Rich-Listers Behind Boutique Bondi Shoptop Play

It is game on at Sydney’s Bondi Beach.

Behind a new boutique development play lodged in the city’s famed beachside suburb are a couple of entrepreneurial esports gaming brothers as well as two sons of a reclusive telco billionaire.

The proposed shoptop development rising four storeys with 15 apartments—including a trio of 300sq m-plus penthouses—is earmarked for an amalgamated site spanning four lots at 141-155 Curlewis Street.

Pending approval, it will replace a strip of “ageing mixed residential and retail developments”.

Plans for the PBD Architects-designed project have been filed with the Waverley Council on behalf of Sydney-based Clutch Developments.

“Bondi Beach has seen some impressive developments come to fruition in the past decade,” a submitted design report said. 

“The desired future character can be seen by the overall high design standards, which in its turn has improved the face of Bondi significantly.

“The trend of these high design standards have been a key driver in the design process of the proposed development at 141-155 Curlewis Street.”

According to property records, the 2076sq m site was put together in two transactions of $14.25 million and $55.25 million—the latter, for three of the four lots, settled in early September.

Led by Clutch director Nicholas Ross, the company’s shareholding entities are linked to esports gaming entrepreneurs Jack and Michael Wu as well as Shane and Bob Teoh, two of TPG founder David Teoh’s four sons.

▲ Impressive developments that have come to fruition in the past decade at Bondi Beach have been a key driver in the design process of the proposed development at 141-155 Curlewis Street.

The Teoh family—with an estimated net worth of $2.55 billion—have splurged tens of millions of dollars on property acquisitions in some of Sydney’s most sought-after suburbs in recent years.

Meanwhile, the Wu brothers have been on their own property spree across the city with a string of deals totalling more than $140 million, including a landmark restaurant in McMahons Point, a Coles-anchored retail centre at Greenacre and a historic CBD building.

They are the sons of vitamin moguls Jina Chen and Alex Wu—founders of the Nature's Care brand—who sold a majority stake of the business four years ago that valued the business at $800 million.

Last year, the brothers indulged their gaming passion by swooping on start-up Hive Gaming, an organiser of grassroots esports tournaments that has since evolved into an online platform with a focus on nurturing budding esports athletes and game creators.

Only 300m from the beach, the Bondi development play is putting some valuable sand between the well-heeled investment toes of the four rich-lister progeny.

“The proposal will replace the existing buildings of limited visual appeal with a skilfully designed contemporary shoptop housing development,” the planning documents said.

“While [nearby] Campbell Parade itself has buildings up to eight storeys in height, the surrounding section of Curlewis Street is currently undergoing a transition to three and four-storey shoptop housing buildings.

“There have been several recent approvals in the surrounding context, including the site directly opposite on Curlewis Street at Nos. 140-142 Curlewis Street, which have informed the desired future character of the locality.”

▲ Render of the proposed shoptop development rising up to four storeys with 15 apartments earmarked for the amalgamated site spanning 2079sq m at 141-155 Curlewis Street.

With a gross floor area of 4157sq m, the proposal comprises three levels of three-bedroom apartments sitting above seven ground-floor retail tenancies ranging from 93sq m to 151sq m and two basement levels with 53 car parking spaces.

Under the plans, no communal open space is provided on-site.

“Given the mixed-use zoning and proposed commercial ground floor use, the provision of no communal space is not considered unreasonable,” the documents said.

“Additionally, the site is in close proximity to Bondi Beach and its associated open spaces, which provide an abundance of recreational areas.”

It also noted that each apartment would be provided with “ample private open space” ranging from 35.8sq m to 80.2sq m with front and rear terraces featuring planter gardens.

As well, it said three centralised landscaped void areas would support internal amenity of units, through providing natural light and facilitating natural cross ventilation.

Bondi Beach is currently undergoing an era of revitalisation marked by the recent reopening of the Bondi Pavilion—a near century-old hub for the beach community—after a $48-million heritage restoration, which took two years to complete.

Overlooking the beachfront promenade, one of Sydney’s most renowned hospitality venues—Bondi Icebergs Dining Room and Bar—is also undergoing a major revamp.

At nearby Bondi Junction, new plans have been filed for a medium-rise residential tower on a 1673sq m site 7-15 Bondi Road.

If approved, it would comprise 41 apartments across nine storeys—more than half of which have been slated for affordable rental housing.

In neighbouring Bronte, developer Fortis has recently unveiled plans to build 10 standalone homes on a 2400sq m site it acquired earlier this year for $44 million.