Youth fashion founder triples gain on $13m blue-chip estate

The founder of Australian fashion brand Universal Store just tripled his gains in a new deal.

Retail entrepreneurs Michael and Melissa Josephson have flipped a grand character estate for $13 million, turning a three-fold gain on the landmark city estate they purchased five years ago.

Mr Josephson co-founded youth fashion brand, Universal Store, which sold for $100m in 2018 and has since grown to an ASX-listed company valued at close to $600m.

The couple, who also founded The Modern Furniture Store in 2010, paid $4.3m for the 2,039 sqm property on Windermere Rd, Hamilton in 2020.

The property sold in an off-market deal

It was set over a half-acre block in a prized city enclave

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They sold the beautifully restored home in an off-market deal negotiated by Matt Lancashire, of Ray White New Farm, with Cohen Handler’s Jordan Navybox representing the buyer.

Listing photos show the home, which had previously been held by the same family for 80 years, had been updated with a designer kitchen and luxurious finishes including marble and bespoke wallpaper.

Features of the double brick property included a stunning pool and al fresco patio surrounded by manicured gardens.

Modern Furniture Store owner Michael Josephson and his wife Melissa had owned the property for five years

Mr Josephson and his brother Greg founded successful retailer Universal Store in 1999

Inside, multiple living spaces including a grand lounge were crowned by spectacular chandeliers, while ornate plaster work, high ceilings and timber beams added character.

The home has five bedrooms and five bathrooms, including an upstairs master bedroom with two ensuites and dressing rooms along with its own retreat area.

Mr Navybox would not disclose details of the sale, while Mr Lancashire did not return requests for comment by deadline.

However, in a video shared to social media, Mr Lancashire said the vendors of the Windermere Rd estate bought another Hamilton property for $4.5m.

Inside the Windermere Rd property

One of several living spaces crowned with chandeliers

“Ascot, Hamilton, Clayfield is on fire,” he said.

“We did sell [Windermere] which I sold to the people going back five years ago, sold in the $4 millions, and managed to sell it for $13m neat which was just incredible.

“The owner of that one went on to buy another property off us and that is my third transaction with those owners.”

Records show both Hamilton properties sold on the same day, with the Josephsons taking the keys to a stately Tuscan-inspired home with panoramic Brisbane River and city views.

The three-storey mansion has five bedrooms and five bathrooms along with a home theatre, bar and infinity-edge pool flanked by terraces. It last sold for $2.83m in 2005.

In his video post, Mr Lancashire said cashed-up young buyers had been active in Brisbane’s prestige market.

The Josephsons acquired this riverfront mansion

The three-storey Tuscan-inspired property

While new listings had dipped by 13 per cent, the agency had experienced a 60 per cent uptick in buyer inquiry, he said.

“One of the interesting demographics is young buyers, I am talking between 30 and 40, buying over $10m assets, and I’ve had three of those in the last six months.

“When you’ve got very limited supply, particularly in the super high-end, and a huge amount of buyer interest in the market, it becomes a seller’s market and we’re able to achieve market-leading results for our clients,” Mr Lancashire said.

Mr Josephson and his brother Greg founded Universal Store in 1999, expanding from their first location in Carindale into one of Brisbane’s most recognised retailers with more than 80 stores across Australia.

The business was sold to a consortium of private investors, going public in 2020 with Universal Store Holdings’s market capitalisation listed at $569.26m by ASX as of May 27.

The Modern Furniture Store has outlets in Brisbane and Sydney, focused on supplying Scandinavian designed furniture at an affordable price, according to its website.

PropTrack data shows a typical house in Hamilton costs $2.3m.

Originally published as Youth fashion founder triples gain on $13m blue-chip estate