Melbourne's coffee king Salvatore Malatesta sells in North Bondi

Melbourne's coffee king Salvatore Malatesta sells in North Bondi
Melbourne's coffee king Salvatore Malatesta sells in North Bondi

Melbourne's coffee king Salvatore Malatesta has sold a North Bondi residential apartment block for $3.82 million.

The syndicate proceeds are set to fund a hotel development in Melbourne.

The Blair Street property, comprising four one bedroom apartments and a butcher tenancy on a five year lease, was offered with net passing income of $148,000 a year, reflecting a 3.8 percent yield.

Ray White agent Phillip Elmowy sold the property in conjunction with CBRE's Michael Khouri.

It last traded for $1.66 million in 2008.

The recently married coffee entrepreneur Malatesta is a pioneer who recently launched his coffee brand partnership, Sensory Lab, in David Jones Bondi Junction last week.

Tags: 
Commercial Retail Bondi Beach

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