Big price for Bondi unit block

A block of six units in Sydney's east has sold at auction for $7 million. High demand for the property pushed the price $2.2 million above the set reserve.

The property is located at 152 Brighton Boulevard in Bondi Beach and comprises 6 two-bedroom units of approximately 75 sqm each.

The four storey building sits on a 470 sqm allotment and includes two apartments on each of the three upper floors and a ground floor garage.

The buyer is planning to combine the two units on each floor level to create three large apartments.

Michael Pallier, Barry Goldman and Martin Maskin from Raine & Horne negotiated the sale.

There was very competitive bidding at the auction, commented selling agent Michael Pallier.

"Even before the auction we received many offers to purchase the property," said Mr Pallier.

It was the first time the property was put on the market since it was built in 1967.

Reprinted with permission. The Australian Property Review. http://www.apr.com.au