An Elizabeth Bay apartment block designed by modernist architect Harry Seidler has sold for $18.5 million.
The hotly contested sale to joint venture development companies P3 Living and Pelican Properties has opened the way for the internal redevelopment of the 48 studio and one-bedroom apartments.
Seidler was commissioned to build the block in 1968 by the Lam family and it was built in 1970. Title records show the Lams have held the block, now called International Lodge, since that time.
The view from the rooftop of International Lodge, Elizabeth Bay.
Investor Stephen Lam, of Double Bay, is said to have been about to exchange on the block last week for about $17.2 million but last-minute competition from another development company, McDonald Industries, is said to have pushed the price up.
48 apartments were to be released to the market late next month with more than a dozen buyers already registering interest.
SJB Architects has been asked to give quotes on refurbishing the eight-storey block, including a 200 sq m rooftop area, while maintaining the integrity of the original building.
Early expectations for the upgraded apartments are from $430,000 for a studio and $589,000 for a one-bedder.