Bondi Beach Curlewis St shops may sell for $17m amid Covid lockdown rebound
Two shops on a tightly held retail strip are being pitched as the “ultimate Bondi Beach opportunity” as Sydney prepares for a post-lockdown hospitality revival.
The national director of Colliers International, Miron Solomons, and colleague Matt Pontey are putting 141-143 Curlewis St, which occupies a 518sqm site, under the hammer with auctioneer Damien Cooley on October 28.
The pair point to their $17m sale of the former Westpac bank in Hall St, which was on a 512sqm block, as a reference point.
“What you will see is a striking and strong rebound for retail and hospitality across Sydney,” predicts Solomons.
Some might say the party never stopped at Bondi during lockdown, but both Solomons and Pontey expect the popular beachside suburb to be at the forefront of the revival.
The shops, about 300m from the sand, were most recently home to burger-and-cocktail hangout Milky Lane, which has moved, and the Neighbourhood bar, an existing tenant.
Both shops have alfresco dining areas, opening to courtyards at the back.
The agents suggest licensed venues that give patrons a chance to have a drink in the courtyard are likely to be extremely popular in the months ahead.
They also point to the development potential of the site, with retail always being a requirement downstairs but the possibility of apartments above.
There are already three apartments above the shops.
Construction of the nearby Aqualine and Twenty Hall apartment projects are already underway.
When fully tenanted, the annual rental income is about $417,000 net (the two shops and three apartments).
The Curlewis St site was once the home of the iconic radio station Bondi FM and the famous Mr Bondi contest.
The current investor owners bought the site in 2002 for $2,555,000.
Pontey, who is Director Investment Services at Colliers, says there have been close to $200m in commercial sales in Bondi this year.
“There has never been a more active year in Bondi … it’s exciting to see this activity and the new development and refurbishment that follows from this incredibly active capital,” he said.