Eastgate Bondi Junction on the market after 30 years
A dominant and convenience-focused sub-regional shopping centre situated in the epicentre of one of Australia’s most coveted locations
SYDNEY, 17 October 2023 – JLL’s Nick Willis and Sam Hatcher, alongside Stonebridge's Carl Molony, Philip Gartland and Justin Dowers have been exclusively appointed for the sale of one of Australia's most prestigious shopping centres, Eastgate Bondi Junction. The iconic retail destination is strategically located in the heart of Bondi Junction, a mere stone's throw from the Bondi Junction train station and just a short drive away from the globally renowned Bondi Beach.
Eastgate Bondi Junction boasts an impressive non-discretionary tenant mix and is anchored by national retail giants, Coles, ALDI, Kmart, and Dan Murphy’s. Covering over 15,000 square meters of gross lettable area and offering convenient access to 887 parking spaces, this shopping centre is truly a cornerstone of the eastern suburb’s community.
Mr. Willis commented on the extraordinary nature of this offering, stating, "Sydney's eastern suburbs is one of the most coveted investment destinations globally. Assets of institutional quality like Eastgate are rarely if ever, traded. The term gets thrown around a lot in our industry, however, this is a once-in-a-lifetime opportunity to acquire and control one of the best-performing and premier convenience centres in Australia."
Mr. Hatcher echoed this sentiment, noting that there are only three other convenience-based assets of comparable quality in Sydney's eastern suburbs, one being owned by Double Bay Council. He also highlighted the asset's exceptional performance: "The centre supports strong trading fundamentals with the specialty tenants producing over $14,800/ sqm in sales, some 76% above the industry benchmark. In addition, recent upgrades, including a full façade refurbishment and internal enhancements, have further heightened the centre’s position in the market.”
The centre is positioned in the heart of Bondi Junction and is surrounded by a catchment unlike any other in Australia. Within a two-kilometre radius are affluent suburbs like Double Bay which was, according to the Australian Taxation Office, Australia’s wealthiest suburb from 2020 to 2021. Further, median house prices for other surrounding suburbs such as Point Piper are $10 million, Woollahra $5.2 million and Bondi Beach at $4 million. This unparalleled wealth underpins the productivity and long-term retail spending potential of the catchment and asset.
Stonebridge’s Mr. Molony emphasised the broad appeal of this asset, stating, "We are expecting strong engagement from not only offshore investors but also local investors who see this as an opportunity to acquire a generational investment for legacy buyers and family offices. Given the limited number of tenants and the asset's outstanding performance, it can be easily managed by sector-agnostic buyers who are not traditional shopping centre owners. Further to this, the centre provides additional value-add potential through further tenancy enhancements and long-term conversion opportunities. "
Eastgate Bondi Junction is available for sale through an international expressions of interest campaign, with offers due on 16th November. This is a unique opportunity to acquire an irreplaceable piece of retail infrastructure in one of Australia's most affluent corridors.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.