Hotel Bondi sells for $40 million, the first time its changed hands in 45 years
Hotel Bondi on Campbell Parade in Bondi has sold for more than $43 million The historic Hotel Bondi, located along the foreshore of Australia’s most famous beach, has been sold.
The landmark building is changing hands for the first time in 45 years and is believed to have sold for close to $43 million. When listed in July the property had a price guide of $40 million to $45 million.
John Musca, National director of Pub Investment Sales, JLL Hotels & Hospitality Group said the successful bid for the property came from a private local hotel group. It was one of 14 bids for the beachside hotel that came from around the globe.
“Bidders included local and offshore developers, accommodation hoteliers, publicans and domestic and overseas high net worth investors,” said Mr Musca.
Built in 1919, the historic landmark had been owned by the family of renowned publican Cyril Maloney for 44 years.
The four level hotel includes 37 ensuite hotel rooms, ground floor bar, bistro, gaming room with 30 gaming machines entitlements, bottleshop and 12 car spaces.
Bondi Beach has developed a reputation as a property hotspot.
The $60 million Beachouse development, which includes top-notch apartments, designer stores and boutique restaurants, is located next door to the Hotel Bondi site.
The former Swiss Grand Hotel, also next door, is undergoing a $440 million redevelopment into a luxury apartment, hotel and retail development known as Pacific Bondi Beach.
Hotel Bondi is being sold as vacant possession but Mr Musca said there had been strong interest from hoteliers, along with investors and developers.
Source: The Daily Telegraph - 16th October 2014
