It’s not often an agent is part of a building’s entire lifecycle, but Ray White Commercial South Sydney agent Phillip Elmowy is selling 57-59 Church Street, Randwick for the third time since its conception in the early 90s.
Mr Elmowy originally sold the 12-unit apartment complex just prior to its completion in 1994. He then sold it to the current owner in 1998, and has managed the building ever since.
The current owners purchased the property in 1998 for $4.175 million. Mr Elmowy is selling the property for a third time, with current buyer feedback sitting at around $13.5 million.
“There’s plenty of opportunity associated with this block of 12 three-bedroom units given the demand for rental properties,” Mr Elmowy said.
“It has a potential rental income of $673,400 per annum and would mainly suit the investor market.
“Our residential department manage just over 2200 rentals and our vacancy rates are about 1 per cent, which is the lowest we’ve had in the last eight years.”
Mr Elmowy said he had seen significant growth in the Randwick area since the building was completed in the 90s.
“The market in Randwick is very strong. It’s a great area and it’s grown a lot,” he said.
“The light rail is right at your doorstep, the university is within walking distance and the shops are just metres away.
“Randwick has traditionally been a focal point of the eastern suburbs with the racecourse and other local infrastructure.”
The property is being offered for sale via auction at Auction Works on December 13 at 10.30am.