The Sell: Model sale as Erika Heynatz trebles money on Potts Point studio
Model, singer former Home And Away star Erika Heynatz has more than trebled her money on her residential Potts Point studio investment. Read Jonathan Chancellor’s real estate column The Sell.
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Model, singer and actor Erika Heynatz has more than trebled her money on her residential Potts Point studio investment, but it’s possible she could have pocketed even more.
The former Home And Away star secured $1.14m when her top-floor apartment was sold amid the buyup of The Chimes complex by Melbourne developer Time & Place.
Its envisaged $85m buyup has taken longer than they’d hoped, but Time & Place has recently gone past the 75 per cent trigger point for compulsory acquisition of the remaining strata apartments.
So far their purchases of The Chimes studios have ranged from $650,000 to $2,063,000 in the block that was designed by Hugo Stossel, a post-war emigre architect.
Time & Place car space acquisitions have quietly topped out, to date, at $400,000, with its cheapest buy inexplicably at just $50,000.
The Chimes had captured headlines in 2016 when a $264,000 Sydney record was paid for a car space.
The dozen holdouts, some three years into the buyup, are seeking their day in the Land & Environment Court in the hope of even bigger windfall gains. There are also 14 car spaces yet to be secured.
Late last year Tim Price’s Time & Place, which is being financed by Maxcap, along with backing from tycoon James Packer, submitted draft concept plans for the strata renewal.
The SJB-designed, nine-level tower with 45 one, two and three-bedroom apartments is now with the L&E Court which will consider the design at an onsite hearing in September.
There’s been no determination yet whether the 80-studio building will be retrofitted or demolished.
Set at the Parisian end of the Macleay St strip, the 10-storey Chimes complex sits on less than a third of its 1284sq m holding.
It was constructed in 1964 after partial demolition of the remaining 1905 Santa Fe row of Queen Anne-style terraces.
Heynatz, who calls Mona Vale home with husband Andrew Kingston, paid $342,500 in 2004 when she was the host of Ten’s reality series The Hothouse.
Heynatz’s investment certainly performed better than the Sydney norm, with recent data from Cameron Kusher, PropTrack’s director of economic research, showing typical Sydney apartments have doubled every 17 years.
Meanwhile, Time & Place has sought a tenant for the 29sq m studio, asking $600 a week. Heynatz had it listed at $450 a week in April last year.
Strata renewal is rife throughout Potts Point, with an Oak Lane redevelopment mooted with TZG Architects-designed apartments overlooking the Garden Island workforce carpark.
SOJOURN AN EASY SELL FOR TOP AGENTS
The winter holiday migratory season is well under way, with leading estate agents taking a break from sales.
The latest Instagram posts have come from Warren Ginsberg of Ray White Double Bay and his model girlfriend Casey James in Capri, Italy.
Ginsberg has just pocketed the commission from his $7,705,000 North Bondi sale to Macquarie executive Vanessa Lenthall.
The 477sq m Hastings Pde property was marketed as having the “potential to redevelop into a stunning beachside entertainer or dual occupancy”. The knockdown last traded at $145,000 in 1983 when bought by the Kanacki family.
Lenthall owns two nearby homes, one bought in 2007 for $1.81m with a full rebuild a year later. In 2017 she spent $2.5m on a 1920s duplex.
Lenthall first bought on Hastings Pde in 2004 when she spent $976,000, before selling three years later for $2,315,000 after an extension.
Ginsberg has yet to see the settlement of his pricier sale, when Westpac’s head of funding, Alexander Bischoff, and his wife Leah sold their Vaucluse mansion for about $17.5m after fielding off-market offers for only a week in early June.
The grand 1920s Burrabirra Ave residence had been given a makeover from Marisa Alexis Interiors, after the pair picked up the “renovator’s delight” in 2020 for $5.95m after close to a year on the market.
And there’s still settlement to come on the $25m-plus Villa Verano, Vaucluse, sale by Julian Babarczy and his interior decorator wife Olivia through Ginsberg in conjunction with Alexander Phillips of PPD, who’s vacationing in the south of France.
Putting past wayward downtime personal moments behind him, Ginsberg recently ranked in the Ray White chairman’s top 1 per cent elite agents for the eighth year.
FOLAU PUNTSCITY APARTMENT FOR GREENER FIELDS NORTH OF THE BORDER
Japan-based champion footballer Israel Folau appears to have checked out of the Sydney property market.
He’s snappily sold his Little Bay investment property, less than a week after it was listed through N G Farah agent Martin Farah.
It fetched $1.15m, having been listed with $1m-$1.1m guidance.
Folau’s investment vehicle, of which his father is also a director, paid $960,000 for the one-bedroom apartment in 2017, when he was still playing for the Wallabies.
The unit is on the ground floor of the Prince Henry The Matron Dickson Nurses Home building near the Coast Hospital Memorial Park.
