Cairns real estate: Kewarra Beach 10-bedroom home hits market
Elite properties in the Far North are changing hands as high rollers look for the ultimate pandemic lockdown escape, with a sprawling $5.5m northern beaches mansion the latest star to hit the market.
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AN exodus from southern states to escape the pandemic and its endless lockdowns has put the spotlight firmly on elite properties as high rollers look further north than traditional hunting grounds such as Noosa.
The latest sumptuous estate to hit the market has a $5.5m price tag – and it’s not even near the beachfront.
But if you fancy your own hotel, the sprawling mansion at 16-18 Stream Ave, Kewarra Beach, has 10 bedrooms, 12 bathrooms, a pool, tennis court and cinema.
It is owned by Brisbane and Sydney-based property developer and Emily Mizikovski, managing director of Fleetmac Properties, and has predominantly been used as a holiday rental – at $2,500 per night.
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The Kewarra estate is being offered for sale by Sotheby’s International Tropical North Queensland director Barbara Wolveridge, whose notable recent sales include 1-3 Wharf St, Port Douglas, for $8.25m to Carlton premiership player Fraser Brown.
Mrs Wolveridge said the property was in demand from the corporate rental market.
“For example, 10 business people for a seminar or for a big company to take its top people to, and entertain them at beautiful restaurants in Cairns,” she said.
She acknowledged the property had a hefty price tag.
“It is a lot, however it is a huge property over at least two blocks – it is a very, very, very big property so if you look at the replacement value, it would be well over the money we have on it, and building prices have gone up by more than 30 per cent,” Mrs Wolveridge said.
“It is a fabulous property and all the furniture goes with it.”
The stately house is on the western side of the Captain Cook Highway, 4km from Kewarra Beach itself, in an enclave of similar sized properties.
It is also not far from Paradise Palms Golf Course, where developer Darren Halpin is full steam ahead on a proposed 330-lot residential subdivision, having last month reached a settlement with a group opposing it.
If sold for its asking price of $5.5m, it would match the highest price in a decade, which was paid in 2020 for 129 Vasey Esplanade – a resort style five bedroom, six bathroom home on the northern end of Trinity Beach, built in 1980.
That figure was less than the $9.9m shelled out for the home in 2008 by Brisbane-based funds management pioneer Otto Buttula and wife Virginia, when they bought it from New Zealand rich lister Josef Roberts.
It is now owned by a quartet of financial services industry participants – Stephen Bates, a partner at KPMG, Canberra-based Stephen Thompson, Ivan Juric, and Jason Hedlund, who founded Financial Integrity Group.
It was originally owned by Cairns-based Ramzi and Cristina Halabi.
And controversial investor Benny Wu bought the showy trophy home 21-22 Knott Court, Whitfield, for $5.29m in October 2020 from Patrice Knott.
More recently, Tablelands lawyer and Lankester bananas founder Michael Lankester shelled out $2.95m for 115-117 Harbour Drive, Trinity Park.
The Lankester banana farm at Walkamin sold for $11.5 million a couple of months ago.
Champion rally driver Ross Dunkerton sold his property at 1 Ragamuffin Quay, Trinity Park, for $2.5m – short of its anticipated $2.78m – earlier this year.
Sotheby’s Port Douglas office recorded more than $60m in sales in the 2020-2021 financial year.
“The prestige market is doing very well, it has been dormant here for many years, but it has really just gone crazy and I am running out of stock,” Mrs Wolveridge said.
“I think the Far North market is getting up to where it should be - still way below the big cities, but trucking along really nicely, and what people are seeing is that prices are very under-rated, for properties from Mission Beach up to Daintree.”
Ms Wolveridge said the Kewarra property was among the most exclusive resort homes in the Far North.
A double storey living and dining room has seating for 14 and polished marble floors and each bedroom has an ensuite and terrace or balcony.
The main bedroom has dual bathrooms and an adjoining lounge.
Originally published as Cairns real estate: Kewarra Beach 10-bedroom home hits market
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