Development opportunity on iconic beachfront strip to be sold after 55 years17 November 2022
An intergenerational asset on the doorstep of one of the world’s most famous beaches is set to come to market.
Offering one of the last remaining freehold buildings in Bondi’s prized dress circle location, the property at 128-132 Campbell Parade on approximately 417sqm is currently presented as two beachfront retail shops as well as a rebuilt next generation boarding house with 17 self-contained rooms (each with its own kitchenette and bathroom) and common room.
Going to auction on December 8th with a price guide of over $26 million, the property has been owned by the same family for 55 years and is listed with Miron Solomons and Matt Pontey of Colliers.
“We have been fortunate enough to work with a few of the families along Campbell Parade who have owned these buildings for generations,” Mr Solomons said.
“It is special real estate and this is always acknowledged by the market in both the competition we see when these rarely pop up and in the outcome which tends to re-write records.”
“Given the tightly held nature of this famous strip we have witnessed significant and unwavering demand throughout different markets. This was tested both this year and throughout the pandemic and if anything, the demand increased because of the fundamentals on offer here. It is a special place to own real estate,” Mr Pontey added.
With a current net income of approximately $560,000 from multiple and diverse income streams, the site has B2 Local Centre zoning with a height limit of 15 metres and rear lane access. It is an irreplaceable opportunity for those looking for a beachfront development site or investment, with developers likely to be inspired by the views and the development approvals obtained at both neighbouring properties.
The Bondi market is still adjusting after the monumental $68 million sale of Noah’s Backpackers in June through Mr Solomons and Mr Pontey, which showcased the skyrocketing demand for prime property on Campbell Parade.
“When we offered Noah’s earlier this year it just underpinned what we already knew about this famous street. We see demand matched by developers, investors and even owner-occupiers. There aren’t too many places where this seems to happen,” Mr Solomons said.
“It’s developers looking to deliver beachfront apartments, investors chasing resilient bullet proof property with mouth-watering capital growth and even the odd owner-occupier looking for a beach front business or place to build their dream home, unwind and maybe catch some waves. It will be interesting to see who gets the keys to this one.”