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A waterside property with sweeping views of Sydney is expected to break Australian auction records when it goes under the hammer next month.
The brand-new Wingadal Place, Point Piper mansion is expected to fetch up to $60 million, far surpassing the current record at an auction of $23 million set a decade ago.
The property is owned by environmental lawyer Sarah Cooke, who bought the vacant property in 2006 to build the luxury five-bedroom, six-bathroom home with uninterrupted views of Sydney Harbour.
Alex Lyons and Luke Hogan from Raine & Horne Double Bay/Bondi Beach have the listing, and they are expecting interest from Asia and Europe.
“There is no doubt that geopolitical factors such as the superpower trade wars, tensions in Hong Kong and the incredulity over Brexit are encouraging cashed-up foreign buyers and Australian expats to seek out well-located properties that haven’t compromised on quality in Sydney’s Eastern Suburbs to park some capital,” Mr Hogan said.
“We expect to see a considerable degree of interest both locally and from approved international buyers... with these buyers motivated to deploy billions of dollars to secure bolt holes outside of their countries and looking for this kind of premium investment.”
The property took three years to design and sets a new benchmark in design quality, boasting the latest environmental efficiencies.
“It was designed to maximise natural ventilation and lighting to minimise running costs and carbon footprint,” Mr Lyons said.
Taking the property to auction is the best way to run a transparent process, Mr Hogan added.
“It’s been proven time and time again that auction is by far the best method by which to bring buyers together in a competitive and transparent forum to ensure we deliver the best result possible for our vendor,” he said.
“It will be a private auction with pre-qualified buyers. That is, if they don’t sell it before, our vendor certainly is committed to sell.”
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