What could go wrong? An $80 million property spree in the balance

Australia-China trade specialist Christian Wang went on a property buying spree in recent years, splurging on a handful of properties from Point Piper to Vaucluse, but more than a year later he is yet to settle on $80 million worth of the prime harbourside real estate.

As vendor patience runs out at least two of those properties have already been returned to the market, and Wang is facing hefty losses in forfeit deposits on all four houses.

The Vaucluse residence that Christian Wang agreed to buy for about $27 million a year ago has been returned to the market.Credit: Domain

Ever the optimist, Wang has maintained his interests via caveats on two of the properties, and sources say he still hopes to complete on the deals as financing comes through.

Wang, a director of trade consultancies Australink and Electrica Australia, is not short on quality real estate already. His registered address is the family’s $7.5 million beachfront apartment in Rose Bay, and his corporate interests also own a house in Vaucluse that was purchased in 2020 for $7.3 million, and is currently for sale with a guide of $17.5 million. It is understood to have received an offer at close to that level.

A Vaucluse house designed by architect Graham Bakewell was sold for about $23 million, only to return to the market recently.Credit: Domain

Wang did not respond to calls and email this week, leaving it to the paper trail to lay out the extent of his foray into high-end property investment that began in late 2021 with a four-bedroom house in Vaucluse for about $23 million.

Trade specialist Christian Wang.Credit: LinkedIn

Despite being built new in 2007 to a design by architect Graham Bakewell, Wang lodged a DA for a $4.8 million knock-down rebuild. While his interest in the property remains registered on title, it goes to auction on May 24 through the agent who sold it last time, Laing+Simmons Double Bay’s D’Leanne Lewis.

A second house in Vaucluse was added in April, last year, for about $27 million by the harbour, but the contemporary digs set above the Hermitage Foreshore Reserve has also been returned to the market, again through a renewed sales campaign by Lewis.

A house in Rose Bay followed in May, last year, for close to $18 million. While there are suggestions the vendors remain in discussion with Wang and his caveat remains on title, it is expected to be returned to the market.

Another house in Vaucluse followed for about $12 million in July and despite Wang lodging a DA for a $3.8 million knock-down rebuild, that deal was terminated in March.

The Vaucluse house purchased by Christian Wang’s corporate interests in 2020 is for sale for $17.5 million.Credit: Domain

If Wang fails to settle on all four deals, he looks to forfeit a total of $4 million given a discounted deposit of just 5 per cent. The standard deposit is 10 per cent.

A fifth property, this time in Point Piper, was also purchased on behalf of a family member for more than $16 million, but it is not disclosed on title records and isn’t due to settle for at least a month or so. No pressure.

Redfern’s $8m pad

The rooftop apartment of Adam Haddow has set a Redfern high of $8 million.Credit: Domain

Hasn’t Redfern come a long way from the heroin epidemic of the 1990s and the race riots of 2004? No sooner is one record set, than another is logged on title records at $8 million for the award-winning apartment of architect Adam Haddow.

Adam Haddow at home his rooftop apartment at the Cleveland & Co complex.Credit: Felix Forest

This is the rooftop garden and home that sits atop Cleveland & Co for which Haddow, a director at SJB, not only pocketed a decent sale price on a long settlement through BresicWhitney’s Shannan Whitney, but was awarded the 2018 Architizer A+ Awards jury prize and the 2017 INSIDE World Festival of Interiors residential design award.

Records show it was purchased by Balmain’s management consultant Peter Orlay and Kirsty Mandorla.

It tops the recent high set at a little more than $6 million by McGrath’s national general manager of sales Troy Malcolm, and Woolworths chief Brad Banducci’s part-residential/part-gallery $6.85 million building purchase of 2021.

Riding the booms

Stand-up comedian Carl Barron has swapped his eastern suburbs apartment overlooking the harbour to buy a recently renovated Victorian terrace in Paddington for about $6.7 million.

The four-bedroom house was purchased through BresicWhitney’s Maclay Longhurst, and coincides with the sale of Barron’s former whole-floor apartment in Darling Point for $6 million.

Carl Barron has bought a Victorian terrace in Paddington.Credit: Jim Lee

The stand-up comedian has been a savvy property trader over the years, riding successive property booms of the past decade. His Darling Point apartment offered a decent gain in the two years since he bought it for $4.7 million.

Barron’s former home in Rockwall Apartments at Potts Point was bought in 2013 for $4 million, and sold in 2019 for $5.1 million.