It’s rags to riches for Culture Kings founders with $15m Gold Coast buy
International streetwear retailer Tah-nee Beard has emerged as the $15.25m buyer of the Soul penthouse on the Gold Coast.
International streetwear retailer Tah-nee Beard, who co-founded Culture Kings with her husband Simon, has emerged as the $15.25m buyer of the Soul penthouse on the Gold Coast.
The 70th-level penthouse, spanning the top four floors of the Surfers Paradise glitter strip tower, attracted five bidders at its recent auction.
The 1070sq m space was offered by Andrew Koloadin who had paid $6.5m for the concrete shell in 2018. Koloadin, who sold his website hosting business Digital Pacific in 2017 in a $52m deal, bought the penthouse from Hong Kong casino tycoon Tony Fung in 2018.
Fung bought it off the receivers in 2015 for $7m.
There had been an off-the-plan $16.85m proposal by Juniper Property Development to a Queensland businessman in 2006, but it didn’t proceed to settlement.
The Beard couple sold some equity in their streetwear business in April in a deal with US-based online retailer a.k.a Brands, valuing the business at about $600m.
Culture Kings employs about 700 staff and turned over $183m in the 2019-20 financial year. They started their streetwear brand at weekend markets after Tah-nee lost her job at a car dealership during the global financial crisis.
Their Gold Coast spending spree began last year when they bought an Isle of Capri trophy home for $11.75m and then addednext door to make it 3750sq m on the dress circle La Scala Court.
They have been trying to sell their former Ashmore riverfront acreage for nearly a year.
Harcourts Coastal’s Tolemy Stevens, the Soul penthouse selling agent, is seeking buyers of a sub-penthouse in Soul. It has 454sq m space on the tower’s 41st and 42nd floors.
It first traded at $2.9m in 2015, three years after completion, when bought by the billionaire Tiong timber milling family from Sibu Sarawak, Malaysia.
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Sydney surpassed
There was a baton change on the weekend when Melbourne outdid Sydney for the first time since mid-February as the stronger auction market.
Sydney eased to a 71 per cent preliminary success rate, while Melbourne sat at 76 per cent. It was 82 per cent in Sydney a week earlier, with Melbourne at 76 per cent, according to CoreLogic.
Sydney had 863 auctions originally scheduled, but 11 per cent of vendors rescheduled to a later date because of the lockdown orders. Of the 672 results collected, CoreLogic calculated some 61 per cent of the sales were sold before auction.
This included Sydney’s dearest sale in Mosman, with $10.88m secured for the four-bedroom harbourfront home.
Set on 824sq m on Mosman Bay, it last sold at $1.2m in 1990.
Mosman also saw the pre-auction sale of a July 17 auction listing, at around $5m, by its sport broadcasting power couple Cooper Cronk and Tara Rushton. The price guide had been $4.7m.
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Melbourne gets busy
With 1067 listings, Melbourne was the busiest capital city, but its priciest weekend auction listing in Kew failed to sell.
The 1750sq m Studley Park Road offering had been listed with $6.1m to $6.7m hopes. It had previously sold in 1999 at $1.17m.
Jellis Craig agent Mark Josem marketed the property as “a grand, gracious five-bedroom residence overlooking gardens of dramatic size and botanic beauty”.
However, with no heritage overlay, the site offered the option of townhouse subdivision.
REALas, the ANZ price predictor website, estimated its value at $5.54m.
Melbourne’s top sale was $4.56m in Princes Hill. Set behind a bluestone fence, the four bedroom, two-bathroom brick 1901 home had been held for five decades. Woodards Carlton agent Glenn Bartlett had it listed with $3.8m to $4.1m hopes. The Garton St home sat on a 603sq m block with a courtyard filled with citrus trees.
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Lockdown hits
Brisbane was scheduled to hold 153 auctions.
However as the city went into its extended four-day lockdown, 13 per cent of vendors postponed their auctions.
Pivoting to online auctions, Brisbane secured a 64 per cent preliminary clearance rate.
A Holland Park West auction saw the Habut St offering pass in at $2.1m through Adcock Prestige. The agents Jason Adock and Luke Moody had two registered bidders and some 78 buyers during the marketing of the contemporary three-level home with city views. The 2009-built home traded in 2010 at $1.4m.
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Quick double
The Australian cricketer Usman Khawaja has offloaded two Brisbane properties ahead of his move with wife Rachel and baby Aisha to the Sunshine Coast where they will be closer to family.
He sold his Kneale St, Holland Park West home for $2.96m.
The Queensland Bulls captain bought the 2014-built home for $2.75m in 2016. The five-bedroom home on 700sq m has a home office, theatre, gym and a pool and spa.
It has views back to the city skyline.
Belle Property agent Tony O’Doherty secured the sale while Khawaja was overseas last month playing for Islamabad United in the Pakistan Super League.
Holland Park West has an $825,000 median price for houses, according to realestate.com.au. Based on five years of sales, it has seen a compound growth rate of 3.6 per cent for houses.
Khawaja has also sold his Belmont acreage, where he built a home after buying the 10,000sq m property for $1.2m in 2008. It fetched $3.45m. He tried to sell the home in 2015, shortly before he bought at Holland Park West.
He retains a Cannon Hill investment property that cost $600,000 in 2019.
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Good innings
Across the country, cricketer Adam Voges, who represented Australia in limited-overs cricket numerous times, has sold in Perth. His Cottesloe apartment fetched $760,000 when sold in just seven days. The 90sq m three-bedroom unit cost $700,000 in 2009. It was advertised as a rental in 2017 at $500 a week.
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Suburban success
Record prices continued to be achieved in suburbs across the nation. In Adelaide’s Fulham Gardens there was a record $1.415m sale of a two story Kentish gable Tudor bluestone home.
It beat the previous record price of $1.37m in sales elsewhere in the western suburb in 2020 and earlier at 2018.
Ray White agent Carmine Catalano had received a $1.1m offer before auction when six active bidders competed for the 1989-built four-bedroom home. It last traded at $1m in 2010.
Adelaide had a 73 per cent weekend success rate from its 129 offerings. It had the nation’s cheapest sale when $272,000 was paid for a three-bedroom house at Christie Downs. It was just $7000 higher than its 2010 sale.
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