An art deco block of four two-bedroom units in the ultra-tightly held Sydney harbourside suburb of Rose Bay has hit the market for the first time in 22 years.

The fully leased property at 650 New South Head Road, located on a 341.33sq m site, is just moments from Rose Bay Beach, and a short walk to eateries, supermarkets and retail destinations in Rose Bay’s vibrant commercial and residential village.

It is being taken to the market via Public Auction by Knight Frank agents Anthony Pirrottina and James Masselos in conjunction with McGrath agents Henry Burke and Craig Pontey on behalf of the vendor, the Winterton family.

Price expectations are around $6.5 million.

Mr Pirrottina said the charming art deco block of units would be highly sought after during the sales campaign due to its location and property type.

“This is a once-in-generation opportunity to buy a substantial piece of real estate in what is an ultra tightly-held precinct of Sydney,” he said.

“The property’s location is world-class, offering residents immediate access to Rose Bay Beach, and being close to plenty of amenity, as well as being just 5 kilometres from the CBD.

“We have seen strong demand for unit blocks recently, with Knight Frank negotiating more than $33 million in sales for this property type over the past few months over five deals.

“The strength of the residential market, with demand outweighing supply, and rental rates experiencing solid growth, has been a great contributor to the strong buyer demand we are seeing.”

Mr Burke said in addition to potential future value growth of the Rose Bay unit block over time, there was also upside in the form of rental growth and development potential.

“All the units are in good condition, providing a stable and robust income stream with potential for growth,” he said.

“The area currently has E1 local centre zoning allowing a 14.1 metre height limit and a 2:1 floor-to-space ratio, which provides the opportunity for future development.”

The Public Auction for 650 New South Head Road, Rose Bay will be at 5pm (AEST) on Tuesday, September 24, at Homely Auction House, Level 1, 29-33 Bay Street, Double Bay.

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