Property developer Rafi Assouline puts Bondi Beach apartment block up for August 24 auction
High-profile property developer Rafi Assouline has put a whole block of apartments up for auction at a prominent Bondi Beach site.
The block of nine — eight one-bedroom unit and one two-bedroom courtyard units — at 1 Jaques Ave, a block from the beach, is scheduled for August 24 auction with a $14m price guide via Ray White Double Bay’s Adam Reichman.
Naturally the three-storey building has a lift; air-con; and the apartments have balconies, quality flooring; designer kitchens and bathrooms with premium fixtures and there are six car spots in the basement.
Reichman says: “This is a once-in-a-lifetime opportunity to own an amazing block in one of Bondi’s best streets.”
Property records show Assouline, who is the founder and director of HSN Property Group, is the owner of the 499sqm block, tucked in behind the old Bondi Beach post office, and the applicant when the site’s redevelopment was before Waverley Council in 2012-13.
It’s understood the block was complete in 2015.
Investors will no doubt be attracted to the high rents possible in the current high-demand environment — a 52 sqm one-bedder with parking at Unit 4 was rented at $1000 per week in april, a 33.3 per cent rise on the $750 being charged last February.
The one-bedder at Unit 2 had its rent jump from $750 to $950 in a year — up nearly 27 per cent.
The top floor unit, Unit 9, has been up for rent for 11 days with an asking rent of $900, 24 per cent more than $725 being charged last July.
And you might think the ones without parking are cheaper, but Unit 5, with no car space, attracts a rent of $975 — though the rise over the year wasn’t as much, just 15 per cent.
Meanwhile, the two-bedroom courtyard apartment’s rent has been static at $1650 per week since 2021.
The property records don’t indicate what Assouline paid for the site, or when it was purchased.
Assouline was famously in the news in recent years for selling a North Bondi triplex to Australia’s youngest billionaire, Afterpay co-founder Nick Molnar, and his wife Gabrielle, for $27m, and then the block of units next door for $18.5m.
Perhaps the Molnars, who have an estimated net worth of about $2.22 billion, may be interested in buying Assouline’s Jaques Ave block?