‘The Pines’ in Bondi Beach sells for $6.9m as Sydney unit block sales approach $19m

An art deco block of four units at 88 Francis Street in Bondi Beach, known as ‘The Pines’, has sold for $6.9 million prior to the close of an Expressions of Interest (EOI) campaign, equating to $1,725,000 per unit.

The sale, negotiated by James Masselos, Adam Droubi, and Demi Carigliano of Knight Frank, was made to an international investor purchaser from the Hersch Family. It follows two other recent sales of Sydney unit blocks by Knight Frank, bringing the agency’s total recent sales for this property type in the city to nearly $19 million.

Mr Masselos said the EOI campaign for The Pines generated huge buyer interest, with over 175 enquiries from local and out-of-area investors, builder/developers, high net worth families, and land bankers.

“We continue to see strong market demand for unit blocks, with recent campaigns generating extremely robust enquiry levels, leading to several properties selling prior to the close of the campaign,” he said.

Mr Droubi noted that the block of four units in The Pines had two lock-up garages and one open space, and benefitted from DA approval to completely transform the block while maintaining the external art deco facade.

Knight Frank has another three unit blocks in Sydney listed for sale, worth a collective $20 million-plus, including a four-level block of 16 apartments in Merrylands, a block of 10 apartments in Camperdown, and a block of 6 apartments in Bondi.

The agency has identified a trend whereby buyers are increasingly seeking this property type in the current market, with location and income associated with unit blocks being key factors, particularly in the current rental environment in Australia, with rising rents and greater demand for housing than supply.