You could own an entire apartment block in Paddington for $9.5 million
If you're looking for a home that will fit the whole family, check out this entire apartment block for sale in Paddington.
Listed for $9.5 million, the "well-maintained" building has been tightly held by the same family for over 60 years.
Set on a corner block, the charming Art Deco property contains a total of 12 apartments spread over three levels.
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It includes 10 one-bedroom apartments and two two-bedroom apartments, with the lower ground level featuring a laundry and storage area.
The property is currently listed for sale by Anna Chen and Randall Kemp from BresicWhitney Lower North Shore and Angus Windred and Luke Williams from CBREwith an auction scheduled for November 1 at 9am.
Ms Chen said that what sets this property apart is its "rarity".
"Entire apartment blocks of this size rarely come to market in Paddington," she said. "The fact that this is the first time in over 60 years that 57 Regent Street has been offered to market underscores just how unusual this opportunity is."
The listing states the property is a "rare and iconic corner investment in Paddington" with the site falling under R1: General Residential zoning.
Ms Chen said the strata-titled holding offered potential buyers many attractive opportunities.
"The property offers scope for both redevelopment and renovation, depending on the buyer's vision," she said. "Equally compelling is the potential for thoughtful renovation - modernising interiors, improving amenities, and reconfiguring spaces to enhance value while respecting the building's character.
While she acknowledged that Paddington has heritage considerations, there would be pathways available for buyers keen to those explore redevelopment options.
"In the short-term, the existing tenancies provide income stability, while the long-term opportunity for capital growth makes this a trophy investment or potential intergenerational home," she said.
For those considering a savvy turnkey investment opportunity, the market income when the building is fully leased comes in at approximately $442,000 per annum.
Paddington is a vibrant suburb in the inner east of Sydney. It is located only 3kms from the central business district and is the site of many shops, restaurants and cafes.
Known for its tree-lined streets and old-world terrace houses, the suburb is also home to many sophisticated boutiques and high-end art galleries.
The median house price is currently $3.66 million, while the unit price is $1.26 million.
The coveted suburb is popular with families, professionals and downsizers due to its proximity to the CBD and access to green spaces including Centennial Park, Moore Park and the Sydney Football Stadium
Regent Street is conveniently located within walking distance to Allianz Stadium, Sydney Cricket Ground and Fox Studios, and is zoned for Paddington Public School.
57 Regent Street, Paddington is currently listed for sale by Anna Chen and Randall Kemp from BresicWhitney Lower North Shore. The price guide is $9.5 million. An auction is scheduled for November 1 at 9am.
Originally published as You could own an entire apartment block in Paddington for $9.5 million
