Mark Carnegie to offload inner-city mansion

Mark Carnegie’s heritage-listed Georgian home in the Sydney CBD looks destined for a whole new lease of life.

Multi-millionaire financier and investment banker Mark Carnegie is understood to be in negotiations with the Paul Ramsay Foundation to purchase and convert his inner-city home into offices in a project that could eventually be valued at up to $70m.

Mr Carnegie, who recently sold off his stake in radio network Macquarie Media in a move that allowed Nine to take over the company, has been preparing to develop the home in a joint venture arrangement with Cornerstone Property’s Michael Grant.

The scheme will see the heritage-listed inner-city complex at 262-270 Liverpool Street, Darlinghurst, converted into major commercial offices.

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The end buyer is understood to be the Paul Ramsay Foundation that will use it as its head office and for various charitable works.

On completion, the building is estimated to be worth between $50m and $70m, sources close to the deal said. The site has long served as Mr Carnegie’s residential home and offices.

It is understood heads of agreement have been signed with the foundation to develop about 4000sq m on the former First Church of Christ Scientist site with the project expected to start construction next year.

Businessman Mark Carnegie sold his stake in Macquarie Media. Picture: Jane Dempster

Mr Carnegie could not be reached for comment on Sunday night but the plans submitted to the City of Sydney reveal Cornerstone Property is planning to develop the site and convert the existing residential building within the church by potentially adding car stacker and carparking to take up to nine vehicles or opening up the basement.

Cornerstone Property is also undertaking minor works to the building’s windows, railings and substation. Other works include a two-level addition to the eastern wing, new rooftop terrace and breakout space, and a new attic.

As of late last year, the redevelopment cost of the site that fronts Liverpool and Forbes Streets was estimated at more than $13m, the plans show. Since 2016, the Paul Ramsay Foundation has invested more than $200m in more than 70 partnerships with individuals and ­organisations to help disadvantaged people.

It was established after Ramsay Health founder Paul Ramsay died in 2014. Prior to his heart attack off the coast of Spain and subsequent death in Bowral, south of Sydney, Mr Ramsay was worth an estimated $US3.4bn.

The St Leonards-based organisation did not return a call. The Ramsay fortune has been used for a number of property plays.

The Sydney CBD facility for the Ramsay Centre for Western Civilisation was reportedly bought by a private company controlled by figures close to the late medical entrepreneur for $9.3m in 2018.

Paul Ramsay Holdings bought the heritage-listed Georgian building in Macquarie Street in the Sydney CBD that dates back to 1842 and was acquired from a British investor.