Sydney real estate: Why $25m home has date with a bulldozer

The string of mega deals in prestigious Victoria Rd, Bellevue Hill continues with the $25m sale of a home that last traded for $785,000 more than 40 years ago.

TRG founder Gavin Rubinstein, who’s known to have negotiated the off-market transaction last week, had no comment but the drone shots suggest the rundown five-bedroom home at No.79 has a date with the bulldozer.

Although it’s a 1500sqm block, most of that’s taken up by the long driveway and multiple sources have acknowledged it’s “a big price”. It had views over Rose Bay but the aerial photo shows it has multiple neighbours.

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The TRG team look to be staking a claim on the posh neighbourhood with Rubinstein securing a whopping $33.5m for the longtime home of Valiant Hire owner Michael Sternberg at No.65 Victoria Rd on a 1669 sqm block a month ago.

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And then last weekend, TRG’s Oliver Lavers achieved $15.2m for 10 Fairweather St, Bellevue Hill— $3.2m above the price guide and five times the $2.95m it last traded for in 2011 when bought by the Stern family — as eight people fought for it at auction.

Records show No.79 Victoria Rd was owned by the Swire Group, a huge Hong Kong and British shipping, property, aviation, soft drink and development firm.

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John Swire & Sons current Sydney chairman is Geoff Cundle, but it was previously Bill Rothery who lived at the home for 15 years.

The buyer was Goldman Sachs investment banker Marissa Frend and her husband James Murphy of Next Capital. They were represented by buyer’s agents Carli Skurnik and Martine Harvey.

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The other big recent sale in Victoria Rd was for 85D, which sold for $33m via Brad Pillinger of Pillinger and Bill Malouf of Highland Double Bay Malouf.

That seven-bedroom home on a 2090 sqm block was snapped up by Silicon Valley-based Young Rich Lister Stephen Dash.

PropTrack data shows Bellevue Hill has a median house price of $7,995,000, down 0.1 per cent over the past year.

The median price for apartments is $1,357,500, down 9.5 per cent over the year.

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Originally published as Bellevue Hill rundown mansion owned by Swire Group sells for $25m via Gavin Rubinstein

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