The newly renovated 1870s Elizabeth Bay trophy home Oakburn has hit the market with expectations in the $10 million to $11 million range.
The Italianate villa at 88 Elizabeth Bay Rd — now being offered via Richardson and Wrench Elizabeth Bay gun Jason Boon in an expressions of interest campaign — has been owned by arts patrons Julian and Lizanne Knights since 2015 when they bought it at auction for $7.4 million.
Mr Knights, who is co-chair of Australian Committee at Human Rights Watch along with being founding partner of private equity group Ironbridge, and his wife have spent a small fortune replacing the kitchen and bathroom which now boast luxury imported finishes.
The state-of-the-art Poliform kitchen has European appliances and two of the four bedrooms have stylish ensuites.
All up there are three designer bathrooms, plus a guest powder room.
The couple had moved from the Ercole Palazetti-designed apartment block Villard, which Mr Boon sold for them for $8 million.
The deputy chairman of Nine Entertainment, Nick Falloon, is set to be confirmed as the $16 million buyer of the Villard penthouse — the one that car dealer Laurie Sutton had bought for $15.5 million in May, setting a suburb record, before selling it soon after through Mr Boon.
It’s been a big year for Mr Boon, who also sold the Justin Hemmes’s landmark Potts Point property for just under $13 million just hours before it was to go under the hammer in May.
‘He wanted a trophy’
It was property developer Tony Benjamin who bought the three-level Macleay St building with a 1930s facade that houses Merivale’s Fish Shop, a shop and four apartments above.
The area, current favourite of eastern suburbs downsizers, is set to be the scene of considerable development in coming years, with the recent $34 million sale of the women’s refuge site in Greenowe Ave, Elizabeth Bay, via Ray White’s Craig Pontey and CBRE’s Peter Krieg and Ben Stewart.
And a 2,170 sqm Potts Point site, occupying 87-93 Macleay St and 10-12 Hughes St that’s billed as “the decade’s most exciting development opportunity”, remains for sale via Michael Khouri of JLL, colleague Ben Hunter and Mr Boon.
There are expectations of $100 million — undoubtedly it’s set to be a luxury apartment block for downsizers one day. Apartments could offer stunning uninterrupted views to the Harbour Bridge, Opera House and city skyline.