Developer buys Bondi Beach apartment block to repurpose
An Art Deco apartment block on an elevated site 300 metres to Bondi Beach sold to a developer with plans to repurpose.
The $6.3 million result for 1-4/34A Francis Street, Bondi Beach, reflects a 1.57 per cent net passing yield.
There are four two bedroom dwellings – all up containing 306 square metres – and three garages.
The 463 sqm block, zoned R3 High Density residential, is permit-ready for an additional floor as part of an extension.
Colliers’ Paul Grasso and Charles Raine with Raine & Horne’s Hannan Bouslika and Ric Serrao were the agents.
Costi Cohen’s Tas Costi represented the buyer, which plans to repurpose the bigger building as a childcare centre investment.
Extension, repurpose plan
The Bondi Beach property is also walking distance to Hall St shops.
“Opportunities to acquire unit blocks in Bondi that offer both income and conversion upside remain rare and this campaign’s outcome reflects strong, consistent demand for these assets,” Mr Raine said.
“This result highlights the continued strength of the Bondi market for compact, well located holdings with immediate alternative‑use potential,” Mr Grasso added.
“Buyers responded to the location, the stability of the asset and the clear pathway to redevelopment,” according to the executive.
Mr Cohen said the property was bought against higher price expectations (c$6.5m).
Bondi Beach is about eight kilometres east of Sydney’s CBD.
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