Rare twin apartments have been released for sale in a $100m redevelopment that could offer a blueprint for overhauling other old buildings around the city.
The properties in the Skye development in Tamarama include 63/20 Illawong Ave, listed for sale for $3.35 million via sales agents Simone Curren and Monica Shore of Raine & Horne Double Bay.
On the floor below, 58/20 Illawong Avenue is listed for $4.5 million with Raine & Horne Double Bay director Ric Serrao and sales agent Steven Henderson.
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63/20 Illawong Ave, Tamarama is for sale of $3.35m
The two offerings are in a building originally designed by Harry Seidler, which was recently transformed through a $100 million redevelopment.
The project changed the building from the ground up with new balconies, lifts, parking and interiors.
The premium apartments offer both lifestyle appeal and investment opportunity, with long-term leases typically yielding around $4,200 per week, while holiday rentals can command prices up to $10,000 per week.
58/20 Illawong Ave, Tamarama is for sale for $4.4m
The $100 million Skye Tamarama redevelopment began when residents devised a plan to build two new penthouses above the existing structure.
“The owners of the building banded together about five years ago to redevelop it, adding balconies to every apartment and constructing two new penthouses above,” Ms Curren said.
“The proceeds from those penthouse sales helped fund a complete rebuild, right down to the wiring, plumbing and lifts.
“They even build into the sandstone to create two levels of parking and visitor spaces.
“It’s essentially a brand new building.”
Located on the sixth floor, 63/20 Illawong Ave boasts a two-bedroom, two-bathroom offering.
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Both apartments offer ocean views. 58/20 Illawong Ave, Tamarama
63/20 Illawong Avenue, Tamarama
Ms Curren said that the timing of the dual listings coincided with renewed buyer confidence and the prospect of lower interest rates ahead of Christmas, starting with a forecast 25-basis-point cut to the cash rate on Melbourne Cup Day.
“Tamarama is a tightly held enclave, and the building is an easy walk to the beach through the park, with never-to-be-built-out views, and a full-time building manager on site,” she said.
Mr Henderson, who is marketing 58/20 Illawong Avenue along with Raine & Horne Double Bay director Ric Serrao said investors opting for the long-term rental market can expect strong returns, with similar apartments leasing for around $4,200 per week.
Skye Tamarama sits in an exclusive beachside enclave
“If you listed it on Airbnb at Christmas, you’d easily command significantly more,” he said.
“These apartments are genuinely blue-chip investment properties that will perform as well as they present.”
Mr Henderson said residence 58 was originally a three-bedroom apartment that has been beautifully reimagined as a large two-bedder.
“It’s about 90 square metres internally, plus balcony and parking and its one of only a handful of apartments in the east where you can sit in your living room and watch the surf roll into Tamarama.”
Mr Henderson said roughly 90 per cent of the building was taken back to its slabs and rebuilt from the ground up.
“That level of redevelopment makes it one of the East’s most exclusive buildings that even some of Australia’s most prominent real estate investors have bought into, which really says it all.”
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