suburb’s charming High Street,” he said.

“The property is situated in a leafy residential street, with the block within close proximity to landmark buildings including The University of Sydney, RPA medical precinct and St James Park.

“Camperdown is also a prime Sydney CBD fringe location, and 128 Parramatta Road is ideally located in a prominent street, a short walk from Sydney University and Royal Prince Alfred Hospital.

“Both properties also offer the opportunity to purchase quality properties with strong income.”

Mr Pirrottina said more than $33 million in unit blocks had been sold by Knight Frank in recent months over five sales, demonstrating the strong buyer appetite for the property type.

“With the residential market continuing to be strong, with an undersupply of rental properties relative to demand, we expect that unit blocks will continue to be sought after,” he said.

“We have had significant interest for these properties to date from both local and interstate investors.”

The Expressions of Interest campaign for the Camperdown property will end at 4pm (AEST) on Thursday, August 8, if not sold prior.

The Expressions of Interest campaign for the Glebe property will close at 4pm (AEST) on Thursday, August 15, if not sold prior.

For more details contact: Anthony Pirrottina, Demi Carigliano or Adam Droubi