Auction - 124 Campbell Parade, Bondi Beach.
Situated in one of Australia’s most iconic locations, the Bates family is selling the iconic Bondi trophy corner asset.
In 1951, the Bates Milk Bar was established on the corner of Campbell Parade and Hall Street leaving a lasting impression on many a local and tourist that flocked to the shop for their famous choc-malt milkshakes.
The property is to be offered by way of Public Auction through Miron Solomons and Matt Pontey of Colliers International in conjunction with Anthony Bray of Cushman & Wakefield.
This substantial freehold property is a 1920’s style commercial building reminiscent of Bondi of the past. The building is currently leased to popular retailers including Platypus Shoes, Gelatissimo, Natalie Alamein, Mezi Retail and also offers three residential tenancies.
Accordingly to Miron Solomons, Director, Investment Services for Colliers International, the outstanding mixture of blue-chip retail tenants and residential accommodation offers a diverse and low risk income stream with the benefit of future boutique residential improvements.
“An offering of this calibre is to be considered a once in a lifetime opportunity and we expect high levels of interest from high net worth private investors and boutique investment funds, both nationally and off-shore, looking to acquire a renowned, quality and secure trophy investment” he said.
The property receives a net income of approximately over $600,000 plus GST.
Head of Investment Services, Australia for Colliers International, Matthew Meynell said “Traditionally, Bondi has been a tightly held market with only a handful of commercial properties trading every year. Recent development activity in the area, coupled by growing support from Waverley Council has seen the area reinvigorated and interest levels peaking in Bondi’s commercial market”.
Anthony Bray, Director, Cushman and Wakefield adds, “This renewed interest in living in the beachside community, has seen residential and commercial property prices hit record levels”.
“The appeal of living in this iconic trendy suburb continues to swell as professionals seek alternatives to the traditional hotspots of Bellevue Hill or Double Bay. Interest has never been higher for Bondi and will continue to swell in 2016 as further new developments are completed” he said.
The Bates Milk Bar closed their doors in 2001, at the time it was herald as the ‘end of an era’. The Bates Milk Bar had been a focal point of the community for over 50 years.
124 Campbell Parade will be offered for public auction on Wednesday, 21 September 2016 through Colliers International national auction portfolio and Cushman & Wakefield.