Sprawling $16.5M waterfront estate smashes the Cremorne record by $3 million

A SPRAWLING waterfront estate in Cremorne has been snapped up for a cool $16.5 million, eclipsing the suburb record by an impressive $3 million.

A SPRAWLING waterfront estate in Cremorne has been snapped up for a cool $16.5 million, eclipsing the suburb record by an impressive $3 million.

Listed in the middle of last year, the luxury Phillip Corben and Shahe Simonian designed seven-bedroom residence at 4 Shellbank Parade on Sydney’s lower north shore saw three buyers — two locals and one international — contesting the sale in last week of the campaign.

A Chinese national with Australian residency ultimately secured the sale through Richard Simeon of Simeon Manners Property Mosman and Ken Jacobs of Christie’s International.

The property, which had been listed by Credit Suisse managing director Campbell Lobb and his wife Susie with a $16 million-plus price tag, smashed the previous $13.5 million record set by another waterfront home at nearby Lodge Rd in 2009.

“To have three buyers competing in a final week was surprising, but it also shows how strong the top end of the market is at the moment,” Mr Simeon said.

“There’s an abundance of top end 10m+ buyers who are searching desperately to purchase ... the amount of strong buyer activity for waterfront properties at the moment is exceptional.

“The strength of this competitive interest is definitely a result of more expats and international buyers competing with the local market.”

The seven-bedroom residence of Credit Suisse managing director Campbell Lobb and his wife Susie smashed the suburb record by $3 million.

Spread over four levels, it includes level access from both the street and waterfront.

Built in 2008 and set on a 1000sq m-plus block, the home offers level access from both the street and to the waterfront, seven bathrooms, a wet edge pool, gym, sauna, home theatre, lift access, and a triple lockup garage.

The result follows a string of strong high end sales on the lower north shore, where a lack of prestige stock has been forcing up prices.

Among the deluxe features is a home theatre, gym, sauna and wet edge pool.

The lower north shore has seen a string of strong high end sales due to a lack of stock.