Coogee block of Art Deco flats The Luxembourg attracts 250 inquiries in two days
An Art Deco block of flats 200m from the beach has attracted 250 inquiries in two days as another block — bought as a Christmas present 35 years ago — has sold before auction.
The latest offering is a block of eight two-bedroom apartments at 76 Bream St that’s up for September 30 auction via Paul Grasso and Steffan Ippolito of IB Property.
Interest is coming from builders and investors looking to do them up and sell them as individual units.
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The apartments are all a good size, ranging between 79 sqm and 95 sqm, much bigger than those in a block of six at 31 Dudley St — where units ranged in size from 48 sqm to 54 sqm — that the late owner had bought as a $285,000 Christmas gift for his wife in 1986.
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They’ve sold ahead of a virtual auction scheduled for this Saturday for just over the $5m price guide.
Although there’d been a lot of interest initially, many were disappointed by the size of the units when they saw them. There were still three buyers keen this week and the purchaser was a local Coogee investor who will do a refurbishment next year and keep it for his kids.
Grasso and Ippolito aren’t nominating a price guide for the Bream Street block.
Property records show it’s owned by former commercial lawyer Tom Hardwick, who owns Guardian Childcare & Education and Coogee Wine Room.
He’d bought the block for $8m in 2016 and in the years since has gutted a couple of the apartments and done some improvements to the bathrooms.
There’s also a development application lodged at Randwick Council for alterations, including rear balconies.
The estimated rent potential of the units is $410,000 per year.
But there’s potentially big profits to be made from savvy investors who purchase the block and sell the apartments off individually.
A 51 sqm one-bedder at 5/55 Bream Str sold for $987,500 last week via NG Farah agent Adrian Bo.
And a refurbished block of six apartments with balconies and beach views at 32 Arcadia St, Coogee, sold for $8.2m off-market via Ballard Property’s James Ball on August 11.