Bellevue Hill apartment blocks owned by late Joy Balkind sell for $21,210,000 at virtual auction

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Bellevue Hill apartment blocks owned by late Joy Balkind sell for $21,210,000 at virtual auction

Two Bellevue Hill apartment blocks have attracted 20 registered bidders and sold for $21.21m at a virtual auction today — and the proceeds are set to go to a medical research charity. CBRE agent Gemma Isgro, who shared the listing of the blocks with director Nicholas Heaton, said it was a huge result. “We had some offshore interest, but mainly they were local high-net-worth people looking for passive investments,” Isgro said. “They want a secure passive investment to pass down through their families and trusts for generations to come.”She confirmed the buyer was a local investor who will maintain the property exactly as it is. The apartments had a net income of $500,000 per annum reflecting a 2 to 3 per cent net yield.

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