Art Deco block last traded for $28k with $8.35 per week rents for sale

2 Wills Ave, Waverley has expectations in the mid-$4m range.

An Art Deco block of flats in Waverley that last traded for $28k nearly six decades ago is set to hit the market.

And the rents back in 1968 were between $8.35 and $8.80 because of a controlled rent scheme.

The four two-bedders on a 400sqm block at 2 Wills Ave, known as Wills Court, are being sold in one line at a forthcoming auction with a guide in the mid-$4m range via Colliers apartment block specialist Paul Grasso.

The site is just 900m from Bronte Beach.

“It’s going to be attractive to wealthy mums and dads wanting to put their kids in there,” says Grasso.

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The Wills Court apartments had rents ranging between $8.35 and $8.80 per week back in 1968.

Today the two-bedders rent for $800 per week.

He’s also got a 1928-built character block of four large three-bedroom apartments, each with parking, just 500m from Balmoral Beach at 194 Spit Rd, Mosman, with an annual income of $312k.

That’s coming to market for the first time in 32 years and has hopes in the high $5m range.

The vendor at Wills Court, Ian Brightwell, says his late father was keen to buy the flats, just one in a sizeable portfolio across the east, because “a decent sized block of land that could be done up”.

When he first bought it the four tenants paid between $8.35 and $8.80 per week — for a total income of $46.95 — because of a controlled rent scheme left over from World War II that was designed to protect war widows.

These days, the flats each rent out for $800 per week, but he’s selling up now because of increasing land tax costs.

It’s expected wealthy families may buy them to house their children.

Developers may also be interested in the site.

Says Grasso: “The land tax means it’s not a sensible rental proposition — it’s a large chunk of land but just four units.”

Apart from being of interest to families, he’s expecting developers to be keen, who could potentially build a luxury duplex.

Grasso, an associate director at Colliers, says: “These listings represent the kind of generational assets that rarely come up for sale.

“We’re seeing a surge in demand for boutique apartment blocks in lifestyle suburbs, driven by a lack of new supply and strong interest from downsizers and investors alike.”

The launch of these two properties follows the successful sale of two other boutique blocks,

reinforcing the strength of the market.

194 Spit Rd, Mosman consists of four large three-bedroom apartments.

There are expectations in the high $5m range.

In Mosman, Colliers recently transacted 161–165 Middle Head Road for about $20m, following a highly competitive campaign.

The Art Deco walk-up comprises 10 residential apartments and two retail suites, with sweeping views over Balmoral Beach and the Sydney CBD.

Meanwhile, in Rose Bay, 483 Old South Head Road sold for $6 million, reflecting a 3.9 per cent net yield.

The property, which previously held DA approval for a 19-room hotel, was acquired by a buyer intending to retain the existing improvements, highlighting the enduring appeal of income-generating residential assets in prime locations.

Tom Appleby, Colliers National Director and Head of Sydney North, added: “Capital growth in this segment has been exceptional.