1. ‘Devon’ in Centennial Park Lists for $8m+

    In 1905, the land hugging the western portion of Centennial Park was subdivided in order to raise funds for the landscaping of the young park. The two parkfront roads - Lang and Martin - quickly became home to prominent early-20th Century mansions for Sydney’s elite. Initially, Lang Road was perceived to be slightly more prestigious owing in part to its higher elevation and proximity to the Oxford Street tramway and neigbhouring amenities. However, today, Martin Road trumps Lang Road thanks to the latter developing into a major arterial road while the former dead ends. Devon, a prominent home situated at the northern end of Martin Road at number 6, was built soon after the subdivision of the area by architect-owner Arthur Leslie Bayley in the Federation Arts & Crafts style. Bayley’s home was exceeding modern for the time, especially when compared to its far more restrained and conservative - yet still contemporaneous - neighbour to the north ‘Muralla’. 

    Today, Devon listed with $8m+ expectations through BradfieldCleary agent Simon Strahorn. The home last floated around the open market in 2006 without any takers. The current owners acquired the property in 1989 for the not insignificant sum of $1.85m. The home, although maintaining stunning interior woodworking, casement windows, and ceiling treatments, still leaves much to be desired for a high-end home. However, Devon is located in one of Sydney’s most prestigious non-harbourfront settings; the Radical Terrace will even gladly argue that Martin Road is the best non-water view locale in the city. $8m+ expectations seem fitting with past sales on the road and, for the size of Devon’s parcel, indicate that it’s priced as a fixer-upper: 

    • 50 Martin Road, $10m, 1,814sqm, 2006
    • 12 Martin Road, $10m, 803sqm, 2008
    • DEVON, 6 MARTIN ROAD, $8m+ ??, 1,240sqm, 2012?
    • 14 Martin Road, $8m, 797sqm, 2009
    • 10 Martin Road, $6.55m, 809sqm, 2008
    • 56 Martin Road, $4.815m, 626sqm, 2011

    The privileges of calling Centennial Park your front yard are great (not to mention the honour of never having to pay for parking at the Entertainment Quarter again). And we hope that the future owner will honour the home as much as the Radical Terrace enjoys perving on its edifice during our many stoned walks and bike rides along the great road of Martin. 

    The listing: ‘Devon’, 6 Martin Road, Centennial Park

    Click below for more images of the home and its floor plan!

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  2. The Radical Roundup: New & Notable This Week

    • Margie Blok is reporting on the long-in-the-making sale of the beachfront Point Piper mansion ‘Deauville’ for “about $13.6m” after listing with $17m+ hopes last year. The 1930s home at 16 Longsworth Ave is in need of some TLC. Next door neighbour is Malcolm Turnbull - Australia’s very own Mitt Romney - who can often be seen strutting out in his budgies for a morning swim at Lady Martin’s Beach. 
    • A view-less, low-floor, awkwardly laid-out (but renovated!) 2-bedroom apartment in the blue blooded “Astor” building at 125 Macquarie Street relists after a year off the market. $1.65m is quoted by Bryn Fowler of Sydney Cove Property. 103/123-125 Macquarie Street
    • ‘Cloudlands’ in the Southern Highlands just won’t sell…and the agents won’t lower the price. Coldwell Banker Previews International agent Kevin Whelan now has the listing but the price remains at $6.75m for the 94-acre spread with an 11,000 square foot mansion. Cloudlands at 142 Sheepwash Lane has been on the market as long as we can remember…and our memory dates back at least 4 years. :)
    • Situated on the desirable cul-de-sac side of Woollahra’s Edward Street high above Cooper Park, number 52 has listed with expectations of the mid-$4mils. When the Radical Terrace first saw this property, we were quite surprised at the high price for the 3-bedroom home; but seeing there is a strong precedent for high prices on the street (slightly larger next-door neighbour #50 sold for $6.6m in March 2011; #64 for $3.3m in March 2009; #66 for $3.775m in March 2007; #68 for $3.65m in Nov 2007) and the Alex Tzannes design, maybe the price isn’t too far-fetched. Georgia Cleary of BradfieldCleary has the listing.

