A unit block in Sydney’s Camperdown has sold in a deal negotiated by Knight Frank, bringing total sales of the property type in the suburb to more than $20 over the past two months for the agency.

The near new block of five units at 27 Church Street was sold to a high-net-worth private investor for $3.75 million following an Expressions of Interest (EOI) campaign run by Knight Frank agents Anthony Pirrottina, Demi Carigliano and Adam Droubi on behalf of the vendor, Belcorp.  

The property, which has a mix of studio, one and two-bedroom apartments and is situated on a 182sq m block, is 100% occupied with a gross passing income of $178,100 per annum.

It has a staggered lease expiry profile, providing opportunity for significant rental uplift over the coming months.

Mr Pirrottina said the property sold within three days of the EOI campaign close, following strong buyer interest throughout the campaign.

“We fielded 120 enquiries for the three-year-old block of units,” he said.

“Each unit has high-end finishes with balconies and the block is in a lovely quiet position with a sunny aspect, just a short walk from Sydney University and the Royal Prince Alfred Hospital.

“With the residential rental market still extremely tight, with very low vacancy rates, we are finding blocks of units to be very highly sought after amongst investors. 

“In fact, this year apartment blocks have been one of the most sought after property types with more blocks transacting this year than any other year I can remember.”

In addition to 27 Church Street, over the past two months Knight Frank has sold two other unit blocks in Camperdown, including:

• 128 Parramatta Road – A block of 13 units, with one retail/commercial space on the ground floor and a total building around of around 1,500sq m, sold for $8.88 million.
• 1 Sparkes Lane – A near new block of 10 apartments on a 400sq m block, which sold for $7.4m

“In total we have sold more than $20 million in blocks of units in Camperdown over the past two months across three properties with a total of 28 units,” said Mr Carigliano.

“Furthermore, over the past four months we have sold more than $46 million worth of unit blocks across Sydney with seven properties transacting over that time.

“In this strong residential market, where there is a massive undersupply of homes compared to demand, well-located quality unit blocks are being snapped up by investors.

“Every unit block we have sold in Camperdown has been fully leased with the potential for rental reversion, providing investors with a strong investment.

“Camperdown is a high sought-after inner Sydney suburb just three kilometres from the heart of the Sydney CBD, making it ideal for professionals and students to live, which underpins future rental demand and returns.”

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