Oscar Done’s 24 ‘beautiful old ladies’ in Randwick up for sale with $18m-$19m price guide
Property developer Oscar Done at the Art Deco flats, up for sale in Randwick. Picture: Sam Ruttyn
It was March, 2020, and property experts were painting doomsday scenarios about property prices. That’s when Oscar Done paid $11.5m for 24 unliveable flats.
The son of the legendary artist, Ken Done, admits it was a “nervewracking period”.
“It was just days before the first lockdown and like the rest of the world, I never imagined it would be so intrusive on our activities.”
But regardless, the property developer saw the two-bedroom Art Deco flats in two blocks at 9,11 & 13 Mulwaree Ave as an “interesting opportunity”.
“We could tidy up some beautiful old ladies rather than do a ground-up construction,” Done said.
He snapped up the site at auction. Given the times, most of the other 15 who’d registered thought they’d get a bargain. But with five of them fighting for it, Done paid $500,000 over the reserve.
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The 24 apartments at 9,11 & 13 Mulwarree Ave, Randwick have been beautifully restored.
Back then, many may have questioned Done’s wisdom, but instead of prices plummeting over Covid, they skyrocketed.
Now, with the two-year architectural renovation and restoration complete, Done has put the apartments on the 1313sqm block back on the market.
There’s an $18m to $19m price guide in an expressions of interest campaign closing on September 22.
Paul Grasso, Associate Director at IB Property, says it’s an attractive proposition.
“It’s rare to come across such a large offering in Sydney’s eastern suburbs,” he said.
“We will be offering the apartment blocks in one line or individually for investors.”
Grasso advises there’s a three-year lease in place to corporate accommodation provider Urban Rest, who pay $900,700 per annum.
As Grasso’s colleague, Shane Blackett, points out: “Apartment blocks have been the strongest performing asset class across Sydney for several months now, providing secure income and stability.”
How they looked prior to renovation.
And post renovation, these aren’t just any old apartment blocks. They’re objects of great beauty.
“When we walked in, they were pretty grubby, but we could see the potential there,” Done said.
“They’d been neglected, built by the government but left vacant for 10 years by Housing NSW … they just needed some love.
“We had our team get going straight away, and we’re really pleased with the result.”
The first person he called was Brad Swartz, from Brad Swartz Architecture — “I loved the simplicity of his style” — and builders Linden Projects — “They’re very good friends.”
Swartz says: “It was a really cool project …there aren’t many developers that think about reviving existing housing stock, so Oscar was refreshing — he saw the beauty of the site and wanted to reimagine it.
“We started with such good bones.”
Although completely refurbished inside, the core shell was retained.
The restored apartments retain their charm.
Swartz’s favourite features include the oversized timber Art Deco windows. “They created a lot of charm, from the street but also inside.”
Done says he and his sister, Camilla — who he works with him in the family’s development firm Cadmium Property — try to bring some of their father’s “integrity and work ethic” into property.
Ken Done, 83, became famous for his brightly coloured images of Australian landmarks in the 1980s and Oscar says his father is still doing art-based projects, most recently at the Vivid festival.
“It’s hard not to be inspired by what Dad has achieved — to be as creative as he is and have the success that he has enjoyed.
Each of the apartments have two bedrooms. Mark Merton Photography
And now Oscar and Camilla are looking to fresh projects, including a now approved conversion of three dwellings into 37 micro units by Woods Bagot architects in Edward St, Bondi.
They’ve now sold all 24 units at a new development in Surry Hills called The Surry.
“We’ve also got our eye on a couple of city-fringe projects,” Oscar said.
And his thoughts on the spring market?
“It’s an interesting year for property — I don’t have a crystal ball as to where things are going.” he laughed.
“But I’ve got no reason to think Sydney won’t keep moving in the right direction.
“Immigration and the studen market firing back up should revive things.”
