Coogee unit block bought by labourer Athanasios Grigora for $285,000 in 1986 has $5m guide
A Coogee block of flats that a labourer bought as a Christmas present for his wife in 1986 has hit the market … now their kids are in for an incredible windfall.
The Art Deco block of six of two-bedders at 31 Dudley Street — which had cost $285,000 35 years ago — has a $5m price guide via PPD Real Estate’s Zach Carter for a September 4 auction.
The labourer, Athanasios Grigora, arrived in Australia on board the ship Patris with one suitcase and not knowing any English, in 1960.
His future wife, Amfitriti, followed in 1962.
The battlers didn’t have much money — Anthanasios worked at PMG (later Telecom and now Telstra) for his whole working life. “They worked very hard and saved their money,” daughter Pauline said.
Initially renting a room in a Glebe terrace, they were eventually able to purchase a family home where they raised their two daughters.
And then in 1986, Athanasios decided to treat his beloved wife, snapping up the block of six flats on December 24 as a Christmas present.
Says Pauline: “He decided to buy a block of units as their next investment, however was concerned as the interest rates at the time were 17 per cent.
“He thought keeping the money in the bank wouldn’t grow as much as property.
“It came down to two blocks, one in Bronte and one in Coogee.
“After much consultation with the family the decision was made to purchase the Coogee units because of the ocean views on the street.”
Athanasios passed away in 2017 and now Amfitriti has decided to sell to help her two daughters.
It’s being pitched as a rare opportunity, with the 1930s block offering strong yields and capital growth as well as future development potential.
The apartments have timber floors, high ceilings, elegant curved lines and ornamental fireplaces with the two rear apartments featuring no common walls.
On a level 460sqm with a north-facing courtyard, the full-brick block is just a 650m walk to Coogee Beach.