July 25, 2013

The high-end apartment market in Bondi Beach has started to spread down the coast, with a new luxury development now approved overlooking Tamarama.

The boutique complex of 12 apartments, known as Wave Tamarama, is being developed by fashion industry boss cum property developer Danny Avidan, the husband of designer Charlie Brown.

Mr Avidan made headlines last month when he paid $18 million for the 1370 square metre Legion Cab site on Foveaux Street, Surry Hills. Plans have been drawn up by Adam Haddow, of SJB Architects, for a retail and residential development.

The high-profile rag trader says developing real estate is much like the fashion business.

"Isn't this fashion too? They're both about lifestyle," he said.

"Creating these apartments isn't really that different to putting a silhouette together and selling the frocks."

Given the success of Mr Avidan's first apartment development in Vaucluse recently, the real estate market looks to be more profitable than the fashion industry.

Mr Avidan and business partner Rafi Assouline are expected to pocket more than $10 million from the latest beachside development, set on the Bondi side of Fletcher Street.

The site, bought in 2011 for $5.35 million, was a rundown block of apartments. It has now been designed by architect Brian Meyerson of MHN Design Union into a boutique of one and two-bedroom apartments.

Prices are expected to start from $800,000 for a one-bedder with no ocean view, and $1 million for a one-bedder with a view.

"This is a luxurious block and there isn't much like it once you move out of Bondi. Until now it's all either duplexes or prestige homes, so it's unique to have this sort of boutique development," said agent Ben Stewart, who has the listing with Caroline Fagerlund of CBRE.

Mr Avidan says the development must suit the area it is in.

"Just as Brian Meyerson is so Bondi Beach and Tamarama, in Surry Hills the SJB design will be all about fitting into that more dynamic inner city lifestyle."

In Vaucluse, The Carlton development was also designed by Brian Meyerson to make the most of the tranquil parkside atmosphere and water views. That site was bought as adjoining houses for a combined $3.8 million. Due for completion later this year, the only remaining stock is the penthouse for $2.88 million and a sub-penthouse for $1.65 million.

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