Ben & Jerry’s Ezy Mart Bondi Beach site sells for $26m, a 42 per cent gain in three years
Just eight days after a Bondi Beach block of flats with Trio Restaurant sold for $20.65m at an exciting auction, a similar property further along the beachfront has sold for even more.
The eight Art Deco flats sitting above two retail shops at 134-138 Campbell Parade — currently housing Ben & Jerry’s icecream shop and Ezy Mart — have sold for $26m.
Bondi locals who watched the property — which records show is owned by a company linked to Pacific Bondi developers Allen Linz, Eduard Litver and his wife, Adrianna — pass in for $24.7m under the hammer at Damien Cooley’s auction on November 19 have revealed all.
Selling agents Miron Solomons with Matt Pontey from Colliers International and Steffan Ippolito of IB Property, along with Linz and the Litvers, made no comment about the sale price or the purchaser when contacted by the Wentworth Courier today.
But independent sources revealed the sale price, with the buyer rumoured to be fund manager Princeton Securities, which has George Gadallah and Craig Anderson as its directors.
The result is a great outcome for Linz and the Litvers, with CoreLogic data showing they purchased the site for $18.25m just three years ago in 2017.
The $26m sale price represents a 42 per cent gain.
The apartments consist of two two-bedroom apartments and six one-bedroom apartments with a net income of $538,446 per annum.
The Wentworth Courier spotted Linz with a paddle at last week’s auction for the Art Deco block of four at 56 Campbell Parade, which sold way above expectations to F45 founder Rob Deutsch.
Linz’s interest and presence there now makes more sense.
Michael Pallier of Sotheby’s had 16 registered bidders, with eight or nine participating, but Linz didn’t raise his paddle.
There’d been five bidders at Cooley’s auction on November 19. No doubt last week’s huge result motivated those buyers to reevaluate what was on offer at Ben & Jerry’s.
It’s understood the fund managers are planning on redeveloping the site. Deutsch is believed to have similar plans.