The last two remaining unit blocks in Millers Point have sold under the hammer to locally based Chinese and Singaporean investors for a total of $8.675 million.

27-29A and 31-33A Dalgety Street, on the north-western edge of Sydney’s CBD, attracted a record crowd to watch four bidders go head to head at a tense on-site auction earlier this week.

Robert Lowe and David Hickey of Savills Metropolitan and Regional Sales brokered the deals in conjunction with Sotheby’s Sydney’s Richard Shalhoub and Andrew Stewart, achieving $4.35 million for 27-29A Dalgety Street and $4.325 million for 31-33A Dalgety Street. The sale prices reflected $16,603/sq m and $13,027/sq m respectively.

Mr Hickey said the auction campaign had been “extremely competitive”, with an even split of local and offshore investor enquiry.

“The market for unit blocks in well-located areas continues to go from strength to strength, especially those within a 10-kilometre radius of the CBD and benefiting from state infrastructure improvements,” he said.

“Local and offshore investors were competing to acquire these blocks, which drove the prices up and contributed to a result well above the vendor’s expectation.”

Mr Lowe said the properties were “blank canvases”, providing buyers the last opportunity to acquire apartment blocks in Millers Point.

“The run-down internal and external condition of the buildings attracted buyers looking for value-add prospects in Sydney’s inner-city suburbs,” he said.

Both buildings comprise four two-bedroom apartments and are ideally located metres from Barangaroo's waterfront restaurant precinct and future Metro station. One also enjoys harbour views.

The buyers plan to “refurbish the properties, lease them out and wait for the next cycle to spike”, Mr Hickey said.