Council buys Bondi Beach apartment block
Waverley Council has used developer contributions to purchase a 1940s block of flats in trendy Bondi Beach.
The $8.55 million paid at auction for 49 Mitchell Street prices each of the (six) dwellings at $1.43m.
It was also $1.45m over reserve.
IB Property’s Steffan Ippolito with Highland Commercial Property’s Paul Grosso represented the vendor which paid $5.75m in 2020.
Four flats were later renovated.
Council outbids investors, developers
Council contested with three suitors for the property – only one bidding beyond $7.5m (story continues below).
Investors and developers also looked in; the 421 square metre site zoned Medium Density, able to accommodate a four level improvement.
It traded against a $7m guide.
The deal comes a week since we reported the state government released six sites – two in Sydney – for projects to deliver 160 dwellings, a chunk expected to be allocated for affordable and social housing.
The Melbourne City Council also recently put two car parks to the market for more public housing product.
In Queensland meanwhile, amongst other initiatives, the state government has been buying ex-aged care homes to repurpose including, in April, 2023, two assets from Aveo worth a total $20m.
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