Buyers eye-off prize Mermaid Beach apartment block

54-56 Albatross Avenue, Mermaid Beach, is up for sale for the first time in 27 years.

Buyers have a rare opportunity to acquire an entire block of units in the prestigous beachside suburb of Mermaid Beach.

The seven strata-titled apartments over four levels at 54-56 Albatross Avenue were built in 1994 as the prize in the RSL Art Union’s first Golden Treasure draw.

It is the first time any of the units in the block, named “Golden Horizons”, have been offered for sale since Ross Rusling, the lucky winner of the raffle, took over ownership of his prize almost 30 years ago.

The penthouse has ocean views.

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Mr Rusling, who was living and working in Arnhem Land in the Northern Territory at the time, couldn’t believe his luck when he received the call, but it didn’t take him long to pack up his belongings and move into the penthouse of the block in the exclusive Nobby Beach precinct, where he has remained.

He rented out the other six apartments, which continue to be leased and can provide a prospective buyer a healthy rental income.

There are seven apartments in the four-level block.

“That would be my preference,” Mr Rusling said. “I would love it to stay the same but it’s more likely that someone will knock it down and build something new. I don’t have any control over it once I let it go. That’s just the way it is.”

For Mr Rusling, who has taken care of the maintenance of the block over the years, said it was time for him to make a change and the market conditions were right to sell.

The block was the first prize home in the RSL Art Union Golden Treasure draw.

He is bucking the downsizing trend and is hoping to exchange 27 years of apartment living for a larger house somewhere in the local area.

“I would like to stay in the area. I’ve made quite a few friends here over the years and I don’t want to lose those connections,” he said. “Nobby’s still has a village feel to it and I love living here.”

The apartments are rented but could be knocked down to build a dream home.

Buyers looking for a lifestyle change or business opportunity could continue to lease the apartments, which collectively have a rental income potential of almost $4000 a week.

The apartments are on an 809 sq m north-east facing beachside block on the corner of Wave Street and Albatross Avenue.

There is a basement level that accommodates up to 11 cars as well as six two-bedrooms units and the three-bedroom penthouse apartment with an undercover entertaining deck.

Idyllic Mermaid Beach.

Selling agents Luke Henderson and Andrew Henderson of John Henderson The Professionals said the block presented a super-rare opportunity from a motivated seller one of the Coast’s most exclusive suburbs.

Although only hitting the market a week ago, Mr Henderson said it was attracting interest, mainly from local buyers looking to knock it down or hold it for the rental income.

The property will go under the hammer on Sunday, July 25 at 9am, if not sold before.

It’s in a prime location on a corner block.