Whole unit-block investment hits market in Ashfield

1-10/49 Orpington Street, Ashfield is set to go under the hammer on Thursday 21 August.

“We’re seeing continued demand for quality whole-block investments across the Inner West, and 49 Orpington Street stands out for its combination of location, scale, and planning potential,” said Melanie Lahoud of Ray White Double Bay, who is leading the sales campaign.

“It offers immediate income from day one, but also holds exciting long-term potential under the current planning controls.”

The property, held by three cousins in the same family since 2014, comprises ten residential apartments, six two-bedroom and four one-bedroom units, all with parking, internal laundries, and several with balconies.

The block is fully leased and currently returns close to $300,000 per annum, with potential for future rental growth.

Ms Lahoud said the building would appeal to a wide range of buyers, from passive investors to long-term developers.

“It’s the kind of asset that’s hard to come by; low-maintenance, income-generating, and in a location undergoing significant transformation. There’s potential here for strata subdivision, value-add upgrades, or a complete redevelopment down the track (STCA),” she said.

Importantly, the site benefits from the NSW Government’s recently introduced Low-Medium Rise Housing (LMR) policy, which allows for a floor space ratio of 2.2:1 and a 22-metre height limit, subject to council approval. The building also sits within a precinct targeted by the ‘Fairer Future for the Inner West’ planning proposal, which aims to promote urban renewal and greater housing diversity.

“These recent planning changes have opened up possibilities that simply didn’t exist a few years ago,” Ms Lahoud said. “It means this block could become something even more valuable in the medium to long term.”

Market conditions in Ashfield further underscore the appeal. Over the past 12 months, units in the suburb have recorded capital growth of nearly 10 per cent, outpacing houses, and continuing a longer-term trend of strong demand. Median unit values are now over $800,000, with average time on market just 42 days.

“Ashfield has always been tightly held, and this part of the Inner West continues to benefit from strong infrastructure, great transport links and increasing lifestyle appeal,” Ms Lahoud said.

"Blocks like this rarely change hands, and we expect a wide range of interest, from local investors through to family offices and offshore buyers.”