This article is from the Australian Property Journal archive
Knight Frank associate director residential Nick Broadhurst said the property at 44 Ocean Road is located in the most prestigious and tightly held end of Palm Beach.
He added that the auction attracted five registered bidders.
“This is the first time the property has been on the market in 40 years so it was a hotly contested auction. The sale price represents one of only a handful of sales under the hammer that have achieved above $10 million this year in Sydney,” he continued.
Broadhurst said although there is a lot on the market in Palm Beach, this is a generational property that represents a truly one off opportunity.
“We were confident of achieving a good result with the age and condition of the property meaning that the end purchaser would have the capital in reserve to be able to upgrade the property as required,” he added.
Owned by Greenspur Developments Pty Ltd, the sale was supervised by Rosemary Croft, widow of late company director Barry Croft. The home, as it stands, was extended in the 1990s and currently features a balcony, kitchen and bedrooms on each level to offer versatile accommodation options on the 1430 sqm block.
Purchased as a holiday home, the new owner plans to knock over the rundown three-level 1960s residence, which has dual access to Florida Road and is one of only three in a row on the luxurious southern headland.
Australian Property Journal
