Sydney property developer Central Element (CE) has acquired a site overlooking Sydney’s coveted Bondi Beach, with plans for a boutique project of world-class standard. The site was sold by Ric Serrao and Alex Lyons from Raine & Horne Double Bay/Bondi Beach for $51m.
Why is the Bondi Beach purchase a rare opportunity?
This was a rare opportunity for CE to acquire a significant land holding in the world-famous beachside suburb, boasting panoramic views over Bondi Beach to Ben Buckler headland.
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 over 2,000sqm. CE plan to develop a limited number of ultra-premium apartments and houses at a scale not seen before in the Eastern Suburbs. Each residence will be of this quality, with prices starting from $20m.
“The Bondi Beach market is one of the most exciting in Australia right now, attracting affluent buyers from lucrative industries such as tech, fashion and finance. 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,” commented Ric Serrao, Principal & Alex Lyons of Raine & Horne Double Bay/Bondi Beach.
“Demand for houses is equally buoyant, reflected in the recent sale of 31 Gaerloch Avenue, Tamarama which sold for circa $45m and 12 Bronte Marine Drive, Bronte for circa $22.5m.”
What does the locale mean for CE’s portfolio?
The Bondi development will see CE unlock the full potential of its site, crafting residences that stand apart from all others. Drawing upon a proven track record for handling unique sites, the developer is set to rise to the occasion once again, creating homes of unrivalled luxury.
Each residence will include direct access to the Bondi to Bronte coastal walk, expansive outdoor living, swimming pools, secure car parking, and mesmerising views across the perfect waves and iconic sands of Bondi Beach to the sun-drenched Ben Buckler headland.
Central Element already has a multi-billion dollar portfolio of residential, mixed-use and lifestyle precincts, having delivered more than 500 apartments across Sydney metropolitan locations. Proving a strong appetite for high-end, unique sites on the Eastern Suburbs coastline, the company recently received Development Application (DA) approval for the illustrious Ballamac House and won multiple awards for the completed Anden Coogee.
Nathan Chivas, Managing Director of Central Element, commented on the company’s latest acquisition in the East; “Our latest acquisition marks an important milestone for CE as we enter the tightly held world-famous location of Bondi Beach. Among the suburbs bustling development activity, none rival the unique attributes of this parcel of land,” Chivas said.
“Its generous frontages cater to an ultra-premium boutique project, while its elevated position captures truly unparalleled vistas. Additionally, this appealing pocket on the headland between Bondi Beach and Tamarama Beach also epitomises the very best of the locale, with residential feel just steps away from vibrant Campbell Parade,” Nathan Chivas further added.
The DA will be lodged by end 2023, with construction commencing in 2025/2026.
