Record breaking off-the-plan sale as local buyer buys into Ballamac

A Sydney eastern suburbs local has forked out a record $20m for an off-the-plan penthouse in the luxury Ballamac development at Coogee.

Sydney developer Central Element has been given approval to restore historic Ballamac House in Coogee

A Sydney eastern suburbs local has forked out a record $20m for a yet-to-be built, three-bedroom penthouse in Central Element’s Ballamac development in the coastal ­suburb of Coogee.

Sporting 241sq m of internal space and 77sq m of external, the agreed price achieved close to $90,000 per sq m.
The sale trumps the previous suburb record, $13.1m paid by M&C Saatchi Australia’s Simon Corah and wife Monique in 2022.

For their $13.1m, the pair snared a four-bedroom house located on Wolseley Rd, just a short distance from Wylie’s Baths ocean pool with views across Coogee beach to Wedding Cake Island.

The Coogee record for an apartment was previously former NSW premier Bob Carr’s purchase of a four-bedroom penthouse, with north-facing views across ­Coogee beach to Clovelly in Carr St. The 286sq m penthouse sports four bedrooms and last traded for $1.38m in 1996.

Ballamac house, Coogee, Northern Headland, NSW.

It also beats the record in neighbouring South Coogee, which is $18.5m for the three-level five-bedroom clifftop residence at 1A Seaside Parade achieved earlier this year.

Prior to that, the $16.85m for the Bunya Parade “Coogee castle” held the ­record, which was purchased by Fred Schebesta, the co-founder and CEO of the comparison website Finder in 2021.

The $20m buyer of the Coogee penthouse plans to live in the apartment, which is a restoration of a heritage Victorian house into two dwellings.

A further six residences will be ­developed in a new build to the east with awe-inspiring views.

The project will launch to market later in the year.

All up, Central Element will transform the site into eight three-bedroom oceanfront residences in two buildings.

The $20m owner-occupier buyer fell in love with the history of the site and the uninterrupted views out to Wedding Cake ­Island that will be enjoyed from the building’s elevated position on Coogee’s north headland, according to Central Element.

Its head of sales, Cameron Porter, said they were seeing a lot more buyers in the ultra-luxury downsizer ­market – who would have traditionally been looking in Bondi and Bronte – now turn to Coogee, given the suburb’s elevated lifestyle. ­­

“We know there is a demand for premium ­product in the area,” he said.