One of the last trophy freehold assets to be offered to the market within Sydney's Bondi Beach will be auctioned next month.

Combining 17 recently built luxury apartments, 1 Lamrock Avenue is being marketed for sale by IB Property, in conjunction with Colliers International.

The property has a net income of about $910,000 and was completed in 2014.

1 Lamrock Avenue - At a glance:

- The largest block ever offered in one line in Bondi Beach
- 17 luxury generous sized apartments. Completed in 2014
- 16 valuable secure car spaces
- Net income $910,000 approx.
- Ideal defensive income stream and cashflow
- Irreplaceable Bondi Beach trophy

Colliers International Associate Director for Investment Services, Matt Pontey, told WILLIAMS MEDIA the public auction was going to be a great litmus test for the Eastern Suburbs market and build-to-rent asset class.

"Build-to-rent continues to gain momentum in the industry with the modelling still requiring tweaking which should come in the support of the government, however in the meantime, the rest of the industry continues to push on with the mentality that if you build it they will come," he said.

“The holy grail of investment in property circles is undoubtedly Build to Rent. 1 Lamrock is an asset that has been built, retained and the returns proven consistently which will undoubtedly show investors that there is a future for this burgeoning asset class in Australia.

1 Lamrock Avenue, Bondi Beach. Source: Colliers International

“Institutional money continues to flow into this sector both within Australia and externally, if you are currently in property and not looking at this exciting new asset class then you are missing an incredible opportunity by not being an early adopter”

Colliers National Director for Sydney Metro Sales, Miron Solomans, said with expected feedback of about $40 million, the auction was set to be the largest in the Sydney metro market.

"The previous largest block auction was The Eynesbury at 22 Albert Street, Edgecliff which sold at auction for $33.25m on a yield of approximately 2 per cent," he said.

"An opportunity to acquire freehold property of this calibre in a location such as this is unlikely to be seen again."

A public auction for 1 Lamrock Avenue, Bondi Beach will be held at Cooley Auction’s – Domain Auction House, Double Bay on Tuesday, 7 April 2020 at 6pm.

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