Fitzroy unit block fetches $5.35m
A Sydney investor has swooped on a block of unrenovated one-bedroom flats, in trendy Fitzroy.
The $5.35 million result for the 1960s complex, 84-88 Greeves Street, prices each unit at $455,833.
It also reflects a 4.5 per cent yield.
Stonebridge Property Group Dylan Kilner, Max Warren and Chao Zhang said the underbidder was an Asia-born Queensland based investor.
The property was marketed for its potential to be sold down – with the flats individually titled.
There are also 11 car parks.
Alternatively the 502 square metre site, facing a laneway and Exhibition St, could be replaced with a more efficient high-density residential project, hotel or luxury home.
The property is a block from the Napier Hotel which we reported last month traded between publicans after nearly 30 years – for $10m, a metropolitan record for a pub with no gaming.
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