Bondi Beach Site Hits the Block

A Melbourne family are offloading the former home of Westpac at Bondi Beach, capitalising on-demand in the popular beachside suburb.

Located at 26 Hall Street, the freehold property will go to auction on behalf of George and Heidi Koumantatakis, who also once owned the Chapel Street property housing the Commonwealth Bank.

Property records show the Bondi Beach site last transacted for $6.4 million in 2013.

Miron Solomons and Matt Pontey of Colliers are managing the deal, comprising 512sq m of land with mixed-use zoning, promoted to the market as a potential development site or investment.

Recent sales in the area include the mixed-use building, housing Ben & Jerry's ice cream shop, at 134 Campbell Parade for $26 million, and a block of flats owned by Auschwitz survivor Freda Feuerstein.

Located at 56 Campbell Parade Bondi Beach, Feuerstein had purchased the block in 1958, which sold to gym founder of F45 for $20.65 million.

General Gordon Hotel sells

In Sydney's south-west, the partially rebuilt General Gordon Hotel located opposite Sydenham train station has changed hands for $30 million in an off-market sale.

The hotel was damaged by fire in 2018, and has since been rebuilt, due to open in April this year.

Feros family-backed JDA Hotels purchased the pub for approximately $30 million from vendors, private group White & Partners.

Andrew Jolliffe and Dan Dragicevich of HTL Property negotiated the sale.

Investors have been circling pubs and hotels taking advantage of low-interest rates.

The Bidwell Hotel in Western Sydney was snapped up by publican family the Laundys’ for $35 million in December last year.

Recent sales also include The Courthouse Hotel and the Kinselas Hotel in Surry Hills, snapped up by investment group Moelis Australia for a combined price of $67 million in December.

And last month, listed pub owner Redcape added another hotel to its growing portfolio, snapping up a prominent tavern in Penrith from FAL Group for $30.5 million.