La Strada units fetch $5m-plus off the plan
Two off-the-plan luxury apartment sales in the redevelopment of the former La Strada restaurant premises in Sydney’s Potts Point have occurred within a fortnight of its marketing launch.
Two off-the-plan luxury apartment sales in the redevelopment of the former La Strada restaurant premises in Sydney’s Potts Point have occurred within a fortnight of its marketing launch.
Ben Stewart at Stewart Residential/CBRE said they were $5.4m and $6.5m sales.
The cheapest had 132 sqm space with two ensuited bedrooms, and a third bedroom/study option. There will be balconies on three sides, including a rear terrace, but no car space.
Its three-level, 411 sqm penthouse with a sculptural staircase and lightwell remains under negotiation, priced at $20m-plus through Stewart.
Architect David Mitchell has designed the six-storey corner building, while the interiors are being done by Fiona Lynch, who recently won the inaugural VL50 Award as the country’s top interior designer, presented by Vogue Living in partnership with luxury furniture business Mobilia.
The boutique complex of four will sit above a restaurant with outdoor seating on Macleay St. The project is being undertaken by Peter Metzner, the owner of events and fashion PR company The Arc Factory who has a history of undertaking boutique inner city apartments above commercial space. He and wife Rose intend to take an apartment at La Strada.
The 322 sqm restaurant premises were bought in 2021 from Giovanna Toppi, the matriarch of the acclaimed restaurateur family, who died later that year. La Strada had taken its name from the 1954 Federico Fellini film released around the time Toppi arrived in Sydney from Naples. It was 1988 when she opened Machiavelli with daughters Paola and Caterina.
Ikon resale flounders
Potts Point has seen eight apartment sales exceed $10m since 2017, topping out at $16m in 2018 with the sale of the nearby Ikon penthouse by the late merchant banker John Caldon and food media personality Lyndey Milan.
But attempts by Rode Microphone founder Peter Freedman to onsell the same penthouse have floundered since it listed last September.
TRG’s Gavin Rubinstein was first guiding $17m, but then switched it to a $6000 per week rental offering and then relisted it for sale again last month.
Freedman’s attempted reshuffle follows his $30.35m purchase of Potts Point’s six-bedroom, six-bathroom Georgian Regency property Jenner House from luxury car dealer Terry Mullens and his wife Wendy.
The Mullens family have since bought a Mermaid Beach duplex for $10.5m.
Island paradise
Downsizing couple Tony Bawden – the Gold Coast-based co-founder of home builder Villa World – and his wife Terry secured the nation’s top weekend result when $15m was paid for their Chevron Island auction offering.
It sold through Kollosche Prestige at its Friday afternoon auction.
Gold Coast architect John Lea had designed the single-storey, three-bedroom Stanhill Dr home, set on 2024 sqm on Main River, in 2004.
Villa World was co-founded with carpenter Greg Phillips who’d suggested they build spec homes for $60,000 on Gold Coast housing blocks bought for $16,000.
Villa World was listed at 20c initially on the Brisbane stock exchange in 1986.
Often rating in the top 10 yielding ASX stocks, it was capitalised at $60m in 2000 ahead of its merger with fellow developer Citie Centre. MFS Diversified then bought Villa World in a $700m takeover in 2006.
Gold Coast glamour
There was a $10m sale of a four-level beachfront on Jefferson Lane, Palm Beach among the Gold Coast’s weekend auctions.
The Hamptons-inspired home with grey Linea weatherboard facade sits on 412 sqm.
It has four bedrooms, four bathrooms, a home cinema, office and multiple outdoor entertaining areas. The top level features an indoor-outdoor entertainment space with a games room and wet bar. There is a five-car basement garage.
It last sold in 2019 for $5,780,000, bought by the Francis family who have been dividing their time between the US and Australia due to business interests.
It sold through Troy Dowker of Kollosche who had three registered bidders after 15 private inspections that followed 138 inquiries.
Clearance up
The national preliminary combined capitals clearance rate has bounced back to 75.9 per cent, its highest level since mid-February.
CoreLogic’s Tim Lawless noted the ACT was the only capital to record a rate below 70 per cent, coming in at 61.8 per cent.
Melbourne recorded the largest increase, rising 7.6 percentage points to 70.6 per cent.
Sydney’s 81.6 per cent was the nation’s highest result after Adelaide dipped to 76.9 per cent.
Adelaide did see one of its priciest auction sales this year with a $3.62m sale on Lochness Ave, Torrens Park through Hamish Mill at Williams Real Estate. There were 9025 page views on realestate.com.au.
The Christopher family had the four bedroom, two bathroom home built in 2007 on its 532 sqm block.
Auction activity bounced back after the Easter long weekend, with 2414 homes put to auction nationally. It picks up further this week, with 2513 scheduled, but dips to 2000 in the following week, PropTrack economist Anne Flaherty says.
Sydney shines
Sydney’s top known under-the-hammer price was $5.8m for a five-bedroom, six-bathroom house at 18 Mintaro Ave, Strathfield. There had been $4.85m guidance from Tarun Sethi at McGrath.
The campaign attracted 6735 page views on realestate.com.au.
The two-storey double brick family home was built after the 696 sqm block was bought for $2.5m in 2017.
There were 21 luxury Sydney listings set for auction seeking $5m or more on Saturday, with four undisclosed sold-priors. Seven were pushed back to later dates.
Amid Melbourne’s school holiday break, its dearest result was a five-bedroom, four-bathroom house at Glen Waverley which fetched $3.78m.
The modern mansion at 14 Kiah St property attracted 4905 page views during its marketing by Eric Liu at Biggin Scott. The indicative pricing had been given as $3.5m to $3.7m for the home set in school zones.
Melbourne’s next priciest was also in school zones at 53 Godfrey St, Bentleigh which fetched $2.63m. Its price guidance had been $2.4m to $2.5m.
It takes a village …
The most viewed residential listing on realestate.com.au last week with 13,833 page views was Karribank at Porongurup, located near the Stirling Ranges in Western Australia.
Set on 12.49ha, it is an entire village with a historic lodge and cottages, alongside a food, beverage, and accommodation business. The Blythe family secured it in 1977.
It is being offered for $2.5m through Rob Mason at Mason Realty Albany.
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