Sydney’s largest beachfront property to be subdivided in Cabarita Rd at Avalon Beach
Mortgage Choice co-founder Peter Higgins is set to have his exclusive beachfront property — the largest in Sydney — transformed into a gated residential estate, following the lodgement of plans for an 11-lot subdivision.
Manly
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Sydney’s largest private beachfront property is set to become a luxury gated residential estate, following the lodgement of plans for an 11-lot subdivision.
The prime 12,685sqm Avalon Beach property is owned by millionaire financier and co-founder of Mortgage Choice, Peter Higgins.
He has been trying to sell the site, known as Marara, at 96-104 Cabarita Rd, for a number of years. Its last reported price guide in 2017 was around $26 million.
Mr Higgins told the Manly Daily he was planning to keep the same name for the new development.
“It’s been Marara since 1901, and it means flying fish in Tahitian, and I think it is important to keep the tradition,” he said.
He also plans to retain a large private waterfront lot on which he will eventually build a new home. In the meantime they will stay in the existing old home on the property.
“It’s been our home since 2003 and we’ve looked everywhere to find somewhere else, but there’s no place like home for us,” he said.
The couple, who are heavily involved in polo, also have a 200ha property in Richmond, where they spend some of their time.
Mr Higgins and his wife Rebecca came upon the property in 2003 when they were renovating their house in Belrose and rented a house at Bilgola Beach.
“My wife saw a little ad in the Manly Daily, so we went and had a look,” he remembered. “A lot of other people had seen that ad, but we fell in love with it.”
He bought the property and a neighbouring property, with the whole deal costing about $18 million. Meanwhile, their Belrose house was completed and they moved back there to contemplate what to do with their new waterfront.
One year the family decided to spend Christmas at one of the houses on the property. It turned into a long holiday of sorts, and they never left.
Over the years, the couple has come up with a range of ideas for the Avalon property, including a large home, a medium density villa development or a subdivision.
Mr Higgins said plenty of developers had offered big bucks for the property — at one time he was looking for about $30 million — but he and his wife were not comfortable with what they had in mind for the site.
“I considered many offers from developers but that wasn’t in the best interests of the estate,” he said.
“So we said. let’s just do it how we want it. We’re really proud of what we’ve come up with.”
He paid tribute to architect Mark Hurcum and agents from LJ Hooker Avalon and Palm Beach for their valuable input in creating a product that would not only blend in with the environment but also meet a niche in the market.
Mr Higgins said prices had not yet been set for the homes, but he speculated the four waterfront properties could sell for between $8,000,000 and $10,000,000. The other homes would probably sell for slightly less than that, he said.
“We will build some to start with to get the ball rolling,” he said.
The property has plenty of history. Originally built for Sir Herbert Henry Schlink, Chairman of the Royal Prince Alfred Hospital for 28 years from 1934, founder of the Royal Australasian College of Surgeons and one of Australia’s most distinguished doctors, Marara has had only two owners over the past 80-plus years.
The property has 119m of deep waterfrontage and a jetty, and is set across six titles.
The subdivision application was lodged with Northern Beaches Council in December, to subdivide the property. It proposes to subdivide the property, into one large Torrens title lot and 10 community title lots.
Mr Higgins has lodged separate development applications to build luxury homes on nine of the community title blocks. The remaining lot will be a community lot of 1258sqm.
“All lots will enjoy access to the foreshore and a dinghy storage area via stairway,” according to the application’s statement of environmental effects
The other lot, is proposed to be Torrens title and accommodate an existing dwelling and boatshed. Mr Higgins intends to retain this waterfront property, which is currently his main residence. He told the Manly Daily he planned to eventually build a new house on the property, although was yet to draw up any plans.
“It’s just beautiful here and we want to continue to live here,” he said.
The overall density of the proposed community title development is one home per 1266sqm, which exceeds the council’s requirements of 700sqm and also the average of one home per 880sqm in the areas adjacent to the site, the statement attests.
Nine new two-storey houses are proposed for the community title lots, and development applications have been concurrently submitted.
Each home will include three to four bedrooms, multiple living areas, two-car garage, kitchen and dining area.
“The forms of the buildings are inspired by natural elements visible from Pittwater,” says the statement.
“Each house is unique and varied, with shapes that mimic sandstone outcrops with shaded
overhangs set among trees.”
Construction will be primarily concrete and masonry with sandstone elements.
The houses have been designed to accommodate ageing occupants and families, and all have lifts between main levels. The primary living levels are flat slabs and have no steps or
height changes.
The houses face views to Careel Bay and north towards Sandy Point. The main living areas
and deck are also oriented to maximise northern aspect.
The subdivision application is open for public submissions until February 11.
The median house sale price for Avalon Beach is $1,830,000, which represents a solid five-year growth of 69 per cent.
However Cabarita Rd is home to some of the northern beaches’ most exclusive and priciest homes.
Just down the road is Finisterre, the family estate of the late wine magnate Bob Oatley. Finisterre holds the title of the area’s most expensive property, and was bought by Mr Oatley in 2002 for $20 million.
And Cooinda, another home in Cabarita Rd, sold in October 2017 for close to $12,995,000.