Sydney homes worth $80m make way for billionaire’s estate

A Ukrainian billionaire has been given the green light to demolish four homes worth $80m on a Sydney waterfront.

 

Sydney’s booming prestige property market is in line for what could be the biggest trophy home to date, with planners poised to give Ukrainian billionaire Leon Kamenev the green light to create an estate out of four homes on the Vaucluse waterfront.

The Menulog founder has ­applied for approval to demolish four modern homes across 13, 13A, 15 and 15A Coolong Road in Vaucluse as he strives to create Sydney’s newest waterfront compound.

Mr Kamenev is yet to lodge plans for the home to occupy the site he spent almost $80 million amassing, but sources close to the businessman indicate the final ­development will be valued “far in excess” of $100m.

Agents argue plans for the ­estate could not have come at a better time as a swag of buyers hunt for “forever homes”.

“We’re seeing a new bracket of buyer known as the ‘super normal’ buyer and they’re rewriting the benchmarks for local property,” valuer Simon Feilich said.

“They’re often self-made, they’ve netted an above-average windfall on their last transaction or business deal and they are prepared to pay a premium to live in the home they want.”

Mr Feilich said Mr Kamenev fitted into the category, just as John Symond did when he built his waterfront home Wingadal, on the market for more than $100m.

Other bespoke listings likely to catch the eye of a super buyer ­include bond trader Andrew ­Ipkendanz’s waterfront home at 6-8 Carrara Road, Vaucluse. ­Designed to measure by rock-star architect Peter Stutchbury, the sleek home with sandstone, luxurious wood panelling and polished concrete accents has its own private beach and a price tag of $53m.

The Fairfax family estate Elaine also remains on the market for a price believed to be higher than $80m. Set across almost 7000sq m, the seven-bedroom home is surrounded by lush gardens with gracious, mature trees, manicured lawns and sprawling beachfront to Seven Shillings Beach.

Mansion sales around the country have risen threefold over the past five years, with more than 130 homes priced over $10m each having sold in the 12 months to the end of August, driven by steadily rising international interest, low interest rates and the resurgence of the NSW and Victorian economies.

Chinese businessman Chau Chak Wing set a national record when he paid almost $80m for James and Erica Packer’s hilltop home, Le Mer, in Vaucluse in ­August, adding to a list of transactions in the suburb for the year, ­including Villa Igiea, which sold to Aqualand head Jim Lin for $52m.

Both homes sold after extensive renovations which had remodelled the homes on generous estates to custom specifications.

Sothebys Sydney real estate agent Michael Pallier said renovations appealed to high-end buyers. Home cinemas rate as a popular inclusion for his well-heeled buyers, but the bulk of ­demand comes from those wanting large parcels that provide privacy and security.