Trophy home … Packer’s house features a cinema, an eight car garage and winter garden.THE offering of James Packer’s Bondi Beach pad is just one of a handful of Sydney trophy homes kicking off the 2013 season.
The four-storey property on Campbell Parade is set to hit the market in February with hopes it will fetch more than $22 million.
The McGrath agent Andrew Livingston listed it on the quiet late last year with a requirement that potential buyers sign a confidentiality agreement before details were released, with an open campaign planned for next month once the family has moved into its new $40 million home at Wentworth Road, Vaucluse.
Mr Packer bought the site, as an abandoned garage in 1995 for $2.25 million and built the four-bedroom, six-bathroom home. The property also has an eight-car garage, and other features include lift access, gym, cinema, studies, six terraces, a winter garden and views of the beach.
The agents say the pricing is inspired by the nearby Swiss Grand Hotel redevelopment into the Pacific Bondi Beach, where six ”lighthouse” penthouses are being sold at $40,000 a square metre. The Packer compound is apparently set at $30,000 a square, which, given its 800 square metres suggests that $24 million is the wished-for price.
The $15 million penthouse at Pacific is yet to sell, but at the time of its off-the-plan launch several sold for more than $10 million.
The prestigious suburb of Vaucluse is also one to watch this year. It is where the record sale price was set in September 2008: $45 million for Coolong, the harbourfront house sold by the Allco founder David Coe to Ivan Ritossa, global head of foreign exchange at Barclays Capital.
Sales of more than $10 million have been few and far between in Sydney since the global financial crisis, with the highest being $21.5 million – for a non-waterfront, again in Vaucluse.
This year in Vaucluse, retail entrepreneur Brett Blundy is hoping to sell his Kutti Beach house for more than $20 million.
Point Piper continues to offer up some of its best waterfront properties.
Despite no sale yet of the $55 million Altona or murder accused Ron Medich’s $45 million-plus home, the Edwardian waterfront home of John Piven-Large has hit the market, offering five bedrooms, a tidal beach and a swimming pool with price expectations of more than $40 million.
Lifestyle factors are usually given as the reason behind the timing to many of these multimillion-dollar sales.
”If a house is redundant to these buyers’ needs then of course they are going to ask where else they might get a better return on that money,” says Christie International’s Ken Jacobs. ”You don’t leave these trophy homes empty. They need to be lived in.”
Agent Bill Malouf, of LJ Hooker Double Bay, agrees. ”There’s a lot of maintenance in these homes. It’s like a boat: If you don’t use it then it breaks down.”
The original release of this article first appeared on the website of Hangzhou Night Net.