Agents say demand still high for condos in former Palazzo Versace despite name change
Agents say demand for apartments in the former Palazzo Versace is still high despite its name change, as the identities of some of its well-heeled buyers are revealed.
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Agents selling condos in the property formerly known as Palazzo Versace say pricing and demand has not been affected by the loss of the global fashion house branding.
At least five apartments in the luxury property are listed for sale, as the identities of some of its well-heeled buyers can be revealed.
Among the newcomers is celebrity Sydney real estate agent D’Leanne Lewis, who appeared on reality show Luxe Listings Sydney and bought her condo in 2022; SeaWorld Helicopters co-owner Michele Orr-Campbell, who picked up two condos in 2022; and hair salon founder Christine Warbrick, who bought her second condo on January 2 this year.
The newer buyers join the likes of Clive Palmer, Con Makris and Geoffrey Eddleston in the ranks of current and former owners in the property.
Palazzo Versace was stripped of its designer name and rebranded as the Imperial Hotel in July after the Italian fashion house declined to renew its branding contract.
Talk of big deals and new owners has been rife among the property’s wealthy condo owners since an $114m deal to buy the property fell over in 2022.
Despite the hotel now sharing a name with a swag of country pubs, it hasn’t lost its appeal for buyers – according to the agents commissioned to sell them.
Lucy Cole, who has been selling the site’s waterfront apartments for more than 15 years, said initial concerns over the hotel’s name change had proven unfounded.
“It certainly has not had an impact on price at all, if anything, the interest has been stronger,” she said.
“People are very keen to buy in there, they’re realising the condos are great value for what they get – a lovely apartment, marina berth, some of a pool or a rooftop terrace and it’s a nice little precinct – Main Beach and The Spit are the place to be.”
Duncan Longmore of Kollosche, himself a former Versace resident, said he’d sold 24 of the luxury apartments during his career.
“There hasn’t been any change with the sellers, they’re happy with the product that’s there,” he said.
“It’s still the most impressive property on the eastern seaboard.
“I lived there four years and it’s definitely a wonderful way to live.”
A quirk in the way the property is structured means those who have bought in are technically not owners but lessees of the multimillion-dollar units.
The hotel and its 72 apartments were built on State Government land, on perpetual lease to unlisted public company Euthella since July 1998.
Condo buyers pay for shares in Euthella, and are granted a sublease, meaning transfers do not attract stamp duty or capital gains tax – making them an attractive proposition for investors chasing quick returns on resales.
The arrangement also means the prices paid, and who paid them, cannot be found via the usual property searches – although details of sub lease transfers are available on the property’s title.
Billionaires known to have owned the penthouses include mining magnate Clive Palmer and Marina Mirage shopping centre owner Con Makris, who sold his Palazzo penthouse to industrial property investor Norm Jenkin for just over $6m in December 2021.
It wasn’t Mr Jenkin’s first foray into the property – he’d sold another penthouse there for a record $6.425 million the previous year and title records link him to four condos – the most recent registered last month.
Sam Gance, one of the founders of Chemist Warehouse, bought a penthouse for a record $6.45 million in 2021, while Metricon founder the late Mario Biasin was the buyer of a $6.35m Versace penthouse and an adjoining $1.4m condo in 2021.
Other owners have included late doctor Geoffrey Edelsten and recruitment queen Sarina Russo, who is linked to two of the condos.
Effy and Jim Kospetas, head of Universal Hotels and owners of a string of Sydney pubs also have a condo, as does Kata and Ivan Filipovic, who operate major formwork company I & D Group and fruit distributors Chris and Wendy Maniatis.
Gold Coast yacht broker Grant Torrens is also on the title, along with rich lister Greg Poche, Horizon Media owner Seymon Pinchuk, car racing identity Walter French and Sydney’s Maged family, which operates the Zak’s chain of childcare centres.
According to the latest financial report Euthella submitted to ASIC, the company’s 72 shares have total value of $16.42m, representing the cost price of the land.
The financial report reveals condo lessees paid Euthella body corporate and other fees of $2.32m in 2022-23 – an average of $32,000 per condo.
Individual body corporate levies are understood to range from $20,000 to $55,000 per year.
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Originally published as Agents say demand still high for condos in former Palazzo Versace despite name change
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