Tamarama apartment block being sold by investor Vaughan Blank inspires street chatter on value
5 Pacific Ave, Tamarama comes with DA approval for five new apartments over five levels.
The arrival of “the world’s largest for sale sign” this week outside a 1970s apartment block owned property investor Vaughan Blank is inspiring much chatter about its value.
National director of Colliers Miron Solomons and Colliers director Matt Pontey aren’t providing a price guide for the 1970s six-unit block at 5 Pacific Ave, Tamarama, but that hasn’t stopped industry sources throwing around suggestions as to its value — $24m; $30m or even the $40m some say he really wants.
The former Glencore trader rarely sells any of the numerous properties he’s snapped up around the eastern suburbs over the years, so this site was always going to create interest.
There’s no doubting the potential of the 657sqm site, which overlooks Tamarama beach and comes with council approval for five new iconic residences over five levels designed by award-winning architect Mark Shapiro.
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Property investor Vaughan Blank rarely sells any of his properties, so the arrival of 5 Pacific Ave, Tamarama on the market has inspired much street chatter.
Records show Blank spent $12m buying up each of the units, all three-bedders apart from one two-bedder, over a seven-year period
He started in 2007 with Unit 1, a three-bedder, which he bought for $1.65m. That was a huge windfall for the vendor, who’d bought it for $138,000 in 1984.
Blank bought the unit 3 two-bedder for $1.8m in 2008; unit 6 for $1.3m in 2009; units 2 and 4 in 2010, both for $2.7m; and unit 5 for $1.842m in 2013.
It’s understood Blank is selling to focus on his larger projects within the eastern suburbs.
As one source advised, it’s very rare for Blank to sell any of his properties — a common trend has been to “build to rent”.
Examples include a block of 12 in Fletcher St, Tamarama and another in Hall St, Bondi Beach, which are all one-bedders and studios.
Of the approved Pacific Ave apartments, Pontey says: “We are confident in the revenues for the site sitting at circa $100,000 per sq metre.
“The vantage point of this project and beach views are some of the best I’ve seen in the eastern suburbs.
The 1970s block overlooks Tamarama Beach.
“The apartments range from 137sqm to 272sqm plus outdoor areas as well as a private pool at the rear.”
Miron Solomons says: “Developers are well aware that the eastern suburbs coastline is a sought-after location for residents in search of breathtaking views.
“As such, it comes as no surprise that these apartments are expected to be highly desirable.”
Mr Pontey added: “There is also every chance we will see interest from individuals seeking to build their dream home in this location.”
Colliers National Director Henry Burke acknowledged that “prestige development opportunities with apartments specifically designed for downsizers or rightsizers are still in high demand”.
What a location!
One recent development to be built in Tamarama is Kalypso, which features 11 residences including a penthouse and two sub-penthouses. The penthouse recently sold for $17m and showcases the incredible demand for high-quality beachside properties.
Other notable transactions to recently occur in the suburb include the $11m sale of a semi to
Caledonia’s co-chief investment officer Will Vicars, while television veteran Larry Emdur recently sold a Tamarama investment.