  3. Paddington’s Elizabeth St Sell-Off

    Three properties on Elizabeth St between Underwood and Paddington Streets are currently on the market. This stretch of Elizabeth St sits nicely in what has consistently been a top-performing pocket of Paddington. However, with the slump of Paddington’s Oxford Street and the exodus of upscale retailers from Elizabeth St between Oxford and Underwood Streets, does that make a residential acquisition here more appealing (quieter?) or more risky? As you’ll see with the comps, prices on this block have been quite stagnant the last 5 years. Regardless of Paddington’s future, we know one thing that holds each of the featured properties back: NO CAR PARKING. And fighting with Grand Nash patrons and the spillover of Oxford Street shoppers is no pretty sight. 

    The most gracious of properties on the market is the 9m-wide sandstone-fronted 3-bedroom, 2-bathroom abode at 24 Elizabeth. Listed by Ben Collier and Andrew Hacket of McGrath, the owners are looking in the mid-$3m’s. The home last traded for $3.2m in Oct 2007, not much of a capital gain there. Pictured above and below.

    Immediately across the street, and comprising part of a rare row of three-storey terrace houses, we find 41 Elizabeth Street. Featuring Harbour Bridge views from its upper level, the 4-bedroom home is asking $1.695m and is listed through Mark Daley and Georgia Cleary of BradfieldCleary. The three-storey row of terraces has solid comps. Number 39 sold for $1.73m in Nov 2010, 45 sold for $1.625m in Feb 2008 and 51 sold for $1.676m in Nov 2011. Number 41 itself last sold for $1.56m in Jan 2009 and little seems to have been done since that date. Pictured below.

    And finally we have 34 Elizabeth Street, listed with $1.5m expectations through Di Jones agents John Anderson and Rohan Aalders. It’s the most “average” of terraces with the prototypical 3-bedroom floorplan and layout. Similar sized neighbour number 32 sold for $1.23m in Nov 2007. Pictured below.

  4. Same Plan, Same Building, Big Price Difference

    It’s not every day that two apartments in the same building are up for sale (wait a minute…), so today is extra special because we have two apartments in the extra-beautiful 1930 “Lyndhurst Gardens” building located in the heart of Woollahra’s prime Consular Belt (which, really, is just Rosemont Street). Funnily enough, both estate agents representing the respective apartments claim it to be a “tightly held” building despite 11% of the block currently on the market. But we will give the agents some credit, as the Radical could only find one sale in the building: Unit 4’s $1.7m 2009 sale). 

    Lynhurst Gardens itself has maintained its historic relevancy for quite some time, and not just because of its stunning forecourt. The earliest mention of the block we dug-up in our cursory search was from a 1931 Sydney Herald classified advertising an “Unfurnished Flat, commanding glorious harbour views; Entrance hall with cloak room…living rooms, 6 bedrooms, 2 bathrooms, garage, Hot water and rcfrlgetator [sic] services Moderate rent Caretaker on premises” 18 years later, in 1949, the entire block sold in one-line for £65,500. At that time, the advertisement reveals the brick building to hold 18 apartments, the same number that exists today. 

    Flash forward to 2012 and the first floor Unit 9 is seeking $2.18m. Top (second) floor Unit 15 wants $3.5m. Both apartments are 171 sqm in size, feature four bedrooms, two bathrooms, and a lock-up garage. However Unit 15 has a far superior floor plan with a division of living and sleeping space dictated by a central foyer (reminiscent of a Rosario Candela or J.E.R. Carpenter apartment, of the same time period, in New York City). Unit 9’s floor plan, on the other hand, sucks, with the kitchen crammed in the back and the bedrooms scattered about. But is such a difference in interior walls worth $1.32m?!? 

    Georgia Cleary and Linda Juleff of BradfieldCleary are representing the Unit 9 listing, while Penny Timothy and Ian Campbell of Ray White Elizabeth Bay have the Unit 15 listing.