A five year old Bondi Beach fronting property has very quickly sold for $31.25 million.
The Beach House Lane retail centre at 178 Campbell Parade has been sold in a sale arranged by Philip Gartland and Carl Molony of the Stonebridge Property Group, who listed the property via expressions of interest that closed in early June. The vendor, private company GLG, manages and develops commercial, retail, residential and industrial real estate. Led by Dan and Simon Langer and Campbell Blennerhasset of Melbourne, GLG currently has over $200 million worth of assets under management.
The purchaser is New Zealand based Cook Property Group, founded by Ben Cook and based in Auckland, whose core business is long-term commercial property investment, but which also owns retail and industrial property, including a portfolio of ten NZ Caltex service stations.
The Beach House Lane retail centre, according to Eastern Sydney Cityscope, is a retail centre of fifteen shops over 1,166 sqm on the ground floor. Developed by Investec in 2011, it is fully leased with its tenants including Tuchuzy, General Pants, Aesop and Birkenstock. The property is owned on strata title with each shop having attached storage space and at least one basement car park.
The property last traded at $23 million in late 2012. The current sale, at $31.25 million, represented an initial yield of 5.87% on a passing income of $1.83 million net.