1. A Bronte Flip for the Ages…and for $7m


    Just three years ago in September 2009, an 1883 Victorian Italianate detached home in Bronte traded hands for $5.3m. It was one of our favourites back then, thanks in part to it being one of very few colonial stock homes in the beachside suburb, but thanks also be to bathroom/living room combo that bridged the utility of a bathroom with the leisure of a lounge room. Nonetheless, just over a year after the new owners acquired the 5-bedroom abode, they lodged plans for a $500k Mary Ellen Hudson-renovation with the Waverley Council that sought the addition of a back porch, staircase, solar panels, and a spa. Only the porch and staircase made it to the final product and the remainder of the renovations were entirely cosmetic interior fit-out based. The renovation is definitely just lipstick on a pig, but it’s damn good lipstick on one of the best pigs out there. 



    Unfortunately, there are only two views that we could come across that truly capture the “before/after” nature of this flip. Also of minor sadness is the lack of any new interior photos aside from the new and vastly improved kitchen/living room and the garden level “summer room” (great name, great aesthetic). 

    Bethwyn Richards and Ben Collier (the latter whom handled the 2009 transaction of this property) of McGrath have the new and improved listing and are either “quoting $6.5m+” or “in the vicinity $7m”, depending which agent you ask. But we don’t blame them, it’s a difficult property to price; there are very few properties of this nature in Bronte aside from the heritage-listed 1845 Early Victorian homestead Bronte House that gave the suburb its name. However there is one property that shares many a similarity with 424 Bronte Road and that’s Bronte’s price record holder 19 Evans Street. That home sat on a far larger 2,711sqm parcel (424 Bronte is 904sqm) of higher land and sold for an impressive $13.05m after a stunning renovation of its own that saw the addition of a third-storey that captured water views and a large pool. Fun aside: Bethwyn Richards handled that transaction. However, despite 424 Bronte Road situation on a far busier street, it is a level walk to the beach and that’s always a bonus. 

    Assuming the home trades hands above $7m, it will be Bronte’s highest priced non-view home…and will make the current owners a nice chunk of change on the side. And considering the size and quality of this house, we have a tough time believing the home will trade for anything less.


    The now (above) and the before (below).
     

    The listing: 424 Bronte Road, Bronte

    Click below for more images of the home as it currently stands and that awesome bathroom/living room at the time of its 2009 sale.

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  2. “Palm Beach in Paddington”…

    …or something like that. A 6-metre wide terrace in ‘South Paddington’, the slightly-less desirable and quieter pocket of Paddington south of Oxford Street (that also sits in the City of Sydney council and not the Woollahra Council), listed this week through omni-present McGrath agent Ben Collier. The four-bedroom home with 2-car garage comes with a white-washed “‘beaches’ aesthetc [sic]” that we agree does vaguely remind us of Palm Beach. The plunge pool, outdoor water, and white-bleached flooring definitely help achieve a Northern Beaches vibe. The price, too, reflects a very Palm Beach feeling. This terrace will set you back $3.3m+. 

    The listing: 52 Gordon Street, Paddington

  3. Park-Front Terrace for “$3.5m+”, Likely Far More

    Few rows of terraces hold as much presence as the string of Victorian Italianates that line Glenmore Road directly across from the Royal Hospital for Women Park. With coveted rear lane access, harbour glimpses, lots at least 50m deep, and a Five Ways-adjacent location, the only downside here is the excessive traffic and buses that roar down the road. (This section of road also holds claim to the highest concentration of pools in the suburb.) With that in mind, “dream team” McGrath agents Ben Collier and Andrew Hackett have landed an extensively renovated (giving it “mullet house” distinction) four-bedroom, four-bathroom (nice ratio!), two-car garaged home with a pool. And although the agents have quoted the price at “$3.5m+”, comps tell a different story:

    • 148 Glenmore: $4.75m in Sep 2010 (similar size and quality of renovation)
    • 142 Glenmore: $3.1m in Apr 2009
    • 140 Glenmore: $4.05m in Dec 2010 (neighbour!)
    • 136 Glenmore: $2.0m in Feb 2009 (unrenovated, smaller parcel)
    The Radical Terrace thinks this baby will sell around the $4.2m mark. Any other guesses? Leave them in the comments!

