Prominent Bondi Junction site on market for about $40 million
The prominent home of Bondi Junction’s Continental tyres and Bondi Junction Auto Services on Oxford Street is on the market after a long pursuit by developers.
Long-time eastern suburbs owner Steve Davidson and his related companies have listed several sites occupied by the business as well as adjoining lots to make up a 2679-square-metre parcel for sale, expected to fetch about $40 million, it is understood.
The plot which enjoys mixed-use zoning has long been eyed by residential developers given its 400-metre proximity to Westfield Bondi Junction.
The four commercial and two residential properties which make up the whole site – to be sold in one line – are 45, 47-49 and 53-57 Oxford Street, 5-7 and 9 Denison Street and 2 Mill Hill Road.
The properties enjoy an annual passing rental income of $822,815 which will likely continue through a sale and leaseback of the site for Mr Davidson’s mechanics workshop business on-site.
The site is right next to another commercial-turned-residential site, now home to Sydney developer TWT Property Group’s 70-unit NewLife Bondi Junction project.
Earlier on in the development boom, TWT and co-developer Rebel Property Group snapped up the amalgamated five-lot residential site including the Mill Hill Hotel at 59-69 Oxford Street in 2016 also for about $40 million. The project sold well in 2017.
Colliers International’s Charles McKenzie and Trent Gallagher and Belle Property’s James Nixon are handling the expressions of interest sale.
Steve Davidson and his wife also previously sold another prominent property, the Keepers Cottage at 15 Old South Head Road, Vaucluse also in Sydney’s eastern suburbs. The leasehold of the historic sandstone cottage sold for $7.5 million in 2016.
The couple bought the property in 2002 for $2.52 million, and renovated it in 2010.
Nanshan Group’s Song family bought the property.
