PHOTO: 7 Collins Ave, Rose Bay – Sydney Australia realestate.com.au
A dilapidated Rose Bay beachfront property recently changed hands for approximately $30 million, despite the owner making minimal improvements since purchasing it for $147,000 over fifty years ago. The property, located at 7 Collins Ave, boasts a five-bedroom house on a 676 sq m block. Described as “liveable” in its current state, the real estate listing suggested it as a canvas for one’s dream home design.
Facilitating the transaction was Michael Pallier of Sotheby’s, who remained tight-lipped about the buyer’s identity. This sale marked the highest in Sydney’s eastern suburbs for the week.
Previously owned by Beverley Freedman and her late husband Leo Freedman, the property has since been replaced as their residence by a $14.5 million duplex nearby, acquired from businessman Robert Champion De Crespigny.
Despite its aging infrastructure, the allure of its prime location with 15 meters of beachfront and stunning harbor views adds significant value. Notably, neighboring properties have fetched impressive sums, with the most expensive reaching $35 million, owned by Laser Clinics founder Alistair Champion and his wife, Kate. Their substantial profit margin reflects the enduring appeal and investment potential of the area. Moreover, the property’s proximity to the renowned Catalina restaurant and Rose Bay Ferry Wharf enhances its desirability.
SOURCE: NEWS.COM.AU