Property developer Rafi Assouline sells Bondi Beach apartment block for circa $16m

Ray White Double Bay’s Adam Reichman had a $14m guide. It sold for circa $16m.

High-profile property developer Rafi Assouline has sold a block of apartments at a prominent Bondi Beach site for circa $16m — $2m more than the price guide.

The block of nine — eight one-bedroom unit and one two-bedroom courtyard units — at 1 Jaques Ave, a block from the beach, went to August 24 auction with a $14m price guide via Ray White Double Bay’s Adam Reichman.

At the auction, there were two registered parties, including an overseas-based buyer, though neither made a bid. Reichman wrapped up the deal this week with the foreign buyer.

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Simple but stylish interiors.

Tenants would love the kitchens, but they’ve been paying a premium for them.

It’s not clear what Assouline paid for the 499sqm block behind the old Bondi Beach post office but the apartments, completed in 2015, have been attracting huge rents.

Tenants have been paying between $900 and $1000 a week, enduring rises of more than 25 per cent this year.

The two-bedroom ground-floor flat rents for $1,650 a week.

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.

Property developer Rafi Assouline.

Marble bathrooms.

Ahead of the auction, Reichman said: “This is a once-in-a-lifetime opportunity to own an amazing block in one of Bondi’s best streets.”

Assouline, who is the founder and director of HSN Property Group, 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.