Premium Bondi Junction site sells for circa $7.5 million

A DA-approved mixed-use development site in the heart of Bondi Junction has sold for about $7.5 million.

CBRE's Luke Williams managed the transaction and said the sale demonstrates the enduring appeal of Sydney's eastern suburbs for developers seeking immediate construction opportunities in tightly held blue-chip locations.

Located at 104-106 Bronte Road, the 455-square-metre double block features dual street frontage and development approval for a ground floor commercial space and seven luxury apartments above.

Mr Williams noted the transaction reflected sustained investor confidence in Bondi Junction's development fundamentals.

“This property offered immediate development potential in one of Sydney's most established and tightly held precincts,” he said.

“Bondi Junction offers a unique blend of urban living, shopping, dining, and entertainment that is unmatched in the city. This vibrant suburb is perfectly positioned to take advantage of its stunning natural surroundings, with the world-famous Bondi Beach within proximity. The suburb is also home to Westfield Bondi Junction, a world-class shopping centre that boasts an impressive 400 stores, including luxury brands, department stores, and specialty boutiques.

“The approved plans for 987 square metres of gross floor area, combined with the strategic location just 500 metres from Westfield Bondi Junction and excellent transport connections, made it highly attractive to developers targeting the area's strong downsizer and luxury apartment market,” Mr Williams added.

Development approval was granted in February 2024 and runs through to February 2029.

Mr Williams said the Bondi Junction precinct continued to benefit from its position between Centennial Park and Bondi Beach, just 4.2 kilometres from Sydney's CBD.

“The Eastern Suburbs remains one of Australia's strongest performing markets over the long term, and quality development sites with approved plans continue to attract premium prices from both local and interstate buyers,” he said.

The property was marketed via an Expressions of Interest campaign and drew interest from developers, private investors and syndicates looking to capitalise on the area's established residential demand and limited supply of new stock.