This article is from the Australian Property Journal archive
AN Oxford St site being marketed as the Bondi Junction’s last remaining major development opportunity expecting to net between $90 million and $100 million.
It is the first time the 235-239 Oxford Street corner property of 1,667 sqm has been offered in 25 years.
Knight Frank’s John Bowie Wilson, Tim Holtsbaum and Dominic Ong are marketing the site via an expressions of interest campaign closing Thursday, November 16th.
Wilson said a very high level of interest is anticipated from local and offshore developers given the high profile, high foot-traffic location.
“This asset is ideal for a hotel and retail development. A lot of offices in the core precinct of Bondi Junction have been converted to higher and better-use residential, however there are no major hotels in the nearby area so it’s a really unique proposition,” he said.
Holtsbaum said the site has a secure holding income and is offered with a demolition clauses on all leases, with zoning that permits a range of uses including hotel, retail and commercial, and in an area featuring a number of larger-scale residential towers.
“Developers will seek to capitalise on the significant undersupply of hotel and commercial office accommodation in Sydney’s eastern suburbs, as well as its location. The property is situated in the heart of Bondi Junction, directly adjacent to thriving Westfield Bondi Junction with a turnover of over $1 billion and circa 20 million annual customers.”
Further down on Oxford Street, residential developer TWT has turned its hand to hotel projects, having recently launched the NewLife Bondi Junction project at 59-69 Oxford Street after acquiring the site for $40 million late last year.
TWT will co-develop with site with Rebel Property Group.
Near the Oxford Street offering, Iris Capital has recently launched its boutique project The Grand Bondi Junction at 89 Ebley Street, which will comprise one, two and three-bedroom apartments.
Australian Property Journal
