$ 16.4 million beachfront sale in Neutral Bay


A historic mixed-use waterfront building in Neutral Bay sold under the hammer for $ 16.4 million – the suburb’s highest sale so far this year.

A historic mixed-use waterfront building in Neutral Bay sold under hammer last week for $ 16.4 million.

The sale is the highest residential result so far this year for the Lower North Shore suburb. And that marks a changing of the guard for 1 Hayes Street, which first hit the market since it was built in the 1960s.

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The property comprises five residential apartments, including an impressive penthouse, as well as a cluster of local retail businesses that line the streetscape along the Neutral Bay ferry dock.

It was marketed by Geoff smith and Richard harding, from the Ray White group of the Lower North Shore, in collaboration with Jeff Moxham and Samuel hadgelias, by Ray White Commercial – Metropolitan Sydney.

Mr Smith says nine bidders have signed up for the chance to buy what he describes as one of the largest to come to market in the region for many years.

All of the buyers were from the greater Sydney area, including the Lower North Shore and the Eastern Suburbs. He says no guide was released during the marketing campaign due to the uniqueness of the property.

“There was pretty good interest in it – something like that doesn’t happen very often, so we weren’t really giving a guide,” says Mt Smith. “We had buyers looking to spend $ 13-20 million.”

Built directly on the waterline, the view from the property stretches across the harbor to the eastern suburbs and up to the North Sydney skyline.

The penthouse also offers a view of the top of the Harbor Bridge from its second terrace. All five apartments have water views and vary in size from luxury four-bedroom penthouses to two- and one-bedroom floor plans. There are also four retail stores offered in one line as part of the property.

Mr Smith says the online auction was hotly contested by bidders and lasted around 30 minutes, before the hammer fell.

He says the buyer is an experienced real estate investor in Sydney.

“They will explore the options,” he says. “They just wanted to buy it because it’s good real estate.”

Mr Smith said the impressive sale was a huge vote of confidence in the spring real estate market. He says the promise to ease foreclosure conditions would give the market an even bigger boost.

“The weather is improving and things are starting to relax a bit,” he says.

“Everyone is a little more excited about life. I think there are going to be some really good times between now and Christmas.


Originally published as Landmark Harbourfront Building in Neutral Bay is auctioned for $ 16.4 million

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