The Bondi Beach front-row seat has new owners after the Pacific Bondi duo, Rebel Property Group's Allen Linz and Capit.el Group's Eduard Litver, bought 134-138 Campbell Parade for $18.25 million at a sharp yield of 2.7 per cent.
It is the pair's second retail and commercial buy after snapping up the popular 1951 Bates Milk Bar on the same strip for $19.12 million last year. Both properties sold at auction.
"134-138 Campbell Parade is the ultimate trophy asset, so the huge interest and flight to quality in a now discerning market delivered a very strong result," Colliers International's Miron Solomons, who marketed the property with colleague Matt Pontey, said.
Mr Pontey said: "The absolute beachfront location delivers a low-risk income stream for investors as one of the last significant freehold opportunities on Campbell Parade.
The property, which was auctioned by Damien Cooley, has eight residential units and two ground-floor shops leased to ice creamery Ben & Jerry's and convenience operator EzyMart.
The two buyers were responsible for the renewal of the old Swiss Grand Hotel into the $450 million mixed-use Pacific Bondi Beach project, which has luxury apartments owned by high-profile personalities, retail spaces and hotel apartments.
Owners in the building include Gina Rinehart, boutique fund manager Will Vicars, of Caledonia Investments, who has two penthouses, art collector John Schaeffer and Russian businessman Alexander Smirnov.
Bondi Backpackers on the same strip also sold last year, for $18 million. Hospitality operators the Millett Group bought the property at auction.
