Case Study - Bondi Beach Landmark Retail
Over the past ten years Bondi Beach has witnessed significant growth due to unprecedented levels of demand from both local and overseas purchasers. A large number of significant ‘mixed use’ development sites throughout Bondi have undertaken complete redevelopment, ever improving values and lifestyles.
The owners of 124 Campbell Parade, the last remaining undeveloped anchor site on the Bondi Beach Promenade, decided it was time to sell the property after noticing a surge of interest in potential development sites along Campbell Parade.
- To generate enormous interest among local and international groups
- To ensure a smooth and seamless transaction
- To minimise any disruption to daily operations and existing income streams whilst maximising the building’s value
The performance of a professional sales campaign is measured through the control of timing, harnessing interest and creating competition. Success can only be achieved through a strategic marketing campaign that communicates clearly and efficiently with all buyers. Timing is also imperative to protect our vendor’s property value.
Cushman & Wakefield carried out a comprehensive feasibility study on the building in order to fully understand it’s potential. This report provided the best possible advice. Once appointed, Cushman & Wakefield designed and implemented a comprehensive marketing campaign to capture interest from active buyer networks. Our media included print media marketing mediums, internet listings, e-brochures to our comprehensive investor database and direct approaches.
Prior to auction, the marketing campaign reached numerous purchaser groups. In addition, the building attracted national press attention. The appointment of Cushman & Wakefield as co-marketing agents was featured in The Sydney Morning Herald on 6th of August, 2016 as a significant point of public interest.
124 Campbell Parade, Bondi Beach was sold under the auctioneer’s hammer on 21st of September, 2016 at $19,120,000. This sale reflected a yield of 3.14% on net income, whilst Bondi Beach has recorded an average yield spread of *3.91%. This sale also represented an unprecedented land value of $57,057.00 per sqm. This pricing level has never been achieved previously.
*Source: CoreLogic statistics – September 2016
124 Campbell Parade, Bondi Beach was sold under the auctioneer’s hammer on 21st of September, 2016 at $19,120,000.
This sale was a record for the suburb and editorials featured in The Australian Financial Review, Sydney Morning Herald, Sky News, 2GB National Radio and Daily Telegraph.
The former Bates milk bar site at 124 Campbell Parade.
To find out how we can maximise the value of your commercial asset, contact NSW Sales and Investments today.