Bondi barber shop sells for $4m profit

208 Bondi Rd, Bondi didn’t make it to auction.

A Bondi barber’s shop with two residences has sold for a big price after being owned by a family for 61 years.

The property, at 208 Bondi Rd, Bondi, is in the name of former Waverley Mills CEO Andrew Cuccurullo, whose father bought the former clothing factory for £6500 in 1963 to operate his barber’s shop there and live above.

Six decades on, the shop is still a hairdresser.

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A big part of the appeal of the property was the two-bedroom apartment above the shop.

It was listed for August 3 auction with a $4m guide, but sold on Friday night fr $4.4m via Shannan Whitney and Melinda Antella of BresicWhitney.

The purchaser was a young couple from the eastern beaches who plan to live in the two-bedroom apartment above the shop, and continue renting it out to Ellan International Hair Salon, a long-standing tenant of 25 years who’s been paying $750 per week.

But it’s understood there were several others keen, who wanted to live and work and accommodate their kids there.

The new owners plan to live in the two-bedroom apartment and continue renting out the barber’s shop to the long-standing tenant.

Apart from the shop and two-bedroom apartment upstairs, the property also features a one-bedroom unit and an office.

The second-level apartment is particularly attractive, with its modern industrial style, high ceilings and spacious rooms.

The property was advertised as having the potential to rent out for $170k per year.

Other attractions include the rear garage, which offers parking for three cars.

And the back of the property is full of sun and natural light thanks to its northerly aspect.