Monumental Sydney waterfront estate hits market with $60m-plus price

A prime waterfront holding of about 4240sqm at Kurraba Point has come to market this week with a price guide of $60 million to $65 million.

The properties, held on five titles, create a Sydney Harbour frontage of about 71m.

The extraordinary holding is being marketed by expressions of interest through Tim Foote, of Belle Property Mosman, and Nicholas Heaton, of CBRE.

It takes in 184B, 186-188 & 190 Kurraba Road and part of 23 Baden Road, Kurraba Point. The property at 23 Kurraba Point is a block of 20 apartment, of which 12 are held by the owner of the other properties.

What a site!

The other properties include two duplexes on two titles and a waterfront home on two titles, Mr Foote said.

He said buyers were already showing interest in the property.

High profile business people and celebrities are among those ‘looking’ at the property, Mr Foote confirmed. Developers are also showing interest, he said.

“This is, I think, the best waterfront holding to come to market in 50 years,” he said.

“And it isn’t likely anything like it will come to market again in another 50 years.”

The listing comes hot on the heels of another major site in Kirribilli, which sold under the hammer late last month.

The landmark waterfront estate at 2-4 Stannards Place, sold for an eye-watering $19.8 million – $4.8 million above the reserve price.

It also blitzed the suburb’s residential sales record set in 2018 with the sale of an entire block of apartments at 63 Carabella St, for $12.025 million.

Kirribilli’s house sale price of $12 million was set in 2008 for 1A Plunkett St.

What a view!

This was the first time since 1938 that the 1269sqm estate in Stannards Place had been offered for auction. The properties were sold separately at auction, but were bought by the same buyer.

It was marketed by Piers van Hamburg and Nigel Mukhi, of Di Jones Neutral Bay, in conjunction with Guillaume Volz and Henry Burke, of Colliers International.

Mr Foote said the Kurraba Point site was zoned R2 and R4, which presented a range of opportunities for buyers.

“As one property, it could become one of the best waterfront compounds on the harbour, rivalling even Point Piper, and you would be even closer to the city,” he said.

There was also an opportunity for a mix of exclusive residences and high-rise luxury residential development, subject to council approval, Mr Foote said.

“There really are so many opportunities for this site,” he said.

One of the existing properties on the site.

Part of the site.

“It is going to be interesting to see who ends up buying it.”

Mr Foote said the owner, a ‘very private family’, was comfortable listing such a unique property so close to the end of the year, when the real estate market tends to wind down for the Christmas/New Year holiday break.

Kurraba Point is one of the most exclusive harbourfront pockets on the lower north shore, with only about 1000 houses and apartments in total, according to CoreLogic.

The suburb’s most expensive property deal to date was done in August this year, with the $19.5 million sale of a five-bedroom waterfront trophy home owned by former Woolworths boss Bill Wavish and his wife Vonnie.

This deal was negotiated by Geoff Smith and Richard Harding, of Ray White Lower North Shore.

If the price tag on this latest estate is a bit beyond the budget, Matthew Smythe and Mark Ryan, of Belle Property Neutral Bay, are currently marketing a four-bedroom waterfront at 178B Kurraba Point, with a price guide of $9.1 million.

The street view.

The location.

This deep waterfrontage property has been held by the same owner for 34 years, and is located 300m from the tip of Kurraba Point.

With 15 metres of accessible harbour frontage, it has a rare deep water mooring, boathouse, slipway and jetty allowing direct launches from the property.

There are also a number of high-end developments underway in the suburb, m including the $170 million harbourfront Kurraba Residences project.

The development will comprise 24 apartments set over six levels, including two sub-penthouses with guides of $11 million to $12 million, and a “mega-penthouse” which is expected to sell north of $40 million.

Kurraba Residences is being developed by the Thirdi Group and Phoenix Property Investors, at 147-153 Kurraba Rd.

The striking design features curved brickwork and semicircular windows.

This article from the Mosman Daily originally appeared as “Kurraba Point trophy site comes to market with $60m-65m price guide”.