Man buys grandchildren a $4 million apartment block

A Sydney man has given the ultimate gift to his grandkids, securing their place in the city's tough property market.

A man from Sydney's hills district may just be the best grandpa going around - after he bought a block of four apartments in Neutral Bay for his grandkids at auction last night.

The four renovated Art Deco apartments sold under the hammer for $4 million, and listing agent Conor Arnold, from Richardson and Wrench Ryde City, said there was plenty of interest on auction night.

"It was a really well-attended auction, and there were eight registered buyers, five of which had a go," he said.

37 Rawson St Neutral Bay in Sydney.

"The opening bid was $3.4 million, and it went from there.

"I can't tell you the reserve exactly, but lets just say after a couple of bids it was on the market.

"It sold to a gentleman from the hills district.

"He's bought it for his grandkids.

"It might be used as an investment, or down the track for them to live in to be closer to the city."

With four units, the block - at 37 Rawson Street - had nine bedrooms, four bathrooms, and one parking spot.

With four units, the block - at 37 Rawson Street - had nine bedrooms, four bathrooms, and one parking spot.

There were three two-bedroom units and one three-bedroom unit with loft style apartment, and the whole block is set in a prime location - just a short stroll to harbour front parks and public transport.