Surf‘s up for Bondi’s next luxury wave

The world-famous sands of Bondi Beach are drawing a fresh batch of property developers planning a spate of multimillion-dollar apartment projects.

The wealthy suburb that sports the country‘s most famous stretch of coastline — Bondi Beach — is set for a series of new apartment projects that are billed as offering unrivalled views.

With the eastern suburbs property market in full swing as mansions trade at a rapid clip, developers are moving in, hoping to house both the up-market crowd seeking a lifestyle upgrade and downsizers shifting into units.

Property developer Clutch is the latest to expand in the area and plans to create a major mixed use project at one of Bondi Beach’s most iconic locations.

The developer has purchased a $16m site at 135-139 Curlewis St and will combine it with the adjoining property at 141-155 Curlewis St to create a 2,600sq m site.

Curlewis St, Bondi, where developer Clutch is set to start a major project.

The adjoining property already has an approval for 15 luxury apartments and three retail tenancies, with building on that element to begin in late 2024.

Colliers agents Matt Pontey and Miron Solomons secured the off-market deal for the additional site in Curlewis St on behalf of an amalgamated owners’ group.

“This marks our third combined acquisition within Bondi Beach, facilitating an expansive canvas for us to create not only an icon but more importantly, curate a lifestyle. We are aiming to redefine the very essence of beachside living and luxury,” Clutch associate director Maxwell Chiu said.

“Bondi Beach has undergone significant intergenerational change over the last decade which has led to some of the nation’s most significant developments in what is an incredibly desirable and tightly held market,” Mr Pontey said.

The popular Aqualine project at Bondi Beach.

Clutch’s latest purchase unlocked what is arguably the best positioned site in Bondi Beach and exciting plans are already in the works, Mr Solomons said.

The popular Bondi Beach has become something of a hotspot, as developers look to capitalise on the high demand for luxury living in Sydney’s eastern suburbs.

Successful projects include big-name blocks like Boheme, Pacific, Eurangi, Pipi and Aqualine, and the area boasts top class bars and restaurants, adding to the beachside lifestyle.

Others have also been active. Sydney developer Central Element picked up a site overlooking the coveted beach strip in September.

A design of view of the Aqualine from the street.

It is planning a boutique project after paying $51m for the via Ric Serrao and Alex Lyons from Raine & Horne Double Bay/Bondi Beach.

That project will sport panoramic views over Bondi Beach to Ben Buckler headland. It comprises six properties at 20-22 Sandridge St and 21 Wilga St that span just over 2,000sq m.

A small number of ultra-premium apartments and houses — billed as being at a scale not seen before in the eastern suburbs — will be offered with the residences to start at $20m.

“The Bondi Beach market is one of the most exciting in Australia at the moment, attracting affluent buyers from lucrative industries such as tech, fashion and finance,” Mr Serrao said.

“We’re seeing apartments commanding more than $100,000 per sqm, with the recent sale of Notts Avenue to Andrew Roberts, former managing director of Multiplex, achieving in excess of $125,000 per sqm,“ he said.

Demand for houses is also buoyant, with 31 Gaerloch Ave in nearby Tamarama selling for about $45m and 12 Bronte Marine Drive in Bronte selling for about $22.5m.

Bondi has seen a raft of developers snap up prime land.

The homes will have direct access to the Bondi to Bronte coastal walk, expansive outdoor living and swimming pools. But the real calling card of the new wave of developments will be their mesmerising views of Bondi Beach’s iconic sands.

Other developers, working on the idea that beachside living is not accessible to all, are also working on revamping local properties further back from the coast.

Local developer Allambi Property, run by former Lendlease executive Shaun Bond, has lodged plans for a site on the corner of Wellington St and Bondi Rd.

The boutique project designed by Woods Bagot retains seven 1933 shopfronts and a small 1936 residential block while adding 16 up-market apartments and mixed-use retail on the vibrant strip.

Mr Bond says the project is backed by a group of investors, including some born and bred Bondi locals who have lived in the area for up to 80 years.

The four-storey development will be all-electric and feature one, two and three-bedroom apartments. Mr Bond said Bondi‘s apartment development market was primarily concentrated on Campbell Parade and the beachfront.

Most of the demand is coming from local downsizers and professionals. “It’s a very local market,” he says. But that interest is spreading across the suburb.

“This little hub and intersection on Bondi Road there really hasn’t seen any new product and it could really benefit from some reinvigoration.”