High-flying financier spends $23m on Bondi apartment
A new record for Bondi property has been set by a finance executive’s $23m bid for an off-the-plan penthouse that will cost another $3m to fit out.
A high-flying finance executive is spending $23m to buy an amalgamated penthouse off the plan even though it hasn’t yet been fitted out.
It’s further evidence that after a long absence, developers are returning to Bondi’s beachfront high street, Campbell Parade.
The executive from Sydney’s north shore plans to relocate to Bondi Beach and expects to spend at least another $3m fitting out the penthouse overlooking the world famous beach.
Currently, the two-level penthouse “shell” has four or five bedrooms and comes with parking for two vehicles. Included in the deal is a one bedroom 54 sqm apartment which was priced at $2.7m.
Selling agent Ben Stewart of Stewart Residential/CBRE said the result broke the previous record for an apartment sale in Bondi given the amalgamated penthouse in the 124 Campbell Parade building sold for more than $105,000/sqm. He declined to comment further on the deal.
Bondi developers Alan Linz and Eduard Litver are selling just two apartments in the seven-unit Hall & Campbell building on Bondi Beach. In a move similar to apartment mogul Harry Triguboff – who leases out about 5000 apartments which he personally owns – they plan to retain the other five apartments as long-term investments.
Mr Linz of the Rebel Property Group and Mr Litver of the Capit.el Group, were the developers behind the sellout Pacific Bondi building several years ago and believe that by retaining five apartments in their forthcoming Hall & Campbell building they will benefit from price growth.
“Since Pacific Bondi, prices have increased three times,” a source said.
The only other apartment available to buyers in the Hall & Campbell building – named because of its corner position on Campbell Parade – is the 235 sqm sub-penthouse which will be released to the market within weeks with a price tag of more than $20m. But unlike the 275 sqm penthouse, it will be fully fitted out.
Mr Stewart says the limited supply of new apartments in Bondi augurs well for the success of the new breed of apartments coming on the market.
“There’s fantastic appetite for penthouse-sized apartments in Bondi, particularly in these never to be repeated locations,” Mr Stewart said.
Meanwhile, Sammy Soliman, founder of newcomer developer the Fenbury group, is developing the Mayfair Bondi apartments at 58 Campbell Parade. Mr Stewart is also marketing this unit block which comprises seven luxury apartments and is under construction.
Veteran developer Craig Anderson, a director of the Princeton Group, is developing the heritage-style Eurangi apartments in Bondi fronting 134 Campbell Parade.
“It’s rare to get a brand-new development in Bondi and there hasn’t been one along the beachfront since 2013,” Mr Stewart said of Eurangi.
“The heritage facade gives the building a lot of character and holds a lot of appeal for buyers.
“Whenever we have a new development with a refurbished facade they’re taken up very quickly.”
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