2 Wills Ave, Waverley was bought by an interstate investor.
An Art Deco block of flats in Waverley that last traded for $28k six decades ago has sold after more than a year on the market.
But it’s been worth the wait for the vendors, who despite the challenging property market have achieved a price not too far off their expectations at the time which had been in the mid-$4m range.
The four two-bedders on a 400sqm block at 2 Wills Ave, known as Wills Court, sold for $4.1m via apartment block specialist Paul Grasso, of Rockford RE Group, and James Cowan of Colliers.
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In 1968, the rents ranged between $8.35 and $8.80 per week.
Now, they rent for $800 per week.
The buyer is an interstate investor.
The apartments currently rent out for $800, a far cry from what the tenants paid way back in 1968 when the property last traded.
They paid between $8.35 and $8.80 per week in a controlled rent scheme for war widows.
The site is just 900m from Bronte Beach.
Grasso said at the time of the listing a year ago: “It’s going to be attractive to wealthy mums and dads wanting to put their kids in there.”
They are located just 900m from Bronte beach.
The rents had been cheap because of a scheme to help war widows.
The vendor at Wills Court, Ian Brightwell, says his late father was keen to buy the flats, just one in a sizeable portfolio across the east, because “a decent sized block of land that could be done up”.
When he first bought it the four tenants between them paid the total income of $46.95 — because of the controlled rent scheme left over from World War II that was designed to protect war widows.
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