This article is from the Australian Property Journal archive
TWO private local investors have recently snapped up separate boarding houses in Bondi Junction for $2.25 million each.
CBRE’s Tony Braham and Simon Lytton negotiated the sale of 2B Ben Eden St and 89 Old South Head Rd, which were offered to the market separately or in one line.
The sales represent record low yields of 4.2% for Ben Eden St and 4.6% for Old South Head Rd.
“The campaign saw over 108 qualified buyers register their interest in these Bondi Junction properties, with investors attracted to the significant earning potential of the sites,” Braham said.
The 242 sqm site at 2B Ben Eden St offers six self-contained modern studio apartments, each with its own bathroom and kitchenette, whilst the 272 sqm Victorian terrace at 89 Old South Head Rd offers11 rooms over two levels.
“The eastern suburbs market is particularly converted by investors and developers, who are recognising the buyer and renter demand for sites in this area, underpinned by the lifestyle offerings of the region.
“We are witnessing an increasing demand for apartment living in suburban markets, particularly in prestigious suburbs such as Bondi Junction where high medium house prices inhibit freestanding home ownership,” Braham said.
Australian Property Journal
