Brad Banducci, chief executive of Ticketek operator TEG and a former boss of Woolworths, has put his North Bondi investment property on the market with a price guide of $2.75 million.
Banducci bought the two-bedroom, one-bathroom apartment in a boutique block of six for $2.24 million in 2019, records show. It offers uninterrupted views of Bondi Beach and along the coastline to Maroubra.
Banducci and his family, Bondi locals, own three apartments in another block in the neighbourhood. Banducci bought one apartment for $1.97 million in 2012, records show, and his wife, Anna Dudek, and daughter also own units in the complex.
Banducci told this masthead they were selling the investment and that they plan to renovate another of the units they own.
“We have lived in [the area] for over 20 years, and love living there, and had imagined we might move in to this apartment, but we came to the realisation that we love our current slightly ramshackle place down the road, and have decided to sell this apartment so we can renovate that one,” he said.
The apartment for sale has neutral interiors, a stone-topped kitchen, tiled floors and a full-width balcony.
An auction has been scheduled for May 16. Alexander Phillips and Vince Licata of PPD Real Estate are the listing agents.
The listing comes as Woolworths will make its defence in Sydney’s Federal Court on Tuesday against Australia’s consumer watchdog, which has accused Woolworths and Coles of selling groceries under the guise of a discount. Coles made its defence in court in February, saying rising inflation and surging supplier costs had necessitated an increase in prices.
Banducci announced in February 2024 that he would step down as the chief executive of Woolworths, finishing in September that year, after 13 years with the Woolworths Group and eight and a half in the top job. He is now chief executive of TEG, the country’s leader in live entertainment and best known as the operator of Ticketek.
In an internal note to staff published on LinkedIn, Banducci said he had contemplated leaving Woolworths for some time. He said he wasn’t leaving “because I am tired or burnt out (I am as energised by our business and our potential as I have ever been), or am worried about the various upcoming price inquiries (I am looking forward to effectively representing Woolworths at these important forums)” but because it was “time to pass on the baton”.
The Australian Competition and Consumer Commission launched the lawsuit against both retail giants in late 2024, alleging that discounts were the same prices after the prices were temporarily hiked.
Woolworths’ lawyers will deny the allegations in court. “We fundamentally disagree with the claims made,” Woolworths said in a statement to this masthead. “At no stage did we mislead or deceive customers.”
Over the next fortnight, 11 Woolworths managers will be called to the stand to address how it determined the changing shelf prices of 12 items between September 2021 and May 2023.
Some of the pantry items include Tiny Teddys, plain Sakata rice crackers, penne pasta, aloe vera Kleenex tissues, Lucky Dog bones, Fab’s Fresh Blossoms laundry powder, Oreos and Tim Tams.
Woolworths Group Limited has a market capitalisation of $44.9 billion on the ASX.
Kristy Johnson is a prestige property reporter for The Sydney Morning Herald.