Sun shines for Blue Sky founder Mark Sowerby with $9.7m Burleigh Heads sale
There was a bullish $9.7m sale for the luxury Burleigh Heads, Gold Coast abode of Mark Sowerby, founder of the collapsed fund manager Blue Sky Alternative Investments.
There was a bullish $9.7m sale for the luxury Burleigh Heads, Gold Coast abode of Mark Sowerby, founder of the collapsed fund manager Blue Sky Alternative Investments, after attracting 12 intending auction bidders.
The sale of the contemporary Bayden Goddard-designed home with 38m estuary waterfrontage ranked as the nation’s top weekend auction result.
The five-bedroom, six-bathroom home attracted 223 buyer inquiries, with Kolloshe Prestige selling agent Troy Dowker welcoming some 116 open home attendees.
Of the 12 registered bidders, four participated at its twilight Friday auction.
The two-storey home was built on its two blocks after its 1286sq m consolidation by Sowerby’s wife Heidi. It features two offices, gym, sauna, pool, teppanyaki barbecue kitchen and stone-clad gatehouse.
The initial block cost $1.39m in 2011 and next door cost $975,000 in 2015.
It was built in 2017, the year after he stepped down as managing director of the ASX-listed company and subsequently sold down some $35m of his stock.
The 13-year-old company collapsed in 2019 with Sowerby still a shareholder.
Brisbane class action law firm Banton Group has listed Sowerby as one of the defendants in its Federal Court lawsuit filed last month against Blue Sky. The first case management hearing is scheduled for October 12 before Justice Michael Lee who, of course, is well acquainted with the more colourful aspects of Blue Sky’s collapse.
Sowerby, a former Ernst and Young Entrepreneur of the Year winner, told the Gold Coast Bulletin in a 2016 profile that he’d seen Burleigh’s transformation to “class and culture” during his residency.
“When we first moved here it was just fish and chip shops,” Sowerby said.
There is no registered mortgage on its title.
–
All clear
National preliminary clearance rates held above 60 per cent for a fourth consecutive week, though auction volumes were down to 1323 last week given the long weekend AFL Grand Final disruption.
Just 132 Melbourne auctions were held last week, in the quietest auction week since mid-January.
The preliminary clearance rate sat at 66 per cent, its highest since early May.
A $2.36m Templestowe Lower sale was Melbourne’s top result.
Sydney hosted the busiest market, with 808 homes auctioned across the city.
Its 60.6 per cent preliminary clearance rate came from 672 results collected so far by CoreLogic.
Sydney’s withdrawal was troubling high, with 22 per cent of homes pulled from auction.
Across the smaller capitals, Brisbane with 140 auctions had the busiest auction week, followed by Canberra’s 117 and Adelaide’s 116.
Adelaide again recorded the highest preliminary clearance rate at 70 per cent. Canberra was at 57 per cent and Brisbane was at 52 per cent.
“We are set to see a bounce back this week,” PropTrack economist Anne Flaherty said, noting Victoria will have 1000 of the 2145 scheduled auctions.
–
Roseville ripper
Sydney had the nation’s second-highest advised sale at Roseville on the upper north shore, where $8.45m was paid for the six-bedroom, four-bathroom house at 34 Roseville Ave. Bidding opened at $7m and at $8m it was called on the market. The Saravanja family had given it a makeover after paying $3.9m in 2015 for the eastside Roseville home. The 1400sq m grounds came with 11m saltwater pool.
–
Terrace turned down
Greg Hywood, the chair of the Free TV lobby group and former AFL Geelong Cats board member, was nowhere to be seen at Saturday’s auction of his Paddington investment terrace in Sydney.
His Heeley St offering, listed with $2.7m DiJones price guidance, was passed in on a $2.8m vendor bid after bidding stopped at $2.65m. It now has a $2,825,000 asking price. It cost $1,575,000 in 2013, when Hywood was on his second stint at Fairfax Media. It was last advertised for rent at $1280 a week in June 2020.
–
Brisbane brilliance
Brisbane’s prestige sales included the $4.83m sale of Derek Lodge, the 1946sq m ridgeline estate at Windsor, 4km from the city. The 1930s Hollywood Hills-style home at 35 Mackay St sits amid landscaping by Steven Clegg with pool, tennis court and pavilion.
It sold to a local family, one of the five registered bidders.
With three actively bidding, it was called on the market at $4.75m. The vendors had bought for $1.9m in 2011. Matt Lancashire and Nicholas Given at Ray White New Farm also sold the five-bedroom, three-bathroom home at 45 Morehead Ave, Norman Park for $2.775m. The two campaigns received 14,785 online views and 193 buyer inspections.
–
On the Rise
The luxury Rise penthouse at 1102/67 Sixth Ave, Maroochydore sold at auction through Ray White Maroochydore agent Reuben Park.
The northeast-facing penthouse attracted a $4m opening bid.
After bidding paused at $4.9m there was an increased bid to $5m, when it was sold.
“This opportunity is extra special with there being no more blocks available along the street,” said auctioneer Dan Sowden.
“This means that brand new penthouses facing Maroochydore beach are unlikely to be seen again in our lifetime … and particularly desirable for buyers who are considering the Noosa market, as it provides incredible value with a similar village atmosphere.”
“Go you good thing,” the highly parochial Queensland auctioneer said as a Queenslander outbid interstate offers.
The two-level penthouse had 240sq m internal space plus 76sq m external space.
Rise, a 12-storey development with 48 apartments, was developed by developer Alex Yuan’s Saintsun, which held the apartment. The previous highest sale in the complex was a $2.75m purchase last year.
A three-bedroom, two-bathroom apartment in the Rise block was passed in through Ray White at $1.5m when offered by Kalgoolie-based investor Craig Alderice, who played with Geelong in the Victorian Football League in the 1980s. It cost $875,000 off the plan in 2019.
Maroochydore’s record price sits at $6.6m for the Platinum penthouse after its 2017 sale. The Avalon penthouse, also on Duproth Ave, fetched $6,049,000 on its off the plan settlement last year.
–
Noosa niceties
Noosa saw $3.85m paid under the hammer when the four-bedroom, three-bathroom pavilion-style home at 18 The Peninsula, Noosa Waters was put to Saturday auction through Harcourts Prestige agents Nathan O’Neill and Casey Languillon. It had been listed with other agents earlier this year with $4.9m hopes. There were four registered auction bidders, with the buyer a Sunshine Coast local recently back from Hong Kong. The house on 789sq m had last sold at $2.15m in 2006.
More Coverage
