Oroton heir Tom Lane flips ‘paint and paper’ reno in Bowral for $14.5m

Tom and Emma Lane, of the Oroton fashion empire family, know all about making a capital gain on luxury real estate. Their former home DIY project in Byron Bay’s hinterland they bought for $3.8 million set a North Coast record last year of $33.6 million.

Their latest sale in the Southern Highlands is no slouch in the capital gain stakes either, after just eight months of ownership and a “paint and paper” renovation job.

Emma Lane is bidding farewell to Highground in the Southern Highlands after a brief stay, pocketing $14.5 million on the way out.Credit: Abbie Melle

The couple purchased a 42-hectare property known as Wirramirra with a homestead, separate guest cottages, stables, pool and tennis court on Bowral’s Bendooly Hill in July for $9.75 million amid plans to fulfil the already approved DA plans for an extension. But eight months later they have forgone the renovation and instead sold it off-market for $14.5 million.

After $517,000 in stamp duty, that’s a $500,000 capital gain for each month they owned it, although they did at least “put their stamp” on the six-bedroom homestead in the intervening months. In other words, nothing so significant that council approval was required. Oh, and the name changed to “Highground”.

For a bit of perspective, the prime minister’s salary tops out at $590,000 a year, which makes property look all the less pressured and more profitable.

Highground last traded in July for $9.75 million before it was resold more recently.Credit: Abbie Melle

Taking the keys are Queensland trophy home seller and former V8 Supercars driver Paul Weel and his wife Emma, who had no need for a mortgage to settle on the property.

Emma and Tom Lane are undertaking another Byron hinterland project of the Four Winds property at Newrybar.Credit: Alicia Taylor

The Weels are cashed up following the sale of their Gold Coast home early this year for $16.95 million to billionaire political aspirant Clive Palmer. The Weels’ former home was one of two Mermaid Beach properties Palmer bought in February, the other being a $28 million mansion he acquired from Lotteries promoter David Kennedy.

Meanwhile, Emma and Tom, the latter of whom is grandson to Oroton’s founder Boyd Lane, have recently completed their luxury Byron Bay estate Copperstone, offering luxury accommodation as part of The Range Estates, and are hatching plans for another property flip in Byron’s Newrybar hinterland that they bought last year for $8.3 million next door to Liam Hemsworth.

Aunty Beeb’s man in town

The bull run of high-end sales on the western foreshores of Pittwater has clearly come to an end, thanks in part to the burden of land tax valuations on the holiday home market.

The Great Mackerel Beach weekender of Michael and Sarah Peschardt was one of the area’s most popular holiday rentals.

Not that there’s any need to pass around the hat for the likes of the recent seller, BBC’s Sydney-based correspondent Michael Peschardt and his wife, Sarah.

Auntie Beeb’s leading interviewer has pocketed $4.9 million for his Great Mackerel Beach home, three times the $1.56 million paid for the beachfront house in 2018.

The BBC correspondent Michael Peschardt has lived in Sydney since 1990.Credit: Brad Newsome

Of course, it has undergone extensive renovations and extensions in the six years they have owned it, which explains the $6 million guideline it was listed with a year ago.

Not helping the likes of BJ Edwards, of LJ Hooker Palm Beach, who had negotiated the four top sales fronting the beach in the market peak of 2022 for $5.5 million to $6.5 million, is the dramatic beach erosion on show to everyone as they step off the ferry.

Peschardt’s buyer is none other than veteran property developer and hotelier Bill Anderson, who is currently based at Gilling House in Palm Beach and expected to keep the Great Mackerel Beach house as a weekender.

Pearl Beach lustre

The Pearl Beach holiday house sold for a $1.1 million loss on its sale price of 2021.Credit: Domain

On the Central Coast, the family of Gresham Private Equity and Ironbridge Capital founder Julian Knights and his wife Lizanne Knights have emerged as the $6.6 million buyers of the weekender of UK private equity investor Thomas Fussell.

Fussell, who co-founded Fast Search, and his wife Louise purchased the cottage in 2021 for $7.7 million, but a year ago upgraded to a $12.25 million house on the beachfront.

Coast Realty’s Stuart Gan sold the cottage to the Fussells and was tasked with reselling it earlier this year. It settled in the name of Haydon Knights, 32, and Alexandra Knights, 31.

High-end downsizing

Former Macquarie Bank senior executive David Adams and his wife Liz have settled into their new “downsizer” residence, a $14.25 million contemporary residence set above Rosherville Reserve.

The five-bedroom house with a pool is across the road from their long-held home, the Kilcreggan Federation mansion with a tennis court and swimming pool spanning two blocks that was listed early this year for $16 million – not that much more than they’ve paid to move to the high side of the street.

The Mosman home of Hua Meng and Yu Li Song last traded in 2021 for $14.5 million.Credit: Domain

Still in Mosman, the Clifton Gardens home of forex broker Yu Li Song, who heads up TMGM Group, and Hua Meng is up for sale with an $18 million guide through Atlas’s Michael Coombs.

The couple purchased the Burrawong Avenue house for $14.5 million, but they look to be headed to Rose Bay, where in March, it was revealed they paid about $35 million for the waterfront home of lawyer Chris Watson and Diane Barr-Watson.