Iconic Bondi Beach apartment block expected to attract interstate buyers and investors

3 March 2011

Iconic Bondi Beach apartment block expected to attract interstate buyers and investors

It’s the only privately owned building with direct ocean access on the exclusive Ben Buckler peninsula, and now 105 Ramsgate Avenue, Bondi Beach, is set to go to auction on Thursday, 24 March 2011.

The iconic five floor waterfront block, which is expected to fetch between $17 million and $25 million, includes 10 apartments, the only boat house on Bondi Beach and two separate lock-up garages.

Raine & Horne Bondi Beach selling agent and Licensee in Charge, Mary Anne Cronin, said that the existing owner has accumulated every apartment over the past 15 years and he now wants to sell.

“This opportunity is unlikely to be replicated and we expect this property to appeal to cashed up expatriate investors, as well as NSW and interstate buyers with banking and mining interests looking for a residence that reflects quintessential Sydney living at its best," Ms Cronin said.

“There is no road between the building and the ocean, and by negotiating a few private steps you’ll soon be sunning yourself on the rocks or swimming in the sea,” said Ms Cronin, who was named last Saturday night as one of Raine & Horne’s five best agents in NSW/ACT for 2010, based on the dollar value, at a glittering awards event held at the celebrated Westin Hotel.

Adding to the property’s appeal is the fact that two DAs have been approved. The first DA enables the block to be divided into three luxury apartments, with four internal car spaces, a lift, plant-room and boat house, or five apartments with a lift and four external car spaces.

Ms Cronin said while there was no DA approval for a single residence, this would be the ultimate outcome.

“It would be straightforward to obtain a DA for a single residence as demolition approval has been secured and this option would arguably rank 105 Ramsgate Avenue among the world's unique homes,” she said.

According to conjunction agent, Martin Maskin, principal of Raine & Horne Double Bay, the property offers rare flexibility to suit any desire, lifestyle or investment requirement.

“This is an excellent opportunity to secure an iconic property in arguably Australia’s most famous beach suburb, Mr Maskin said.

“There are few places in the world such as Bondi, where you can live 20 minutes drive from the beach to a CBD boardroom.

“This is an opportunity to secure a stellar home at Bondi Beach that is one of Australia’s truly global communities, with its rich collection of award-winning cafes, restaurants and recreational pursuits.”

Contact: Mary Anne Cronin, Raine & Horne Bondi Beach on 0411 773 646

Conjunction Agent:  Martin Maskin, Raine & Horne Double Bay on 0419 224 455

 View strictly by appointment.

Raine & Horne is an iconic Australian property firm, with more than 400 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.

-ENDS-

For further media information contact:

Mary Anne Cronin 0411 773 646, Raine & Horne Bondi Beach

Anna Truman, Marketing & Communications Co-ordinator on (02) 9258 5448