    The listing: 138 Glenmore Road, Paddington

  4. 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.

  5. Alex Tzannes-Designed Woollahra Terrace Lists; Wants $7m

    Ben Collier and Andrew Hackett of McGrath - Eastern Suburbs have once again nabbed a trophy Woollahra listing designed by society favourite Alex Tzannes. Located at 176 Queen Street, in the desirable East-of-Ocean Queen Street location, the four bedroom, three bath home comes with a double lock-up garage and a 1,500 bottle wine cellar. Tzannes, you may know, has designed some of Sydney’s most expensive homes (including the Woollahra record breaking “double wide” on Rush Street, the overweight Aussie Home Loans CEO’s Point Piper apartment block mansion, and the currently-under-construction renovation of the James Packer Vaucluse compound). The home features some very iconically-Tzannes features: skylights, clerestories, bold shapes. But what’s up with the dome lights? Regardless, we dig the double-height dining room and the well-lit nature of the terrace that could have easily been dark and cramped. $7m+ hopes.

    The listing: 176 Queen Street, Woollahra

  6. Title Battle: Deeds or Tattle? 

    Once again, the award goes to Title Tattle. Margie’s Title Deeds is losing steam (perhaps do to the overall decline of Domain?), but she still has enough gumption to pull up some gems. Most notable of Title Deeds big breaks this week was reporting on the circa $20m sale of the Sutton family’s waterfront holding in Mosman. The Bay Street property was hoping to break Mosman price records, but likely fell short a few million bucks (despite sitting on the largest private waterfront landholding in the sacred 2-0-8-8 post code). Had the property not been on the Quakers Hat Bay (otherwise known as the Sylvania Waters side of Mosman), it likely would have eclipsed Mosman records. But we digress, just like Margie did by reporting on the Point Piper estate we covered last week (*yawn*) and fashionista Lisa Ho’s Randwick sale that caught the attention of Title Tattle a double-digit number of days ago. 

    Tattle, on the other hand, racked up some brownie points by discussing the never-fails-to-impress (and totally crazy) Rose Porteous’ Toorak apartment listing ($6m+ hopes), matched Margie’s reports on a full-floor listing in Potts Point’s Villard building (arguable the third-best apartment block on Macleay Street), tied our efforts by reporting a few days late on Rose Bay’s ‘Lynton’ mansion listing, and continued to leak his inside information about any McGrath listing - this week being “quiet sale” of the “one-time Woollahra record holder” Eltham (note: Jonathan Chancellor misspelled the estate “Etham”, likely confusing the Woollahra mansion with the Darling Point street that he’s reported on many a time). We’ll see what that price comes in at. The Radical’s guess is $13m+ (it previously sold for $9m in 2006 and $5.15m in 2004). Ben Collier handled that one.

    The Scorecard: Deeds: 4 // Tattle: 10

  7. Warehouse Mania!

    We have warehouse conversion fever thanks to Surry Hill’s new record breaker (and former featured house on this blog!) 5 Bennett Place. The abode was sold for $5.71m, over $200k above reserve, through Shannan Whitney of Bresic Whitney and the omni-present Ben Collier of McGrath. It last traded for $3.1m in 2009. Now that’s a nice flip.

    So in honor of the above, we present the completely cool 1A Lord Street in Newtown. The home may only have one bedroom, but it’s one bedroom I’d definitely not mind living in. Plus, it’s priced slightly more reasonable for us mortals. Agents Shannan Whitney (he’s on a warehouse conversion roll!) and John Waight of Bresic Whitney have the listing and are looking for $1m+.

