Central Element secure prized Bondi Beach site for new apartment development
Central Element has continued to pad out its apartment development pipeline with a $51 million purchase of a prime site in Bondi Beach.
They've secured over 2,000 sqm across 20-22 Sandridge Street and 21 Wilga Street, an amalgamation of six properties across three lots.
The Nathan Chivas-led developer is intending on developing a boutique collection of ultra-premium apartments and houses, with each residences starting from $20 million.
Each residence will include direct access to the Bondi to Bronte coastal walk, expansive outdoor living, swimming pools, secure car parking, and views across the Bondi Beach to Ben Buckler headland.
Chivas said the site, on the headland between Bondi Beach and Tamarama Beach, epitomises the very best of the locale, with residential feel just steps away from vibrant Campbell Parade.
“Our latest acquisition marks an important milestone for CE as we enter the tightly held world-famous location of Bondi Beach," Chivas said.
"Among the suburbs bustling development activity, none rival the unique attributes of this parcel of land. Its generous frontages cater to an ultra-premium boutique project, while its elevated position captures truly unparalleled vistas."
The DA is anticipated to be lodged by end 2023, with construction commencing in 2025/2026.
The site was sold by Ric Serrao and Alex Lyons from Raine & Horne Double Bay/Bondi Beach. Serrao and Lyons said the Bondi Beach market is one of the most exciting in Australia at the moment, 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. Demand for houses is equally buoyant, reflected in the recent sale of 31 Gaerloch Avenue, Tamarama which sold for around $45 million and 12 Bronte Marine Drive in Bronte which fetched around 22.5 million.
The site acquisition comes a few days after CE were green lit for their redevelopment of Ballamac House, the landmark Coogee mansion turned strata building, which they intend on restoring extending into eight luxury apartments. CE are also currently selling Ethos in Chatswood and Bianca Drummoyne on Sydney Harbour.