Sydney, 29th September – Positioned in what many consider the centre of Bondi Beach, 141-143 Curlewis Street, the former home of iconic radio station Bondi FM and the famous Mr. Bondi contest, will certainly whet the appetite of local investors and developers.
141-143 Curlewis Street sits proudly on a block of 518sqm and offers favourable development controls, which will present the opportunity for not only prominent local investors, but also developers seeking to capitalise on this unique beachside location just 300 metres from Bondi Beach. This has been evident with nearby developments Aqualine and Twenty Hall well and truly underway, both developments have broken ground.
“What’s unique about this property, is it is the first time a high-calibre asset on Curlewis Street has been delivered to market. This iconic local spot has been tightly held, while we have seen a number of prominent sales on Campbell Parade and Hall Street, the Curlewis Street retail strip has been locked out of the open market for generations,” Miron Solomons, National Director Investment Services at Colliers, explains. “Curlewis Street is where the locals go, it offers really cool cafes, bars, restaurants, gyms, galleries and more. If you are local, then this is the place to be. There is something special about this part of Bondi Beach, where it has retained its beachy, local charm.”
Heading to auction on the 28th of October at 10:30am with auctioneer Damien Cooley, the Colliers team has no doubt the sale will benchmark the recent sale of the former Westpac Bank at $17 million.
“We have been fortunate to transact a number of high-profile assets in Bondi Beach over the past few years. This rush to premium locations, which has historically demonstrated resilience, coupled with the low interest rate environment, is encouraging investors to secure their position in this unique, highly coveted beachside location,” Matt Pontey, Director Investment Services at Colliers, says. “There has never been a more active year in Bondi with close to $200 million in commercial sales transacting. either on or off market; it’s exciting to see this activity and the new development and refurbishment that follows from this incredibly active capital.”
The Bondi Beach market has continued to see record after record topple in both the residential and commercial markets. While the current economic conditions are contributing to this, investors are also recognising there will never be an ‘oversupply’ of commercial properties in the Eastern Suburbs let alone the Bondi Beach market. The old mantra of ‘flight to quality’ has been replaced with ‘flock to the beach’.
141-143 Curlewis Street houses local institution ‘NEIGHBOURHOOD’ and was formerly home to Milky Lane. The two restaurant tenancies feature expansive outdoor gardens, offering alfresco dining and enhancing the overall appeal for customers. Additionally, there are three residential apartments delivering a diverse income stream. The overall land size is 518sqm and the building area is 670sqm.
The property is being sold by a local syndicate which purchased the building at auction 15 years ago, at the time the total income was just $26,000. After substantial development applications and authentic ‘Bondi character’ renovations, the income soon improved. The progression of Bondi Beach continues, whilst maintaining her beachside charm.