The building, which dates back to the 1930s, was refurbished in 2009.
The living and dining area of the apartment open through bi-fold doors to a private balcony. There’s also a separate study room.
The Little Bay apartment had been a $750 to $800-a-week rental over the past three years.
It’s the last of Folau’s one-time impressive portfolio.
He once had five properties, including a several house and land lots in Austral.
Last year he sold his family home, in Kenthurst, for $3,825,000, having paid $2.1m in 2015.
Folau has shifted his extensive portfolio to Queensland where he now has an acreage in Pullenvale, west of Brisbane, which cost $1.5m in 2021, and another acreage in Logan, between Brisbane and the Gold Coast, which cost $1.28m last year.
Late last year he and wife Maria, the former professional netballer, spent $4.25m on a 1279sq m beachfront block in Redcliffe where they plan to build their dream home.
Folau, 34, is expected to play at this year’s Rugby World Cup in France for Tonga.
In May he scored a try for the World XV in their 48-42 loss to the Barbarians at Twickenham.
SUN SETS ON EADES’ PROPERTY FOR $1.83M
No sign yet of any Gold Coast listing by Stuart Dew, the recently departed Gold Coast Suns AFL coach, and his wife, television and radio journalist Sarah Cumming.
But another former Suns coach, Rodney Eade, and wife Wendy sold their redundant Gold Coast apartment this month.
The couple secured $1.83m for their three-bedroom, two-bathroom apartment at Main Beach after a month on the market.
The 194sq m apartment on the ninth-floor northeast corner in the Meriton-built Waratah complex was bought for $960,000 in 2015 by the couple, who are now based in the Docklands in Melbourne.
“My interstate sellers have demanded I present every written offer for their serious consideration,” Ray White listing agent Paul Collins advised.
Eade coached the Suns from 2015 through to towards the end of the 2017 season, and the apartment was immediately put up for $800-a-week rental.
Eade left the Sydney Swans mid-season in 2002, and the couple’s Dutruc St, Randwick, terrace sold at $1.11m in 2005, after they bought in Melbourne, where Eade went on to coach the Western Bulldogs and then assist at Collingwood.
Dew was Suns head coach for 5½ seasons. He paid $1.35m at Burleigh Waters in 2018, after he departed his assistant coaching role at the Swans.
Dew and Cumming sold their Clyde St, North Bondi, home in 2019 for $2,475,000, after renting it out for $1750 a week for a year.
GUTTED RENO HAS PLENTY OF ‘POTENTIAL’
A Drummoyne home with issues arising from the building slab in its 2020 extension sold at an undisclosed price on auction eve through BresicWhitney. The gutted Bowman St offering had a $2.7m price guide for Saturday’s auction, up on its initial $2.5m guidance.
It had, however, cost $4.11m in June 2021, with Macquarie Group financing, when the four-bedroom, three-bathroom house was marketed by BresicWhitney as having a “well-executed architect vision”.
It was a flip after the 1910 house on 550sq m was bought in 2019 for $1.63m, with its $135,000 works occupation certificate lodged with Canada Bay Council in early 2021.
The 2021 marketing advised “its character had been preserved at the front, with contemporary, resort-style living out the back”. The guidance had been $3.4m.
The estate agency offered its standard free building and pest report in 2021, but not this time when it advised it had the “potential for renovators and builders to complete your own contemporary vision”.
BresicWhitney was “supporting” the owner “given the stressful nature of the situation”, BW advised The Sell after local speculation they were selling it for no commission.
Edwin Almeida, from Ribbon Property Consultants, was advising buyers “$1m plus” was needed to rectify the situation.
NICE RETURN ON LONG-HELD BOND
Eileen Bond has sold her investment apartment in the Tara, Elizabeth Bay, complex for $915,000. There had been $780,000 guidance.
The one-bedroom, one-bathroom unit sold pre-auction through Jane Schumann of Raine & Horne United. It comes with a car space.
The third floor Greenknowe Ave apartment cost $48,000 in 1986 when she was married to Perth entrepreneur Alan Bond.
NEW GALAXY FOR A PRIZED STAR
Night Sky, the Blackheath home built for late astronomer Basil Borun, has been sold for $3.222 million to Professor Allen-John Collins through Modern House agent Marcus Lloyd-Jones.
It won the Robin Boyd residential architecture prize in 2021 for Peter Stutchbury Architecture.
Borun, who was reliant on a wheelchair, looked at the stars through an elliptical skylight in its parabolic vaulted ceiling.
TONE-SETTER IS UP FOR GRABS
A Tone Wheeler-designed Northbridge home has been listed with a $3.6 million guidance through David Howe of DiJones.
Wheeler designed the four-bedroom, three-bathroom house in the 1990s for his sister Rosemary Paul, who’d bought the Pyalla St building block for $103,000 in 1985.
With its centrepiece courtyard, it first sold in 2009 for $1.7 million through Howe.
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