Bates family puts Bondi’s Bates Milk Bar site up for sale

The Bondi building that once housed iconic beachside destination Bates Milk Bar is on the block, 65 years after it served its first malted milkshakes.

The Bates family is auctioning the Campbell Parade site, just metres from the famed Sydney beach, after maintaining ownership of the property despite the Milk Bar closing in 2001 after more than 50 years of service.

The 1920s-style building is now home to modern retailers including Platypus Shoes, Gelatissimo, Natalie Alamein, Mezi Retail and also offers three residential tenancies above. It attracts annual rents of more than $600,000.

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Colliers International’s Miron Solomons and Matt Pontey are marketing the property in conjunction with Anthony Bray of Cushman and Wakefield, with the new owner to be determined at an auction on September 23.

The former Bates Milk Bar, opposite Bondi Beach.

Solomons says the opportunity to buy a significant chunk of commercial property opposite Bondi Beach would see buyers come from everywhere.

“An offering of this calibre is to be considered a once in a lifetime opportunity and we expect high levels of interest from high net worth private investors and boutique investment funds, both nationally and offshore, looking to acquire a renowned, quality and secure trophy investment,” he says.

The site is being touted for the potential to improve and cash in on its residential component.

Bates Milk Bar (outlined in white) sits directly opposite Sydney’s Bondi Beach.

Colliers’ head of investment services Matthew Maynell says Bondi commercial properties are well and truly back in vogue.

“Traditionally, Bondi has been a tightly held market with only a handful of commercial properties trading every year,” he says.

“Recent development activity in the area, coupled by growing support from Waverley Council has seen the area reinvigorated and interest levels peaking in Bondi’s commercial market.”