Deal Spotlight: 97 Hall Street, Bondi Beach

Investors helping to shape a new Bondi landmark


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. 

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. 

Deal Snapshot

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

 

About AltX

AltX (www.altx.com.au) is a market-leading alternative investment platform. Founded in 2012 and headquartered in Sydney, AltX provides bespoke access to alternative income-generating products which have traditionally been inaccessible to individual investors.  AltX has funded in excess of $2.5bn of transactions since inception with zero loss of investor capital.

 

Learn More

www.altx.com.au/investments 
Level 21, 101 Grafton Street
Bondi Junction, NSW, 2022
Phone: 1300 991 380
Email: marketing@altx.com.au 

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