    The upsides: Great renovation; spacious; industrial vibe; cool polished concrete flooring

    The downsides: Industrial location (depending on who you are, this could be deemed a positive); backyard could use an upgrade (the patio pavers kind of suck)

    The listing: 1A Lord Street, Newtown

  8. Flipping Out: Paddington Edition

    Back in 2010, a “blank slate” single storey Paddington terrace sitting high above Cascade Street sold for $2.55m through McGrath’s Ben Collier and James Dack. Fast forward a few months and the Woollahra Council posted a DA application (submitted by Roth Architects) for the addition of a second storey, a water feature, and double garage with a total cost of work of $738k. My calculator puts the owners in at $3.288m thus far. Now we’re in February 2012 and 58 Cascade’s new facade, interior refresh, and second storey have been listed with $4m+ hopes also through McGrath (however Joe Abboud and Hamish Robertson have the listing, not Ben Collier and James Dack…perhaps I sniff drama?!?). With some solid financing in place, I wouldn’t be surprised if the owners flipping out does some good for their pocket book. The result is quite cool; I’m not going to lie.

    Upsides: This pocket of three homes sits high above the well-trafficked Cascade Street (thus missing the zooming cars that always seem to be in a rush to get to Paddington Street) and forms its own nice little enclave with a scenic outlook; Five Ways close; double lock up garage a big plus in this parking tight precinct; large bedrooms all with ensuite; beautifully worked floorplan; coolest. water. feature. ever.

    Downsides: It would help if it was a bit greener (ie. a tree here or there)

    The listing: 58 Cascade Street, Paddington

  9. Woollahra Manse “Headingley” Hits Market; Wants to Break Records

    Although we have a fun backlog of properties to feature here, this Woollahra mansion popped up on the market (seemingly out of nowhere! like manna from the Heavens!) and required our immediate attention. In much the same way Altona in Point Piper dictates harbourfront real estate and Kalua in Palm Beach calls the oceanfront shots, Headingley is a quiet benchmark of the Woollahra luxury market. Quietly positioned on a tree-lined Consular Precinct road, the 1883-built home was redesigned in the 1930s by the famed Leslie Wilkinson and sits on a 1738sqm block, one of the largest in this high point of Woollahra. 

    As Jonathan Chancellor reports, the home has been in the hands of the Spender family since 1949. About two years back, Russell Crowe investigated the house toying with an $18m purchase price, which would have eclipsed the $16m record set by the Rush Street compound bought by Roseanne Williams. If listing agents Ben Collier and Andrew Hackett of McGrath get their way, this property will bring in $19m+ and set some serious records. 

    Upside: Few homes in Sydney have such strong street presence, and the gravel driveway is a rare vestige of Woollahra’s estate-filled past. All in, it’s a landmark house, that’s for sure, and it’s not going anywhere.

    Downside: It could use an interior refresh. Like, seriously.

    The listing: ‘Headingley’, 11 Wellington Street, Woollahra

  10. JUST LISTED IN WOOLLAHRA

    We dig this one. Like majorly dig it. Although this terrace is part of the 2000-development by MCK Architects that break up the historic edifices of Holdsworth Street (and the properties seem to flip on the market far faster than the grand dame gingerbread terraces across the street), the floor plan is so spot-on that it warrants a mention on here. Bonus points for polished concrete flooring and the guts to sacrifice some floor space for benefit of a double-height living room. Killer floor plan. Enjoy! Downsides? Carpeted bedrooms and the lack of a historic edifice for an otherwise historic street. We’ll deal with it. More images and details can be found here on the architect’s website.

    Only question is, at $6m+, is it worth it? Quite a precious price, if you ask me.

    The listing: 90 Holdsworth St, Woollahra

    Listed by: Ben Collier and Andrew Hackett of McGrath Eastern Suburbs

  11. Warehouse in Surry Hills Hits the Market

    BresicWhitney has brought out their big guns (Shannan Whitney and Darren Pearce) for this Surry Hills listing (falsely advertised as Paddington on Domain.com.au and Realestate.com.au). It’s situated in the primest of the prime Surry Hills east of Bourke Street, west of South Dowling, and a hop, skip, and a jump from Crown Street’s cafe/pub/gallery precinct. The warehouse itself is B+…a few interior changes could be made, but I wouldn’t complain if someone handed me the keys to the 7 bedroom abode. 

    Perfect for: Advertising exec, avant garde musician, young hot shot of any sort. Designers Hare & Klein rocked it for this bad boy (titled “Carriage House” on their site). 

    The listing: 5 Bennett Place, Surry Hills

    Update: This sucker is double-listed with McGrath’s Ben Collier. Eager seller, it seems!