Bondi pharmacy and six apartments set to net $10m
A Bondi Beach pharmacy with six apartments above it in the heart of the prime Sydney beachside locale is set to be auctioned, with agents expecting interest north of $10 million.
The prime property at 62 Hall St is just 400m from the famed Sydney beach, along the suburb’s strongest retail strip.
The 225sqm site has a ground floor retail space, with the six apartments combining to deliver a combined net income of more than $325,000 annually.
Commercial Insights: Subscribe to receive the latest news and updates
It sits opposite popular local retailers including food destinations including Da Orazio Pizza and Porchetta and Gelato Messina, along with the Adina Hotel and Harris Farm.
Colliers International’s Miron Solomons, Matt Pontey and Nick Lumley are marketing the property, which will be sold at a public auction on August 30.
Solomons says Bondi’s popularity – and particularly on Hall St – remains as strong as ever among investors and the lifestyle-conscious.
“Bondi is one of Australia’s most tightly held suburbs, cherished by the local population, in particular the eclectic mix of retailers and restaurants along Hall St all the way to the beachfront,” he says.
“Hall St is not as volatile to the seasons as Campbell Parade, so it doesn’t fall victim to the fluctuations of trade as experienced by the beachfront retailers.”
Pontey says 62 Hall St’s mixed-use position makes it an enticing proposition for investment.
“The building is near new, with multiple defensive income streams from both retail and residential tenancies,” he says.
“We are seeing more and more demand for mixed-use assets in this class, with both purchasers and lenders taking comfort in diversified income streams, which obviously minimises risk and exposure.”