41/20-22 Springfield Ave, Potts Point has incredible city views.
The late Bill Abbott’s tiny Potts Point studio, bought for $27k in 1979, has been snapped up by a first-home buyer for a bargain price.
The 16sqm space on the top floor of the charming four-storey Art Deco building Sandringham at 41/20-22 Springfield Ave fetched $315k, courtesy of the Bank of Mum and Dad.
Richardson & Wrench Elizabeth Bay/Potts Point agent Angelo Bouras had a $350k guide on the apartment for a scheduled auction, but he ended up selling it prior.
“It was just the kitchen, bathroom and living room in that 16sqm and we had a lot of people looking at it but the general feedback was that it was just too small,” he said.
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It’s empty now, but the 16sqm space was full of scrapbooks, artwork and books when the agent first saw it.
Estimates on the cost of the necessary reno range from $30k to more than $100k.
“We ended up having three first home buyers trying to buy it pre-auction.”
It’s understood the purchaser intends to do a renovation and put the apartment on AirBnB, where it may rent out for $120 per night.
“It’s got city views and a lift, so that was a big part of the appeal,” Bouras said.
He says those interested had different thoughts on how much they’d spend on the reno — from $30k for a quick makeover through to more than $100k for a stylish fitout with bespoke joinery and clever wall beds.
Bouras says he knew nothing about the tiny apartment’s late owner.
“But I think he may have had something to do with the arts area, because it was full of books, artwork and scrapbooks when I first saw it,” he said.
A death notice confirms Mr Abbott died at the age of 79 last March.
Most of the buyers thought the apartment was just too small.
But there is access to a rooftop communal space.
“Only descendant of Dorothy Hart (dec); passed away peacefully on his last cruise.
“A resident of Potts Point and Pearl Beach who served and contributed to both communities with respect and cheer.”
And Pearl Beach’s local paper, Coast Community News, reported that Bill and his late mother were dearly loved, having moved there 50 years ago.
“When Dorothy passed away Bill continued managing the Easter Saturday Book Fair with proceeds toward the Memorial Hall upkeep and repairs until he decided to retire,” the Pearl Beach Progress Association spokesperson said.
An association spokesperson said mother and son were always available to assist with events and sell raffle tickets at the cafe.
“When Dorothy passed away Bill continued managing the Easter Saturday Book Fair with proceeds toward the Memorial Hall upkeep and repairs until he decided to retire,” the spokesperson said.
The report said that Bill was a “passionate cruise passenger”.
“It is appropriate that Bill passed away disembarking from a recent cruise,” the spokesperson said.
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