Two Listings in Mid-Century Block Looking to Capitalize on Building Refurb (and Campbell Parade’s Prestige Bump)
The exterior of the recently renovated ‘Mornington’ block at 3 Campbell Parade.
Back in 2010, hot on the heels of several big ticket sales at The Bondi at 152 Campbell Parade and with several other prestige developments in the works, the residents of the mid-century ‘Mornington’ block at 3 Campbell Parade banded together to refurbish their building to ensure its relevancy in the quickly gentrifying beach suburb. The block enlisted Jaime Kleinart Architects to undergo a $590k cosmetic renovation that saw the building render away its brick facade and add a modern fence and landscaping. The renovation’s objectives worked; and the building that sits at a high point on the southern section of the headland above the iconic Iceburgs saw its first post-renovation sale in August of this year. Unit 6B sold at that time for $2.575m.
Now, two other units in the block are looking to cash in on the newfound prestige of their block and their suburb. The eight storey building has two apartments per floor of comparable size and vantage points owing to the uniquely well-designed layout of the block. Each apartment has three bedrooms, two bathrooms, and tandem parking for two cars (a huge boon for the area). Had 6B not sold for such a bold price of $2.575m, pricing of the two units now listed would be a far more formidable challenge. The reason being that, although the prestige of a Campbell Parade address is, by now, firmly established, Mornington’s position at the southern end where far less high-end new construction has taken place (and the proliferation of backpacking hostels still holds) would soften the price. But thanks to 6B, listing agents Damian Lewis and Conrad Panebianco are on the hunt for $2.75m+ for the top-floor Unit 8A. One should note that Unit 6B mustered a rather basic renovation pre-sale that saw its third bedroom converted to a TV room, and the integration of the kitchen and living room into an open plan (see below for the Unit 6B floor plan). 8A has had no such improvements and would therefore require further capital to maximize its potential value. Perhaps the $250k pricing difference is a reflection on the premium paid for a top-floor unit?
Surprising for the Radical Terrace is the pricing of Unit 3B - on a far lower floor and without a balcony - in the low- to mid-$2mils. Although the unit has had the benefit of a wall torn down to accomodate an open plan kitchen/living room, it’s still in rather shabby shape and is shunted on a truly panoramic view. Raine & Horne agent Max Spartalis has that listing and according to his verbiage, “the tightly held Mornington security block [has] just had a multi-million dollar refurbishment”. Multi-million? Waverley Council disagrees with that.
Unit 8A, above with its view-filled balcony and living room, is looking for $2.75m+.
Click below for more listing images of both units, along with floor plans for the two listings plus the recently sold Unit 6B.