A trophy asset positioned on Australia’s most famous beach, is coming to market, expected to fetch over $20 million for sale by Miron Solomons and Matt Pontey of Colliers International and Steffan Ippolito of I.B Property.

Tipped to be the auction of the year, 134 – 138 Campbell Parade, Bondi Beach is being offered by Miron Solomons and Matt Pontey of Colliers International and Steffan Ippolito of I.B Property.

With an absolute beachfront position, the freehold block is home to eight residential units and two ground floor shops leased to Ben & Jerry’s & EzyMart.

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As investors seek out quality assets in locations that have displayed resilience through COVID-19, suburbs such as Bondi and the Eastern Suburbs have prevailed.

“Traditionally there are very few markets in Australia which can boast exceptional performance and capital growth like Bondi and this has only become more evident in 2020” said Miron Solomons National Director Colliers International.

Since September 2016, $200 million in commercial assets have transacted in Bondi Beach with nearly every asset selling for a yield less than 3%.

This demonstrates that investors recognise the unique and buoyant nature of this superior location.

“We tested the market with the sale of 286-294a Campbell Parade North Bondi during Sydney’s lockdown, which confirmed a strong appetite for assets of this calibre. The property sold in a heated Auction for $25.4 million in June. In addition to the usual high levels of interest we experienced, we also witnessed a flurry of capital usually reserved for other markets, states and even asset classes as investors across the country added Bondi to their wish list” Mr Solomons said.

Key fundamentals at play include the limited supply in such an affluent and internationally renowned destination, the robust nature of the tenancies in this asset (something that is now highly sought after), appealing to lenders and valuers alike.

Matt Pontey, Associate Director, Colliers International said, “134 – 138 Campbell Parade has a valuable DA Approval for a MHNDU designed high-end development, should the buyer want to go down that route immediately or in the future.

The value of this DA is remarkable and we have never seen another DA approved site offered to the market on Campbell Parade. The asset sits within one of the most prestigious location in Bondi and produces a diverse income stream of over $530,000 net approx.”

“There is no better market in Australia than Bondi Beach, the opportunity to acquire a substantial beachfront asset with uninterrupted views of the beach is unique and special” said, Steffan Ippolito, director of I.B Property.

134 – 138 Campbell Parade will be sold via auction on 19 November 2020.

To view the listing and for more information click here. 

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