Residential units in Sydney’s Eastern suburbs officially put on the market for the first time in 66 years

An apartment block and two townhomes on a site in Waverley, in Sydney’s eastern suburbs, and with an interesting history are set to be put on the market for the first time in 66 years.

The residential properties at 313 Bronte Road are owned by Danny Caretti, who first moved into one of the units on the site as a student in 1980, and then over time purchased each unit in the block of four one by one from his landlady – who had also become his friend – Ena Harper.

The homes on the site consist of a block of four apartments, including three one-bedroom units and one two-bedroom unit, with another two recently-completed townhouses – developed by Mr. Caretti – on the 699.3sq m site.

The investment also has development approval for further alterations and additions.

The properties are being taken to the market in one line via an Expressions of Interest campaign run by Knight Frank agents Demi Carigliano and James Masselos in conjunction with Clint Ballard of Sotheby’s International.

Price expectations for the property at 313 Bronte Road are north of $8 million.

Owner Danny Caretti said his former landlady Ena Harper had purchased the Waverley apartment block of four in 1958 with her husband, Lesley ‘Duke’ Harper, before he died.

Duke, who grew up in Dubbo, had previously been a sheep farmer, but he and Ena had been pub owners, owning Paddington pubs including the Windsor Castle, Dunbar Hotel and Hotel Canberra on Oxford Street.

“Over the years we became good friends. I began to help her with the maintenance of the property and in return she kept my rent low, but I had to have a Guinness stout with her every night around 6pm. If I was late there would be hell to pay!

“She became involved with my family and friends and along with other tenants we developed a friendly community in what she called “The Flats”.

“We often got all the tenants together to have drinks and celebrate various times during the year. “She sold me my rented unit in 1996 and over the years sold me each one in succession.

“She taught me how important it is to respect your tenants and treat them like family. I have tried to keep that tradition going with my tenants and I have made wonderful friends with both tenants and neighbours over the years.

“With a heavy heart, it’s now time for me to go. After 44 years of great memories, I need to slow down and take some time out, but it has been an incredible journey, and I am privileged to have lived in this wonderful home in Charing Cross for so long. It’s the perfect location!”

Knight Frank’s Demi Carigliano said 313 Bronte Road was a compelling investment and development opportunity, underpinned by a rare development approval for further alterations and additions.

“The DA in place allows for storage room at the rear of the site,” he said.

“It’s not often you see an opportunity like this come to the market in Waverley or the Eastern Suburbs, where properties tightly held, and this one hasn’t been officially offered to the market since 1958.

“Given the vast buyer optionality of this opportunity, the asset lends itself to a wide range of exit strategies. Prospective purchasers can take comfort in the significant passing income, DA approval to unlock value in the immediate to middle term and ability to sell off units.

“This opportunity presents 699.3sqm of prime medium density residential land, in a highly desirable and tightly held pocket.

“313 Bronte Road’s location is exceptional, with an abundance of surrounding transport, retail and entertainment amenity.”

The iconic Charing Road retail district is less than 100 metres away from the property, while Bronte Beach, Centennial Park and Bondi Junction are all within 1.3 kilometres.

The Expressions of Interest campaign for the property will close at 4pm (AEST) on Tuesday, April 23.