Bondi Beach development opportunity heads to auction with works already underway

A partially completed commercial development in the heart of Bondi Beach has been put up for sale, giving well-healed investors, developers and owner occupiers the opportunity to take over an approved project in the heart one of Sydney’s hottest retail and lifestyle destinations. 

This site, perfectly positioned in Bondi’s retail epicentre is being sold under instructions from Rajiv Goyal and Tony Wright of Olvera Advisors acting as agent for the mortgagee in possession. Cushman & Wakefield’s Miron Solomons & Matt Pontey have been appointed alongside RWC Eastern Suburbs’ Grant Whiteman to handle the sale by public auction on October 20th.  

The property has approval for a three-storey commercial building comprising 577 sqm* of gross floor area, with ground-floor retail and upper levels approved for health, fitness, wellness or indoor recreation uses. Construction has already commenced and the development consent runs until October 2029.  

Cushman & Wakefield’s National Director and Co-Head of Investment Sales NSW Matt Pontey said the combination of an advanced development pathway and Bondi Beach location was expected to attract a diverse mix of buyers. 
“We expect interest from developers, owner-occupiers, private investors and hospitality and wellness groups that understand the value of controlling a commercial property in the heart of Bondi Beach. 

“The major attraction is that a buyer isn't starting at the beginning of the development process. The approval is in place, works have commenced and there is a clear pathway to completing the project, which significantly changes the proposition for groups looking to deploy capital and get a project moving quickly. Obviously, this allows the purchaser a much clearer pathway to an outcome which has never been more critical or highly desired even beyond the buyer, this moves the needle with valuers and lenders and other consultants providing their support to the project.” Said Miron Solomons Co-Head of Investment Sales NSW at Cushman Wakefield. 
Bondi Beach attracts about 2.9 million visitors annually, supplementing an affluent local catchment and providing Hall Street businesses with a mix of local, domestic and international spending throughout the year.  

Hall Street has established itself as one of the suburb’s key hospitality and lifestyle strips, with a concentration of restaurants, cafés, retailers and wellness operators connecting the surrounding residential neighbourhood with Bondi Beach. 

RWC Eastern Suburbs’ Director Grant Whiteman said the site's location and approved design were particularly well suited to the evolution of the precinct. 
“Hall Street is one of those locations where the underlying fundamentals are very difficult to replicate. You have an affluent local population, enormous year-round visitation and very limited opportunities to secure development sites. 

“The approved scheme plays directly into the way Bondi has evolved, with retail at street level and substantial space above for wellness, fitness or recreation. For an incoming purchaser, there is an opportunity to finish a contemporary commercial asset that complements the existing character and customer base of the precinct.” 
The campaign comes as tightly held Eastern Suburbs commercial property continues to attract investors seeking assets in locations where barriers to new supply and strong local demographics underpin longer-term demand. 

41 Hall Street, Bondi Beach will go under the hammer at the Cooley Auction Rooms in Double Bay on Tuesday, October 27 at 5pm.