australian property market wrap 05092023
A prime Bondi Beach site was acquired for fifty one million dollars. Image: Supplied.
  • Bondi Beach development site acquired for $51M.
  • Bayside Melbourne development site listed for sale.
  • Regional NSW shopping centre acquired for $8.9M.

From Bondi Beach to Melbourne’s bayside, the latest sales, developments, and listings include the $51 million acquisition of property in Bondi by Central Element, along with the listing of a Chelsea Heights site in Melbourne.

Also in the mix was a regional NSW shopping centre sale, and development news from Frasers.

SOLD

Bondi Beach site acquired for $51M

Central Element has acquired some 2,000 square metres of prime land overlooking Bondi Beach and Ben Buckler headland. The site was sold by Ric Serrao and Alex Lyons from Raine & Horne Double Bay/Bondi Beach for $51 million.

Located at 20-22 Sandridge Street and 21 Wilga Street and consisting of the amalgamation of six properties across three lots, the site will occupy just over 2,000 sqm.

The developer is looking to create a limited number of ultra-premium apartments and houses on the site, with prices starting from $20 million.

“The Bondi Beach market is one of the most exciting in Australia at the moment, attracting affluent buyers from lucrative industries such as tech, fashion and finance,” said Serrao.

“We’re seeing apartments commanding more than $100,000 per sqm, with the recent sale of Notts Avenue to Andrew Roberts, former Managing Director of Multiplex, achieving in excess of $125,000 per sqm. Demand for houses is equally buoyant, reflected in the recent sale of 31 Gaerloch Avenue, Tamarama which sold for circa $45,000,000 and 12 Bronte Marine Drive, Bronte for circa $22,500,000,” added Serrao.

“Our latest acquisition marks an important milestone for CE as we enter the tightly held world-famous location of Bondi Beach,” said managing director of Central Element, Nathan Chivas.

“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 a residential feel just steps away from the vibrant Campbell Parade.”

The DA is anticipated to be lodged by end 2023, with construction commencing in 2025/2026.

Regional NSW shopping centre sold for $8.9M

Parkes Arbour Shopping Centre has been acquired by a Sydney-based private investor for $8.9 million.

JLL‘s Sebastian Fahey, Dylan McEvoy, Nick Willis and David Mahood sold the shopping centre via an expressions of interest campaign on behalf of a Brisbane-based private investor, achieving a passing yield of 4.85%.

Parkes Arbour is anchored by a Coles supermarket and supported by a Liquorland and two specialty retailers. The asset included a 4,019 sqm vacant ex-Target space, allowing an opportunity to reposition and or redevelop the centre.

“Opportunities to acquire neighbourhood shopping centres with value-add upside are becoming increasingly rare as transactions in 2023 are down considerably. NSW neighbourhood transaction volumes totalled $124.4 million year to date, down more than 70% this time last year,” said Fahey.

DEVELOPMENTS

Frasers and Mitsui Fudosan establish new joint venture at Midtown

Frasers Property Australia has strengthened its capital partnership with international diversified group Mitsui Fudosan to deliver three additional apartment developments, with a combined estimated end value of $797 million, at the $2.2 billion Midtown MacPark masterplanned community in Sydney.

Frasers Property and Mitsui Fudosan are currently delivering the community’s first building, MAC Residences, in a joint venture established in early 2022. Now, the expanded 50-50 partnership encompasses four buildings, including the landmark Treehouse development. In all, the joint venture is delivering a total of 1,149 apartments and four terraces across the four buildings.

Midtown_C3_View_8J2_Hero_FINAL
A rendering of the Treehouse development at Midtown MacPark. Image: Supplied.

FOR SALE

Melbourne bayside development site hits the market

A 21,550 square metre site at 15 Sixth Avenue in Chelsea Heights has hit the market. The cleared site offers substantial dual frontage and a permit for a major mixed-use development in the heart of Chelsea Heights. It is approved for 59 townhouses which can be undertaken across two stages, with state 1 comprising 22 dwellings situated on Sixth Avenue and state 2 comprising a further 37 dwellings on the future Caledonia Avenue, accessible via Wells Road.

The proposed development also includes a large, two-level childcare facility accommodating 148 places.

Savills Australia and New Zealand are the selling agents for the site.

“Considering the projected shortfall of 106,000 homes expected by 2027, 15 Sixth Avenue, Chelsea Heights, emerges as a prime and eagerly coveted developmental prospect. The property is ready for immediate development, with comprehensive documentation in place, presenting a savvy developer the chance to capitalise on the substantial housing demand,” said Savills director, Benson Zhou.

15 sixth avenue chelsea heights listing savills
Image: Supplied.



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