An Edgecliff apartment block bought almost 80 years ago is expected to fetch about $20 million

But in a tell-tale sign of the area’s soaring land values, the property is expected to fetch about $20 million.

The listing comes as investment banker Scott Malcolm and his wife Jane Taylor scored Sydney’s highest sale of the weekend when a local buyer agreed to pay more than $15 million for their trophy home Carmel, which is next door to the apartment block.

The Edgecliff property has views over the Sydney Harbour. Photo: Supplied.

The building, Eynesbury, at 22 Albert Street, Edgecliff, is in the Woollahra Heritage Conservation Area. It has north-facing views of the Sydney Harbour and has a rental return of about $690,000 a year.

On a 1296-square-metre parcel, it includes 10 three-bedroom units of about 164 square metres each and one 400-square-metre penthouse, all of which come with car parking and a balcony.

CBRE’s Peter Vines, who has the listing with colleague Nick Heaton, and Ray White Double Bay’s Craig Pontey and Evan Williams, said while the building was on one title, it could potentially be converted to strata for resale.

“Prices in these areas have compounded year on year with many downsizers looking to trade out of their family home and purchase units close to amenities,” Mr Vines said.

“It is a magnificent trophy asset that ticks every box with plenty of value-add potential.”

The rarity of the property is expected to appeal to both Australian and offshore investors, Mr Pontey said.

“It’s just very difficult to find a block of flats in one line in the eastern suburbs with harbour views, and particularly of this nature; they just don’t exist,” he said.

“This time it sells it’ll probably be in the same family for another 80 years.”

The Babington-Lees were selling to capitalise on strong market conditions, Mr Vines said.