61 Cross St, Double Bay sold for circa $11m.
The sale of a grand Victorian Italianate mansion is the talk of Double Bay, which has sold for close to its $11m price guide.
It’s the three-bedroom circa 1880s house at 61 Cross St, which made the news in 2022 when the celebrity businessman Andrew Banks sold it for $9.8m to Chi-Lan Janet Cheng, who is based in China.
The home on a 335sqm block had made Banks $1m every year he’d owned it, since he’d bought it for $6.065m four years earlier.
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The vendor hadn’t done any renos since her purchase for $9.8m more than four years ago.
The home fetches $3500 per week as a rental.
Now Cheng has on-sold it for “circa $11m”, which is being hailed as a great result, even though she’s had to be content with $250k per year over the years of her ownership.
Banks had been fortunate that 2021 was an unprecedented boom year for the Sydney property market.
It’s a different story now.
“There’s a lot of doom and gloom surrounding the eastern suburbs property market right now, but our office is still executing premium results on a regular basis,” says young gun sales agent Ben Cassen of Sotheby’s who did the deal alongside the Sotheby’s director Clint Ballard.
The vendor hadn’t done any renos.
There are three bedrooms and three bathrooms.
It’s on a 335sqm block.
There’s no doubt that selling close to the guide is a major achievement in a market that’s been challenging all year, but made even worse by the recent Budget announcement.
The agents refused to disclose the purchaser, but other sources suggest it’s Martano Jaya (MJ) Kusama, who’d no doubt be impressed by the $3500 per week it collects as a rental property.
Kusuma, the founder of Indonesian mobile telco Nexian, and his wife Rosana, sold a designer home at 92 Victoria Rd, Bellevue Hill, for “just shy of $24m” in 2021, according to reports at the time.
They were intending to build a compound nearby on a property that had cost $16.5m.
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