Former hovel sells for record $12m after massive reno

One of Brisbane’s “grandest homes” has sold for five times what it fetched just five years ago in a new suburb record.

The pre-war home had major structural issues when it was last sold in 2019.

One of Brisbane’s “grandest homes” has sold for five times what it fetched just five years ago in a new suburb record for the city.

After a multi-million dollar renovation, the pre-war home, ‘Mascotte’, at 45 Garfield Dr in Paddington has just sold for circa $12m to a local family living in the area.

Max Hadgelias of Ray White Paddington, who negotiated the sale, declined to comment on the buyer or the sale price, citing a confidentiality agreement.

An aerial shot of 'Mascotte' at 45 Garfield Dr, Paddington, which has just sold for circa $12m. Image: Instagram.

The view from 'Mascotte' at 45 Garfield Dr, Paddington. Image: Instagram.

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“I think it’s a wonderful result for the area, and for Brisbane,” Mr Hadgelias said.

“There is plenty of demand in that top end, and that also trickles through to the rest of the market.”

Mr Hadgelias said the renovation had only been completed in the past 12 months.

Jamie Charman of Charman Property Co. is understood to have introduced the buyer.

Inside the home at 45 Garfield Dr, Paddington, after an extensive renovation. Image: Instagram.

Now that’s a bath with a view! Image: Instagram.

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Property records show the home last sold in 2019 when it was dire need of a restoration, and was even listed with a warning — “not for the faint hearted”.

Built in the early 1920s, ‘Mascotte’ had major structural issues, but it’s location is outstanding, boasting spectacular city views.

Mr Hadgelias said ‘Mascotte’ would have been one of Garfield Drive’s grandest homes back in its heyday, and is again today after being restored.

This is what ‘Mascotte’ looked like before it was renovated.

'Mascotte' at 45 Garfield Dr, Paddington, has sold for circa $12m. Image: Instagram.

Images of the completed renovation reveal a five-storey black, timber, and concrete structure, with multiple entertaining terraces that maximise the city views, and a floating lap pool with a water feature.

The previous highest residential sale in Paddington was when a property at 34 Howard Street sold for $10.35m in 2009.

The suburb last made headlines for its property market late last year when NRL great and TV commentator Darren Lockyer sold his home in Agars Street to a local buyer for $6.4m.

The pool from above.

Paddington recently became Brisbane’s newest $2m suburb, reaching a median house price of $2m this month, according to PropTrack.

REA Group economist Angus Moore said it was surprising to see more suburbs of Brisbane entering the $2m club, which had traditionally been dominated by Sydney.

“Both [Perth and Brisbane] have seen really strong growth in recent years,” he said. “Prices in both are up just shy of 80 per cent since March 2020, which is extremely strong growth.

“That’s pushed a lot of suburbs in what were traditionally more affordable cities up into the $2m dollar range.”

The new home has multiple entertaining areas to maximise the view. Image: Instagram.

Originally published as Former hovel sells for record $12m after massive reno