This article is from the Australian Property Journal archive
SYDNEY property developer Central Element has spent $51 million acquiring a 2,000 sqm site for an “ultra-premium” residence project that will offer panoramic views from world-famous Bondi Beach to the Ben Buckler headland.
The 20-22 Sandridge Street and 21 Wilga Street site in Bondi is an amalgamation of six properties across three lots, and Central Element plans on developing a limited number of apartments and houses with prices starting from $20 million.
The site was sold by Ric Serrao and Alex Lyons from Raine & Horne Double Bay/Bondi Beach.
“The Bondi Beach market is one of the most exciting in Australia at the moment, attracting affluent buyers from lucrative industries such as tech, fashion and finance,” Serrao said.
Some apartments in the region are commanding more than $100,000 per sqm – Andrew Roberts, former managing director of Multiplex, recently picked up a Notts Avenue pad at in excess of $125,000 per sqm. There’s also buoyant demand for houses – recent sales include 31 Gaerloch Avenue in Tamarama trading for about $45 million and 12 Bronte Marine Drive, Bronte for circa $22.5 million.
According to realestate.com.au., Bondi’s median house price is $3.75 million, up 1.3% over the past 12 months.
Each residence on Central Element’s new Bondi site will include direct access to the Bondi to Bronte coastal walk, swimming pools, secure car parking, and “mesmerising” views across the waves and iconic sands of Bondi Beach to the sun-drenched Ben Buckler headland.
Central Element has a multi-billion dollar portfolio of residential, mixed-use and lifestyle precincts, having delivered over 500 apartments across Sydney metropolitan locations. Along the eastern suburbs it recently received development application (DA) approval for the Ballamac House and won multiple awards for the completed Anden Coogee. Elsewhere, the developer and joint venture partner Develotek have just been given the green light for a 12-residence project in Drummoyne, while on the North Shore it is constructing the $150 million, 17-level Ethos Chatswood tower with MaxCap Group.
“Our latest acquisition marks an important milestone for Central Element as we enter the tightly held world-famous location of Bondi Beach. Among the suburb’s bustling development activity, none rival the unique attributes of this parcel of land. Its generous frontages cater to an ultra-premium boutique project, while its elevated position captures truly unparalleled vistas,” said Nathan Chivas, managing director of Central Element
“This appealing pocket on the headland between Bondi Beach and Tamarama Beach epitomises the very best of the locale, with residential feel just steps away from vibrant Campbell Parade.”
The DA is anticipated to be lodged by the end of this year, with construction commencing in 2025/2026, Central Element said.
