Bondi Beach's Ben & Jerry's building snapped up for $18 million
A beachfront block of eight apartments and shops on Bondi Beach has been snapped up by Rebel Property Group's Allen Linz and Capit.el Group's Eduard Litver for $18.25 million.
The 134-138 Campbell Parade property sold at auction on a sharp yield of 2.7 per cent.
Market chatter had suggested price expectations of about $20 million.
Besides the eight apartments, the two ground-floor shops are leased to popular ice creamery Ben & Jerry's and convenience operator EzyMart.
The selling agents were Colliers International’s Miron Solomons and Matt Pontey.
Last year, the developers of the Pacific Bondi, Linz and Litver along with Gil Baron splashed $19.12 million on Bondi Beach's iconic retail premises, the 1951 Bates Milk Bar.
"134-138 Campbell Parade is the ultimate trophy asset, so the huge interest and flight to quality in a now discerning market delivered a very strong result," said Solomons.
The asset, which has uninterrupted views of Bondi Beach, offers multiple income streams and potential for future development.
The apartments comprise two two-bedroom units and six one-bedroom units.
Net income is nearly $501,332 per annum.
The total landholding is nearly 417 sqm and the zoning is B4 – Mixed Use.
"The absolute beachfront location delivers a low-risk income stream for investors as one of the last significant freehold opportunities on Campbell Parade,” said Pontey.
