Investment deal spotlight: Bondi Beach, NSW
May 26, 2022
May 26, 2022
May 26, 2022
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AltX investors were given the opportunity to be part of developing an iconic building at the heart of Sydney’s Bondi Beach – and they jumped at the chance.
Investment Deal Summary
Address: 97 Hall St, Bondi Beach
Value: $9.3 Million
Projected length: 15 months – construction completed in 6 months
LVR: 55%
Return: 8%
Number of investors: 45
Average investment amount: $50,000 – $75,000
97 Hall Street was home to one of Bondi’s most loved cafes for over 23 years. When the owner decided to retire in 2019, he had a vision to transform the building into a mixed-use property.
With little experience in development and a development application (DA) that was close to lapsing, his finance options were limited. What’s more, he had already demolished the café to activate the DA – and his income with it. So when he approached AltX, he needed access to quick and reliable funding.
The Opportunity
While the owner had limited development experience, the location of the project offered huge potential for this particular development. The owner had significant equity in the property, and plans for seven luxury apartments and a ground floor retail space in Bondi’s main dining precinct, minutes from Bondi Beach, would maximise the potential of the site.
The AltX Solution
On paper, it looked like a sound opportunity. However, a site visit and further due diligence quickly identified issues that had to be addressed before we could fund the development.
The site was landlocked, which created challenges around access, and the architect’s timber-based design wasn’t the most cost-effective, and the original plans had failed to incorporate a lift in the building.
By bringing together our project management team and trusted builders to work closely with architects and engineers, we helped the owner overcome these issues. And within a couple of weeks, construction began.
The Result
Thanks to the close collaboration of the AltX project management team, the builder, engineers and architects, the development was completed in only six months – returning our investors’ capital earlier than expected. Not only did investors enjoy the confidence and consistent returns of this AltX deal, but investors can be proud to have been part of the story of a new landmark building in the heart of Bondi Beach.
Investment Deal Summary
Address: 97 Hall St, Bondi Beach
Value: $9.3 Million
Projected length: 15 months – construction completed in 6 months
LVR: 55%
Return: 8%
Number of investors: 45
Average investment amount: $50,000 – $75,000
97 Hall Street was home to one of Bondi’s most loved cafes for over 23 years. When the owner decided to retire in 2019, he had a vision to transform the building into a mixed-use property.
With little experience in development and a development application (DA) that was close to lapsing, his finance options were limited. What’s more, he had already demolished the café to activate the DA – and his income with it. So when he approached AltX, he needed access to quick and reliable funding.
The Opportunity
While the owner had limited development experience, the location of the project offered huge potential for this particular development. The owner had significant equity in the property, and plans for seven luxury apartments and a ground floor retail space in Bondi’s main dining precinct, minutes from Bondi Beach, would maximise the potential of the site.
The AltX Solution
On paper, it looked like a sound opportunity. However, a site visit and further due diligence quickly identified issues that had to be addressed before we could fund the development.
The site was landlocked, which created challenges around access, and the architect’s timber-based design wasn’t the most cost-effective, and the original plans had failed to incorporate a lift in the building.
By bringing together our project management team and trusted builders to work closely with architects and engineers, we helped the owner overcome these issues. And within a couple of weeks, construction began.
The Result
Thanks to the close collaboration of the AltX project management team, the builder, engineers and architects, the development was completed in only six months – returning our investors’ capital earlier than expected. Not only did investors enjoy the confidence and consistent returns of this AltX deal, but investors can be proud to have been part of the story of a new landmark building in the heart of Bondi Beach.
