754-760 New South Head Rd, Rose Bay has hopes of circa $120m.
A 4400sqm site long considered one of the best on Sydney harbour has hit the market with hopes of circa $120m.
The property, at 754-756 New South Head Rd, Rose Bay, consists of two residences, a swimming pool and tennis court.
But what really makes it valuable is the size of the land, made up of five separate titles, its beachfront position and gun barrel views of the Harbour Bridge.
Sources advise the sales agents are Paul Biller of Biller Property and Joshua Punin of Biller Projects, both who were tightlipped when contacted about the off-market listing.
But it’s known that developers are understandably salivating at the huge opportunity, with the pair having already received at least one offer.
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The 4400sqm site has two street driveways.
Records show that Adrienne Dan, the wife of neurosurgeon Professor Noel Dan — whose work inspired random breath testing being introduced to NSW in 1982 — bought the beachfront part of the property for $1.03m in 1983.
It had once been owned by adman John Singleton.
The neighbouring streetfront Victorian-style house on a 1029sqm block was added in 1986 at a cost of $629,000, which allows for street-to-beach car access and two driveways.
Records show that’s in the name of art gallery owner Sally Maree Dan-Cuthbert, Prof Dan’s daughter.
Part of the 4400 sqm block was offered to the market in 2023, but the 1029sqm central portion owned by the daughter wasn’t included.
That made for an oddly shaped 3300sqm block, similar to the letter A.
Part of the site was offered to the market two years ago, but the odd shape of the block may have discouraged buyers.
That had an $85m price guide and there was considerable interest at the time but no sale occurred, with developers perhaps put off by the strange shape.
With the Dan family deciding to team up and sell the whole 4400sqm site, insiders say it’s become a far more attractive proposition.
There were reports in 2017 of the whole site being available, with different agents being asked to manage negotiations.
The billionaire Atlassian co-founder Scott Farquahar, had just bought the waterfront mansion Elaine in Point Piper for a then record $71m, and the suggestion was the Rose Bay property could sell for more than that.
The beachfront block has extraordinary harbour views, including the Harbour Bridge.
At the time, the only comparable land holding to the Rose Bay site was Menulog founder Leon Kamenov’s purchase of four properties on the Vaucluse waterfront the year before, for $79.7m, to create an amalgamated site of 4100sqm.
He then spent more than $10m on a building an architectural mansion and there’ve been reports the property would now be worth more than $200m.
Time’s moved on for Elaine, also, with Farquahar selling that for $130m last October, having previously bought UIG Lodge up the hill also for $130m.
The consortium of developers who bought Elaine, on a near 7000sqm site, are now selling that as four trophy home sites.
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