Sydney real estate Grande Esplanade, Manly two bedroom apartment sold for $5 million

Mortgages are more expensive after this week’s rate hike, but that hasn’t stopped a Sydney apartment selling for a huge price.

A two-bedroom apartment in Manly has sold for a whopping $5 million.

The 112sq m home – plus balcony and two underground car spaces – is located on the seventh floor of the Grande Esplanade building with Manly Wharf and harbor views.

It didn’t even make it to auction, selling within a week.

Listing agent Chris Elliot, from Stone Real Estate Seaforth, has been in the industry for about 15 years and said when he first started out he never could have imagined selling a two-bedroom apartment for $5 million.

“I still find it staggering. When I first started we were selling units for $250-$300,000 and some of these properties we’ve now sold three or four times over and now we’re selling them for $2 million, ”he said about his experience of him in the area.

“Even some of these suburbs like Allambie and Manly Vale, it was only a few years ago you could have bought the best house in one of those suburbs for less than $2 million and now they’re $4 million.”

As for the $5 million Manly apartment, Mr Elliot said looking out at the most iconic views in Sydney was the big selling point.

“It’s a flagship building. If it’s not the best block in Manly it’s got to be right up there,” he said.

He added that it was a good place for people who wanted a base in Sydney, but they weren’t there often and could lock it up and leave it. I believed this is what the new owners would do with the property.

The building also has a communal pool and gym, with onsite management.

Mr Elliot said the previous owners had owned the property a very long time and may have even been the only owners.

Last week, another two-bedroom apartment on the fourth floor sold for $4.1 million.

In December, a two-bedroom on the sixth floor, with not as clear views of the water, sold for $3.5 million.

In July, a three-bedroom with harbor views on the fifth floor was snapped up for $6.5 million.

It was the first time the 233 sqm home was on the market since being purchased off the plan in 1994.

The site that the building sits on used to be home to Hotel Manly, opened in 1924.

It was described as one of the finest hotels of its kind in the southern hemisphere, according to the Manly Library.

After several renovations and changes of ownership, it closed in March 1989 and was demolished.

The site was sold in 1993 to Denham Pty Ltd, who proposed the Grande Esplanade development, with all 82 units sold before construction began.

According to real estate agency Home Unit Headquarters, the sales were valued at $90 million.

The Grande Esplanade building was officially opened in August 1996.

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