In a tightly held pocket of Sydney’s Eastern Suburbs, an opportunity has emerged for investors and developers alike. 229–231 Avoca Street, Randwick, comprising two freestanding blocks of 16 apartments, is set to go under the hammer on Tuesday, 9 December 2025 at Cooley Auction Centre, Double Bay.
Positioned on a generous 980 sqm* land parcel with three street frontages, the property offers a compelling mix of secure income, future development potential, and unbeatable lifestyle connectivity.
Zoned R3 Medium Density Residential, the site benefits from recently gazetted Low-to-Medium Rise (LMR) planning controls, allowing for a potential uplift in floor space ratio to 2.86:1, unlocking up to 2,803 sqm* of GFA (STCA).
Currently generating a gross income of $605,280 p.a., with market reversion potential to $644,800 p.a., the asset includes 16 apartments (8 x 1-bedroom and 8 x 2-bedroom), onsite parking, and proximity to major transport links, including the Randwick Light Rail Station and is for sale through Miron Solomons, Henry Robertson and Matt Pontey of Cushman & Wakefield.
“This is a generational asset that appeals to a wide buyer profile,” said Miron Solomons of Cushman & Wakefield. “We’re seeing strong interest from high-net-worth investors, family offices, and boutique developers looking to capitalise on Randwick’s growth trajectory.”
The property sits on the doorstep of the Randwick Health & Innovation Precinct, a multi-billion-dollar hub anchored by UNSW, Prince of Wales Hospital, and Sydney Children’s Hospital. With over 22,000 workers and 58,000 students in the precinct, the area is experiencing sustained demand for quality accommodation and retail services.
“This is not just a residential block, it’s a strategic landholding in one of Sydney’s most dynamic urban precincts,” added Henry Robertson of Cushman & Wakefield. “The combination of income, location, and planning uplift makes this a future-proof investment.”
“With its proximity to Centennial Parklands, Coogee Beach, and The Spot, the property offers residents a lifestyle that blends coastal charm with urban convenience,” he said.
*Approx.
