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.
