Bondi homeowners hit the jackpot selling properties for $50m+ to unit developer Central Element
A group of Bondi homeowners have hit the jackpot, selling their properties — one who paid 11,500 pounds nearly 60 years ago — for more than $50m to a property developer in a hushed-up deal.
The three properties — a boarding house on 719sqm of land at 20 Sandridge St; three apartments at 22 Sandridge St on a 655sqm block and another unit block on a 676sqm block at 21 Wilga St that fronts the Bondi to Bronte coastal walk — were listed with Raine and Horne Double Bay principal Ric Serrao and Alex Lyons.
And on Thursday they exchanged on a deal with apartment developer Central Element that will ultimately see a new luxury project rise on the amalgamated block of more than 2000sqm.
There’s no doubt that the carefully crafted transaction will transform the lives of the homeowners, including the boarding house owner, Wolfram Decker, who bought the boarding house at 20 Sandridge St for 11,500 pounds in 1964.
Records show he and his wife, who are now based overseas, also later snapped up the block at 21 Wilga St, so they only had to convince the three owners in the flats at 22 Sandridge to sell up.
Some of those owners had bought in the 1930s block for as little as $250,000 and $290,000 in the early 1990s.
The sales agents are known to reached an agreement on the sale six weeks ago before entering a due-diligence period that expired on Thursday.
The new apartments are set to offer breathtaking 180-degree views of Bondi Beach and Ben Buckler Headland through to Tamarama.
The site has a steeped gradient which falls away continually from Sandridge through to Wilga St, which could allow for a “stepped” development maximising views potential from all levels, subject to council approval.
Commenting on the deal, Central Element said: “Our latest acquisition marks an important milestone for CE as we enter the tightly held world-famous location of Bondi Beach.
“Among the suburbs bustling development activity, none rival the unique attributes of this parcel of land.
“Its generous frontages cater to an ultra-premium boutique project, while its elevated position captures truly unparalleled vistas.
“This appealing pocket on the headland between Bondi Beach and Tamarama Beach epitomises the very best of the locale, with residential feel just steps away from vibrant Campbell Parade.”
The DA is anticipated to be lodged by end 2023, with construction commencing in 2025/2026.”
Central Element is a privately owned company that brings together the expertise of three industry experts — Wayne Chivas, Shane Smollen, and Nathan Chivas.
Their projects have included Ethos in Chatswood; boutique residences in Mosman and Coogee; a Hyde Park site; further development of heritage-listed Ballamac House and a waterfront project in Drummoyne.