Princeton philanthropist sells Melbourne apartment block
Princeton University professor, moral philosopher and philanthropist, Peter Singer, has sold another inner east Melbourne residential investment.
Raeburn, a c1970 block of flats at 34 Auburn Road, Hawthorn, achieved $5.85 million at auction last week.
Eight suitors contested.
The result priced each of the (15) two bedroom dwellings – some of which have been recently updated – at $390,000.
It also reflects a 5.85 per cent yield assuming each flat rents for c$440 per week.
The deal comes six years since Mr Singer sold a Richmond Hill apartment block, co-owned with family since 1983.
With 10 studios over two levels, on 473 sqm at 47 Rowena Parade, it traded for $2.68m (story continues below).
Refurb, strata-titling planned
On 1283 square metres at the south west corner of Rae Street, the property was marketed for its development upside.
Instead the incoming owner plans to refurbish the dwellings – then strata title them, making each easier to sell down.
CBRE’s Scott Hawthorne, Nathan Mufale, David Minty and JJ Heng represented Mr Singer and a co-owner; the three level brick complex was developed by a previous family generation. Mr Singer is the Ira W. DeCamp Professor of Bioethics at Princeton’s University Centre for Human Values.
Hawthorn is five kilometres from Melbourne’s CBD.
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