At an unusual auction yesterday, two feuding brothers contested for a North Bondi investment they appointed agents to sell – pushing the end price to more than $8 million over the reserve.
On a 689 square metre block, 286-294A Campbell Parade, with four ground floor shops and six upstairs apartments, traded for $25.4m.
Five bidders were registered but only one other joined in – according to The Wentworth Courier which is reporting more details in this item.
That suitor even stayed when the value surged beyond $20m – which was 20 per cent over the guide price.
Joint vendors, Nio and Tony Tsakirios, with their wives, Sally and Anna, had owned the asset for decades – occupying part of it as a popular grocery store.
Both had representatives at yesterday morning’s event, carried out at Damien Cooley Auction House.
In the end, a knock-out bid worth $100,000, saw the gavel fall to the latter.
Colliers International’s Miron Solomons and Matt Pontey with William Manning of McGrath were the marketing agents.
Based on the current rental return, the asset is trading on a 2.7 per cent yield.
Also yesterday a residential investment jointly owned by the siblings – two full-floor three bedroom apartments at 124 Hastings Parade, North Bondi – traded for $4.05m following a campaign managed by Phillips Pantzer Donnelley’s Alexander Phillips.
Seven bidders were registered to buy that property with the sale price coming in $50,000 over reserve, the agent said.
The purchaser lives in the exclusive area and will convert the three-storey structure, with beach glimpses, into a single residence.