Bondi Beach Ben & Jerry’s building tipped to fetch $20 million-plus

A building that is home to a Ben & Jerry’s ice cream shop overlooking the famous Bondi Beach is back on the market just in time for summer, with expectations it will fetch more than $20 million at auction.

The beachfront property at 134-138 Campbell Parade has eight apartments and two ground-floor shops leased to Ben & Jerry’s and EzyMart, along with development approval for a high-end makeover that includes 10 luxury apartments.

The beachfront property has been re-listed after selling for $25.4m in June. Picture: Colliers International

The property was sold to developers for $18.25 million in 2017 and was initially listed again in March this year, before being withdrawn when the COVID-19 lockdown hit Sydney.

The freehold block will now be auctioned on 19 November by Colliers International national director Miron Solomons, Colliers associate director Matt Pontey and I.B Property director Steffan Ippolito.

Mr Solomons said the $25.4 million sale of 286-294a Campbell Parade, North Bondi, in June during Sydney’s lockdown “confirmed a strong appetite for assets of this calibre”.

“In addition to the usual high levels of interest we experienced, we also witnessed a flurry of capital usually reserved for other markets, states and even asset classes as investors across the country added Bondi to their wish list,” he said.

The agents said $200 million in commercial assets had been transacted in Bondi Beach since September 2016, adding nearly every asset sold for a yield less than 3%.

Mr Pontey said the property has a valuable DA approval for a high-end development designed by architects MHNDU.

The DA approval is for 10 luxury apartments, two retail shops and parking for 11 cars. It provides for the demolition of the existing development, but with the facade maintained.

“The value of this DA is remarkable and we have never seen another DA-approved site offered to the market on Campbell Parade,” Mr Pontey said.

The property, located opposite the famous Bondi Beach, has approval for a high-end development. Picture: Colliers International

Mr Pontey said the site produced a diverse income stream of more than $530,000 per annum, approximately.

Mr Ippolito said there was no better market in Australia than Bondi Beach.

“The opportunity to acquire a substantial beachfront asset with uninterrupted views of the beach is unique and special.”