Iconic former Bondi Beach milk bar trophy asset hits the market
Bondi Beach's iconic Bates Milk Bar has been listed by the Bates family.
Situated on the corner of Campbell Parade and Hall Street, Bates Milk Bar was established in 1951 and has left an impression on anyone who passed by for their famous choc-malt milkshakes.
Their doors closed in 2001 having been the focal point of the community for over 50 years.
The 1920's style freehold building is currently leased to Platypus Shoes, Gelatissimo, Natalie Alamein, Mezi Retail and also offers three residential tenancies.
Colliers International agents Miron Solomons and Matt Pontey have the listing in conjunction with Anthony Bray of Cushman & Wakefield for public auction September 23.
The property receives a net income of approximately over $600,000 plus GST.
Solomons said a mixture of blue-chip retail tenants and residential accomodation offers a diverse and low risk income stream with the benefit of future boutique residential improvements.
“An offering of this calibre is to be considered a once in a lifetime opportunity and we expect high levels of interest from high net worth private investors and boutique investment funds, both nationally and off-shore, looking to acquire a renowned, quality and secure trophy investment” he said.
Head of Investment Services, Australia for Colliers International, Matthew Meynell said that Bondi has traditionally been a tightly held market.
“Bondi has been a tightly held market with only a handful of commercial properties trading every year," he said.
"Recent development activity in the area, coupled by growing support from Waverley Council has seen the area reinvigorated and interest levels peaking in Bondi’s commercial market”
