A $30 million beachside mansion, a $50 million suburban record sale, and a $10-11 million home listing represent recent activity in Sydney's luxury property market.
Whale Beach Mansion Settles for $30 Million
A property at Whale Beach, developed by model Jennifer Hawkins and her husband Jake Wall, has settled for $30 million. Construction began approximately five years ago.
Locals have referred to the home as the "Taj Mahal of Whale Beach."
Transaction and Buyer Details
- A caveat was filed on the title on December 24, 2021, indicating an option agreement with an unidentified potential buyer.
- Cotality records show the property was formally exchanged in April 2024.
- The buying entity is Rayner Property Pty Ltd, a shelf company that became a co-financier of the project. The purchase is backed by financing from NAB.
- Realestate.com.au reported that in September 2023, a company owned by neighbor David Appleby had filed the caveat. It is not publicly confirmed whether Rayner Property Pty Ltd is the same entity. The buyer's identity will be confirmed upon occupancy.
Property and Construction History
- The initial development application in 2020 was valued at $3 million for a cliff-top residence on a 3,073-square-meter block.
- The property includes a gym, yoga room, sauna, theatre, bowling alley, wine room, outdoor bar, infinity pool, spa, shell-shaped sunken lounge, and basketball half court.
- Wall and Hawkins purchased the site for $6.95 million in July 2020. They demolished the existing dwelling, "Rocca Bella," a three-level 1950s house that was previously home to opera singer Dame Joan Sutherland for nearly four decades.
- The completed project and an adjacent property also owned by Rayner Property were built by Wall's company, J Group Projects.
Local Impact and Other Assets
- Local agents have reported complaints from neighbors and disruption during construction.
- Several neighboring properties on Rayner Rd have sold since 2021, including 23 Rayner Rd ($5.2 million, Feb 2024), 21 Rayner Rd ($4 million, 2023), and 27 Rayner Rd. Two additional properties on the street were listed for sale in October 2024. Reports indicate that construction vehicles blocked the street, causing parking difficulties.
- The couple retains acreage in Erina, purchased for $3.7 million in 2022, and a property in Terrigal, purchased for $6 million in 2021.
- One local agent estimated the finished property's value at $45 million.
Mosman Mansion Sets New Suburb Record
Andrew Cochineas, CEO of Pallion, and his wife Lisette have purchased a mansion in Mosman for $50 million, a record for the suburb and the North Shore.
The $50 million sale is a record for both the suburb and the entire North Shore region.
Transaction Details
- The property was sold by the Balnaves philanthropic family, who purchased it for $6,525,000 in 2001.
- The sale was finalized in October 2024, prior to the property being officially marketed. The price guide was between $45 million and $50 million.
- The home is registered under Lisette Cochineas's name. She is the former NSW and ACT general manager for the Institute of Chartered Accountants.
- The Cochineas family previously owned a smaller Mosman home purchased in 2006, which they intend to sell in spring.
Property Features
- The three-story residence includes six bedrooms and seven bathrooms on a 2,235-square-meter block.
- Architect Susan Rothwell designed the building with Palladian exterior features.
- Interior design by Cameron Kimber Design includes a central atrium water feature and travertine bathrooms.
- Amenities include a wet-edge pool, spa, gym, steam room, formal and casual wings, and views from North to South Head and Balmoral Beach.
Agents
- Michael Coombs of Atlas Lower North Shore and Adrian Bridges of Raine & Horne Mosman handled the sale. Both declined to comment on the price or the buyer.
Vaucluse Home Listed by Sister of Reality TV Personality
Nora Gazal, sister of "The Real Housewives of Sydney" star Nicole Gazal O'Neil, and her husband Michael Milling have listed their Vaucluse home with a price guide of $10 million to $11 million.
Property and Transaction Details
- The two-story, four-bedroom, four-bathroom house was purchased for $4.6 million in 2019 and has undergone a full renovation.
- Features include a marble kitchen, pendant lighting, biophilic timber floors, an outdoor kitchen, a barbecue, and views of the Harbour Bridge.
- An auction is scheduled for Thursday, May 21, handled by Ray White Double Bay agents Alan Fettes and Elliott Placks.
Background
- Nora Gazal serves as marketing manager for Gazcorp, a property company founded by her late father, Nabil Gazal.
- Nora's siblings include Nicole Gazal O'Neil, Nabil Gazal Junior, and Nicholas Gazal, who are listed as directors of Gazcorp.