A new Australian coastal record was set tonight with the sale of a block from a former apartment block on the Tamarama waterfront for $ 29.2 million. The guide had cost $ 17 million.
A new Australian coastal record was set tonight with the sale of a former apartment block that sits among designer mansions on the Tamarama waterfront for $ 29.2 million.
The five-unit block, with a hut in front, on 563 m2 in Kenneth Street 9 – owned by Raymond Hodder for over 30 years – was scheduled for auction on Nov. 9 with a $ 17 million lead through McGrath’s William Manning with Ballard Property’s Clint Ballard.
But the sold label is up tonight, and Manning has confirmed that he had a range of developers and investors from as far away as New York, London and Hong Kong who wanted to close a pre-auction deal.
“We got a lot of interest from everywhere,” he said.
Manning held the previous seaside record, having sold James Packer’s Bondi Beach bachelor flat for $ 29 million in 2018.
But properties on the eastern beaches, particularly on the front row, have been fetching extraordinary prices in recent weeks and months.
The most recent of these was a house at 1 Bronte Marine Drive that sold for $ 23.5 million two weeks ago to returning Singaporean expats and blockchain startup founders Joanne Way Yee Huynh and Dorjee Sun.
The provider, the head of private equity firm Colinton Capital Partners, Simon Moore, had bought it for just $ 8.05 million five years ago.
Other close sales recently include actor Simon Baker’s $ 17 million deal, also in Bronte, and the Phillips family’s $ 16.3 million deal at Silva St, Tamarama.
The old apartment block is likely to be replaced by a single large luxury residence.
The site, with 12 m in front of the coastal walk, has views of the beaches of Tamarama and Bronte and the coast.
Hodder has some famous neighbors who have spent fortunes on their homes.
A few doors up, Ingham’s fashion pioneer and heir of chickens, Robby Ingham, and his wife Sarah bought a six-apartment block for $ 14.45 million in 2013 and, shortly after, spent millions turning it into a glamorous residence.
Right next door, seven years before that, the Fahey family paid $ 9.6 million on the dilapidated Tama House block and have since turned it into luxury apartments.
More recently, there has been an increased appetite for a single luxury residence.
In Campbell Pde, Bondi Beach, F45 Gym founder Rob Deutsch spent $ 20.65 million on apartments that he is converting into his own home.
And Ric Serrao of Raine and Horne has a $ 20 million guide to a Nov. 11 auction of a former guesthouse at 252 Campbell Pde with architectural plans to turn it into a waterfront residence.