Bondi Beach block sells $1m+ over reserve to long-term investor
The six one-bedders at 21 Hastings Parade, Bondi Beach, sold for $6.2m.
A Bondi Beach apartment block in the same family for 90 years has sold for more than $1m above the reserve price in a thrilling auction.
The six one-bedders with no parking at 21 Hastings Pde fetched $6.2m last night, so more than $1m each.
Auctioneer Damien Cooley accepted an opener of $4m, with the next bid $500k more. After some fierce bidding between three of the four registered parties, the buyer eventually won the keys with his $150k offer.
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The property has been owned by the Boyd family for 90 years.
The apartments were bought by a long-term investor.
The sales agents, Matt Pontey and Miron Solomons, who’d been guiding $4.7m, wouldn’t reveal the identity of the purchaser saying simply it was: “a long-term investor who loves Bondi Beach and Hastings Parade.”
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Other sources suggested it may have been the next door neighbour!
But the result was indicative of current trends at Bondi Beach, where, at the time of the property being launched, both agents said that investors were becoming more active.
They’re in a top location.
Lomar is a blend of the grandparents’ names, Lillian and Omar.
Mr Pontey had said: “We’re currently seeing an incredible appetite for well-located apartment blocks with major upside in rents, especially given the current rental climate.”
And Mr Solomons added: “The east has always been a go-to destination for investors and these properties provide a secure income stream with all the fundamentals for future growth and strong demand.”
The $6.2m sale price reflected a 2 per cent net yield.
The block had been owned by the Boyd family since the Depression era.
Property records don’t indicate what the owners’ grandparents paid for the land but the flats, named Lomar, were a blend of the grandparents’ names, Lillian and Omar.
The units have been a nice-little earner for their two-grandkids.
The agents also recently sold a block of five apartments at 47 Imperial Ave, Bondi, for $5.35m, for a gross yield of 3.1 per cent to a local eastern suburbs investor.
