The newly renovated 76-square-foot unit at 702/12 Macleay Street drew strong interest during its sale, despite the lack of parking and restricted corporate ownership.

Located in the coveted Macleay Regis building - once home to high profile Australians including Gretel Packer, winemaker Sir James Hardy and actors David Wenham and Craig McLachlan.

The apartment sold for $1.3 million in 2022, but this week the newly renovated apartment hit $1.73 million after a brief campaign by agent Angelo Bouras of Richardson & Wrench Potts Point.

"It's very popular with buyers who want to use it as an urban sanctuary. it's restricted to use as an investment or short-term rental because it's corporately owned, but its quick sale shows that there's a good demand for apartments on the edge of the city," Bouras said.

The median unit price in Potts Point is $906,500, up 2.7 percent in the past 12 months, according to PropTrack.