North Bondi mixed-use block sells for $25.4 million at auction
A mixed-use North Bondi block on Campbell Parade has sold at auction for $25.4 million.
There were five registered bidders in the social distanced room as the hammer fell after a heated auction following a $15 million opening bid.
There were mixed pre-auction guides including $17 million while another report suggested it would be more like $20 million on its listing last month.
There were too many in the room for the auction to go ahead, so auctioneer Damien Cooley ushered anyone not registered to bid or family in to an adjoining room.
In the end it was two feuding brothers, who were part of the family who had owned the block for decades, who drove the price above $25 million.
Tony and Anna Tsakiros took the keys, with Tony's rep beating his brother Nio's.
Colliers International agents Matt Pontey and Miron Solomons secured the sale in conjunction with McGrath's Will Manning.
The block at 286-294A Campbell Parade comprises four ground floor retail outlets, leased to The Depot, Doughboy Pizza, Sage Beauty and grocery store Nio & Tony's.
Upstairs there are six apartments, four two bedders and two one bedders, with the net income of the commercial and residential tenancies yielding $687,891 per annum.
The 689 sqm site with a gross floor area of 1,004 sqm was offered as 100 per cent freehold interest.
"This calibre in a location such as this is unlikely to be seen again in our lifetime," the Colliers marketing advised.
