Feuding brothers push price of trophy North Bondi investment to $25.4m

The Campbell Parade site (marked) near Bondi Beach is seven kilometres east of Sydney’s CBD.

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.

The grocery store space formerly occupied by the vendors, Nio and Tony Tsakirios.

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.

With four shops and six upstairs apartments, 286-294A Campbell Parade contains 1004 sqm of area. Returning annual net rent of $687,891, it is trading on a 2.7 per cent yield.

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.

A rooftop terrace at 286-294A Campbell Parade, North Bondi.
On a 689 square metre parcel, apartments within 286-294a Campbell Parade enjoy beach views.
The Campbell Parade complex offers Pacific Ocean vistas over Williams Park.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.