Entire high-end apartment block up for sale in Bondi for $40M

The residential market outlook remains sunny in Bondi where a beachside apartment building will go under the hammer, with price expectations of up to $40 million.

In a sign of the emergence of the build-to-rent sector, the recently-built block of 17 units at 1a Lamrock Avenue, Bondi, was built and retained by a private family for several years and will be offered to the market in one line.

GALLERY  

The block will be offered fully leased with a net income of approximately $900,000 per annum from a mix of one, two, and three-bedroom penthouse style apartments.

Colliers International’s Miron Solomons along with IB Property’s Steffan Ippolito are advising on the first-time listing and said the asset was attracting interest from both institutional buyers and investors alike.

“2020 has already seen our property market benefit from an influx of capital traditionally reserved for alternate investment vehicles such as the stock market,” Solomons said.

“Australian and global investors are looking for stable, defensive assets underpinned by substantial capital growth.”

IB Property’s Ippolito confirmed price expectations of “circa $40 million” for the rare beachside offering, which he said ticks the right boxes for a diverse range of investors.

“Assets like this are beyond rare…and appear to be supported by funds, financial institutions and valuers all seeking these attributes,” Ippolito said.

Auctioneer Damien Cooley, of Cooley’s Auctions, who will auction the property on 7 April, said the transaction was expected to garner interest from across the globe.

“I have no doubt this opportunity will attract global interest plus see all the key local buyers who know this market better than anyone bidding for the chance to own this piece of Bondi Beach.”

“These candidates will be looking to capitalise on these fundamentals plus the hassle-free growth with multiple income streams,” Cooley said.

The listing comes as both dwelling prices and rental growth in Sydney continue to defy trends elsewhere in the markets, and taps into Sydney’s predicted undersupply of luxury apartment product.

These conditions are in turn offering opportunities for developers, with a listing of a nearby Bondi site with approval for 10 “super luxury” apartments at 134-138 Campbell Parade set to go under the hammer in March, with a price tag of around $20 million.

Via UrbanDeveloper






Get our enews

Design and development news that comes to you

Subscribe
                 


Solar Victoria Continues to Enforce Customer Protections for Hot Water Systems

Solar Victoria continues to enforce industry standards for consumers purchasing energy-efficient hot water systems under its flagship Solar ...

Earthy Elegance: Esiot Store in Athens

Nestled in the vibrant Exarcheia neighbourhood of Athens, the Esiot flagship store by interior architect Nancy Katri is ...

The Harmony of Heritage and Design at Zhichang Coffee

Nestled within the historic Weiyang Palace site of Han Chang’an City, Zhichang Coffee at Mihe Farm in Xi'an ...

Reviving the Past: Adaptive Reuse in Australian Cities

As office vacancy rates climb in Australia’s capital cities, architects and developers are turning to adaptive reuse to ...

  MORE  

Stay connected to the SPEC

Join our reader network by signing up to our weekly newsletter and receive design and development news straight to your inbox





Specifier Source is brought to you by the same company that publishes Home Design, Grand Designs Australia Magazine, Kitchens & Bathrooms Quarterly Magazine, Outdoor Design Source, Build Home, CompleteHome and many more.

© 2022 Universal Media Co. All Rights Reserved. Privacy Policy. Terms of Service. The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Universal Media Co.