NZ fund manager sells down Bondi Beach arcade for a premium

Beach House Lanes is set to be sold down for over $36 million.
Ben Cook sold Bunnings Eastgardens for $75 million in 2021.

Ben Cook is the latest investor to profit from selling down an inner-city retail investment.

The New Zealander’s Cook Property Group has banked $30.8 million from 14 or 15 strata titled shops a Bondi’s Beach House Lane.

With the final property expected to fetch over $6m – a c15.02 per cent windfall would be recorded on the $31.3m outlaid in mid-2016.

The deal comes two years since the fund manager sold Newmark Property Bunnings Eastgardens for $75m – a rise on the $56m it spent in 2015.

Also in 2021, Mr Cook offloaded the Coles anchored Entrada Shopping Centre, in Parramatta, for $41.435m – about the same ($41.32m) price paid in 2017.

The group has purchased local properties too – including, in 2021, a then unbuilt Bunnings with a leaseback at Hervey Bay’s Pialba for $58.6m – a 3.99pc yield.

Ben Cook reweighs portfolio

On Campbell Parade, running through to Curlewis Street, the Bondi arcade contains 1166sqm leased to, amongst other retailers, Aesop, General Pants Co an Seafolly (story continues below).

Each with a car park, the assets sold for between $1.5-$5.9m – on yields between c4.5-5.5pc.

One investor bought three of them.

Another acquired two including the priciest.

Stonebridge’s Michael Collins, Tom Moreland, Philip Gartland, Alex James-Elliott, Rorey James and Kevin Tong represented Mr Cook.

The same agency recently acted for Podco and Terraplex director Anthony Wilson selling down South Melbourne’s historic Emerald Hill Terrace as 14 strata titled shops for a c$6.4m windfall over eight years.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of