This article is from the Australian Property Journal archive
ANOTHER Campbell Parade development opportunity overlooking the world-famous Bondi Beach has hit the market in 2022, with $26 million expected for the two retail shops and boarding house in the newest offering.
It follows the home of Noah’s Backpacker hostel, on a 1,087 sqm site at 2-12 Campbell Parade, mid-year for $68 million to pub baron Jon Adgemis’s Public Hospitality Group.
Now on the block is 128-132 Campbell Parade, on a 417 sqm parcel, which is heading to auction on 8th December.
Miron Solomons and Matt Pontey of Colliers have the listing on behalf of a family that has owned the prime site for 55 years.
“We have been fortunate enough to work with a few of the families along Campbell Parade who have owned these buildings for generations,” 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.”
Currently presented as two beachfront retail shops and a rebuilt boarding house with 17 self-contained rooms – each with its own kitchenette and bathroom – and common room, the property brings net yearly income of about $560,000. The land has B2 local centre zoning allowing for a height limit of 15 metres.
“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,” Pontey said.
Solomons and Pontey also managed the Noah’s Backpackers sale.
“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,” 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.”
