Trackside Kensington apartment block passed in at $5.8 million
Bidding stopped short of the vendor expectations when 124 Doncaster Avenue, Kensington went to auction Monday.
The top bid was $5.8 million.
There were five bidders competing after the $5 million opening bid.
The 124 Doncaster Avenue, Kensington has is a level 613sqm block trackside to Royal Randwick.
The two-storey complex comprises four three bedroom apartments at 97sqm each.
There were six double lock up garages plus two visitor parking spaces.
"There is incredible scope to renew, refurbish, add a storey, redevelop completely (STCA) or simply retain as is," the marketing by Bradfield Cleary agent William Tsagaris said.
Its GAR was advised as $117,843 pa with potential to increase.
It has R3 Zoning - Medium Density Residential, 0.9:1 FSR with a 551sqm buildable area and 12m height restriction.
The council rates are $1,572 per quarter.