Colliers International selling third iconic site on Bondi beachfront.
In an extraordinary turn of events, a third large freehold building on world famous Bondi Beach has come to market, within the last 12 months.
Colliers International are selling 134-138 Campbell Parade at Bondi Beach, which has a land area of 417 m2 and a net income of over $500,000 per annum.
The property will be offered by way of a Public Auction on August 17 through Miron Solomons and Matt Pontey of Colliers International.
“We are expecting this to be the biggest auction of the year – there will be some serious heavy hitters present,” said Miron Solomons, Director of Investment Services at Colliers International.
“It’s a once in a lifetime opportunity – three buildings in this location, on the Bondi beach front with uninterrupted views – coming to market within 12 months is unheard of. These assets are typically held by local families for 50-60 years each.”
This sale comes to market following two highly successful campaigns of neighbouring assets; Bates Milk Bar at 124 Campbell Parade in September 2016, and 128-132 Campbell Parade in May this year, with the latter breaking the Australian record for the highest price paid per metre for land.
Matt Pontey, Senior Executive, Sydney Metropolitan Sales for Colliers International says that they are expecting significant international interest for the property.
“This asset will be hotly contested by developers & investors, not only due to the location, but also the flexible mixed use zoning and a favourable lease term providing the potential for future mixed use development.”
“There are also two exceptional retail tenancies currently placed within the building - The current ground floor tenants are Ben and Jerry’s and Ezymart plus 8 residential unit’s above.”
“These are solid, diverse income streams with significant development potential that are attracting international interest.”
Miron Solomons says the interest in the past two Bondi sites indicates there is still plenty of appetite for Sydney’s top end ‘trophy’ market.
“Any talk in the media of a downturn in the market has not jilted the momentum for the last two campaigns – we aren’t seeing any negative effects in the trophy, high-end of the market.”
“Capital growth from assets like Campbell parade, means that investors are able to compete aggressively at sharp yields, beyond market norms, to acquire once in a lifetime investments.”