PHOTO: This property at 34 Mullens St, Hamilton, has sold for circa $8m
In a testament to Brisbane‘s thriving prestige market, one of the city’s most iconic historic homes has recently sold for approximately $8 million, while another property in the same suburb has broken the local sale price record.
Galen and Lynda Gunn, the previous owners of ‘Cremorne’ on Hamilton Hill, have made a significant profit of around $2 million from the sale. They had purchased the property for $5.975 million back in late 2017. The heritage-listed mansion at 34 Mullens Street, formerly owned by Fonezone co-founder David McMahon, underwent extensive renovations and expansions, transforming it into a glamorous residence that is widely recognized throughout Brisbane.
Lynda Gunn at the home she has sold on Hamilton Hill. Photo: Lyndon Mechielsen.
Originally designed by Eaton & Bates for James O’Connor, a prominent Brisbane publican, ‘Cremorne’ showcases timeless Queensland architecture. Situated on Hamilton Hill, the property boasts breathtaking views of the Brisbane River. Spanning across two levels and occupying 2435 square meters, it comprises five bedrooms, five bathrooms, multiple outdoor entertaining areas, and a pool. The original features of the home, including a veranda with octagonal rotundas, reflect Colonial-era architecture.
‘Cremorne’ had remained in the O’Connor family for three generations until 1998 when Genny Nielson, former co-owner of Bretts Wharf restaurant, purchased it. During her ownership, Nielson meticulously restored the home to its former glory while incorporating a modern extension under the guidance of local architect Brian Donovan. This extension seamlessly blends the charm and character of a Queenslander with luxurious modern amenities such as a media room and wine cellar.
‘Cremorne’ overlooks the Brisbane River from its vantage point on Hamilton Hill.
The sale of ‘Cremorne’ was handled by Ray White New Farm, with Matt Lancashire and Karla Lynch as the agents. The property attracted significant interest from local, interstate, and overseas buyers, resulting in four offers and over 500 inquiries. The final buyer, a local resident, acquired the property, although the exact sale price was not disclosed to respect the privacy of both parties involved.
The recent sale of a mansion at 15 Perry Street in Hamilton for $13 million has also made headlines, surpassing the previous record sale price in the suburb of $12 million achieved in March 2021. Reflecting on these achievements, Matt Lancashire of Ray White New Farm expressed his admiration for the grandeur of ‘Cremorne’ and its widespread renown in Brisbane. He noted that the high-end market in Brisbane, particularly in Hamilton and Ascot, has performed exceptionally well, with buyers seeking statement homes on spacious land parcels, which are becoming increasingly scarce.
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Mr. Lancashire further revealed that his team had successfully sold and settled properties worth $275 million during the current financial year. Among the 6,023 buyers they encountered in the past 12 months, 50% were local, while the remaining half consisted of interstate and overseas buyers. This trend aligns with the notable increase in net migration to Queensland, as the state experiences the largest cross-border influx across Australia. Mr. Lancashire concluded by emphasizing that Brisbane’s prestige market continues to lead the nation, with 67 properties sold, 22 of them surpassing $5 million, and an additional 49 exceeding $3 million.