30a Hastings Parade North Bondi to go to auction.
The home of Bondi Wholefoods, as well as the modern Bondi Beach Apartments complex, is set to hit the market for auction in October.
Following the nearby campaign of a block of 8 residential apartments plus retail at 134-138 Campbell Parade last month for $18.25m with the rental return of 2.7%, another beach block is ready to test investor’s appetite.
Positioned in the heart of Bondi’s “Golden Triangle”, on the corner of Hastings Parade and Wairoa Avenue North Bondi, the former Bondi Police Station was redeveloped in 2011 by the local identity, Ash Samadi. The Block consists of 7 luxury one, two and three bedroom apartments and retail space which has been the home of the organic retailer & café, Bondi Wholefoods, since completion.
Colliers International’s Miron Solomons, Director of Investment Sales, and Matt Pontey, Senior Executive of Metro Investment Sales, are running the campaign in conjunction with Alexander Phillips & Anthony Puntigam of Phillips Pantzer Donnelley.
“It’s extremely rare for investors to have the opportunity to acquire a newly built entire apartment block in Bondi Beach, particularly with such quality AAA tenants,” said Miron Solomons, Colliers International.
“The tenancy mix of luxury apartments and flagship retail means investors enjoy a balanced portfolio at Australia’s most famous beach.”
Tenancies are long-term leases that expire in March 2021, with further 5-year options, generating income of approximately $630,000 p.a.
“The address is well known to residents and foodies alike, nestled in a perfect part of Bondi close to the beach, transport and other retail amenity.
“We expect this iconic corner block will attract interest from domestic and international investors given its high-profile location, renowned retail tenancy of Bondi Wholefoods as well as the stunning luxury residential apartments,” said Alexander Phillips, Phillips Pantzer Donnelley.
The auction will be held on 19 October 2017.