Former famous Bondi milk bar on the market
The family behind the former Bates Milk Bar – an icon of the Bondi beachfront now host to several high-profile retailers – have decided it’s time to sell.
The Bates family is divesting the corner site at 124 Campbell Parade by way of public auction through Miron Solomons and Matt Pontey, of Colliers International, in conjunction with Anthony Bray, of Cushman & Wakefield.
The milk bar stopped trading in 2001, after opening in 1951, and is now occupied by tenants including Platypus Shoes, Gelatissimo, Natalie Alamein and Mezi Retail.
The building occupies a prominent corner site on Campbell Parade. Photo: Supplied
Mr Solomons, Colliers’ director of investment services, is pitching the freehold property – which receives a net income of over $600,000 plus GST – as a trophy investment.
“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.
Bondi Beach in January 1957, during the Bates Milk Bar’s heyday. Photo: Fairfax Photographic
As well as the retail tenancies, the building incorporates three residential tenancies, with the potential for future improvements.
The tightly held nature of the Bondi market is expected to drive a high level of interest in the asset, according to Colliers’ head of investment services, Matthew Meynell.
“Traditionally, 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.”
Prime real estate – the site sits next to Australia’s most famous beach. Photo: Supplied
Residential development and the associated influx of high income professionals into the area should add to this level of interest, according to Cushman and Wakefield director Anthony Bray.
“The appeal of living in this iconic, trendy suburb continues to swell as professionals seek alternatives to the traditional hotspots of Bellevue Hill or Double Bay,” he said.
“Interest has never been higher for Bondi and will continue to swell in 2016 as further new developments are completed.”
The property at 124 Campbell Parade, Bondi, will go to auction on September 23, 2016.
