John Singleton’s company Bonython have splashed over $6 million on side-by-side blocks of land on East Gosford’s most desirable waterfront at Caroline St, with potential plans including a marina, public ferry wharf or commercial shops.
According to CoreLogic, a property at 51 Caroline St was purchased for $4.9 million by Bonython Bay Ptd Ltd and settled just two weeks ago.
The large 1455sqm property included an original four bedroom family home and was the highest priced residential sale of the year. The property is currently tenanted.
The neighbouring 1353sqm block at 49 Caroline was sold at the same time for $1.45 million – with the investment totalling a whopping $6.35 million. Both properties were sold by Tony Myers of Oliver Myers Real Estate, Gosford.
It appears that the millionaire ex advertising tycoon has kept his promise on injecting much needed funding into the region. According to CEO of Bonython Paul Anderson, the latest purchase will be for a pipeline development.
“We don’t know what the plans are yet for this site, but it is an incredible, deep waterfront location. So we’re in talks about what we want to do with it – it would work well as a private marina, commercial site with a cafe or a public wharf – there is the potential to maybe even run a ferry service over to Saratoga,” he said.
“I don’t see anything happening with this for at least a couple of years. Hopefully we can sit this out while the market is a bit slow and come back to it when things pick up. We’ll need to work through Development Applications too, which can take a lot of time.”
Singo recently sold an off-the-plan penthouse from his latest high-end development Ravello at the old Monty’s site at Point Frederick for $2.7 million – the highest price in the suburb for a penthouse property.
His Bonython tower, which is the tallest building in Gosford is running on schedule to be completed by early next year.