1/22-24 Billyard Avenue, Elizabeth Bay NSW 2011

Whole-floor waterfront garden residence | Del Rio landmark 1928 | Rare tightly held holding | North-easterly harbour aspect This is a genuinely rare offering in Elizabeth Bay. The whole-floor configuration at 250 square metres with direct water access and private gardens places it in a category most buyers in this precinct never see. The Spanish Mission architecture and 1928 provenance add a layer of scarcity that cannot be replicated. For a buyer seeking a primary residence with harbourfront privacy and a sense of permanence, this unit competes against very few comparables. It suits those who value space, light, and a direct connection to the water over the more common high-rise apartment experience. The heritage overlay imposes constraints on external changes, and the absence of recent sales history means pricing relies on broader comparables rather than direct evidence. The 2017 rental of $2,800 per week suggests the property has been under-rented relative to its potential, which may indicate deferred maintenance or an owner not maximising yield. For a buyer, this represents both a negotiation angle and an opportunity to lift income through selective upgrade. The property is best held as a long-term residence or as a prestige rental in a tightly held building where supply is structurally limited.