2 St Mervyns Ave, Point Piper is about to get a lavish internal reno, only to be knocked down in five years.
The buyer of a Point Piper house is planning to do a lavish reno, and then knock it down in five years to build a grand $60m residence.
The palatial P&O style home, with enhancements and renovation by architect Alec Tzannes, at 2 St Mervyns Ave, a house back from Seven Shillings Beach, sold for $23.5m on March 5 via Ben Collier of The Agency.
The stunning six-bedroom home with postcard views of the Harbour Bridge, Opera House and everything in between had appeared as the Wentworth Courier House of the Week last October with a $25m guide.
Recently updated land title documents reveal both the sale price and the purchaser, who is Andrew Daoud, Director of Dowco Property Group, and he has some incredible plans for the home, which is on a 733sqm block.
MORE:
The $40m property … in Wagga Wagga
The home has incredible harbour views.
But a spokesman for the buyer says the current interiors are dated.
“The interiors of the home are very dated, but the bones of the house are unreal,” a spokesman for Dowco said.
“So we’ve already got architects and interior designers planning do a very high-end internal renovation.
“It might seem a bit crazy to be doing a big renovation and then ripping the whole thing down in five years, but Andrew’s going to be moving in.”
The spokesman said there was little doubt that a brand new designer home on the site would command between $55m and $60m by the time it’s built.
The 754sqm block is just one house from Seven Shillings Beach.
The vendors bought the property for $7.2m in 2012.
Daoud has already had great success with buying prestige homes, doing a high-end reno and then flipping it.
Examples includes 51 Olola Ave, Vaucluse, which the property developer bought and renovated and is now being sold by cricket legend Michael Clarke with an $18m guide.
RELATED:
Price drop on Michael Clarke mansion
Dowco, which has been in operation for more than two decades, currently has eight or nine projects on the go, including the revamp of the controversial Mascot Towers apartment block.
The vendors of 2 St Mervyns Ave were contemporary artist Ilana Kresner and Jeremy Samuel, managing director at Anacacia Capital.
They’d bought the property for $7.2m in 2012.
MORE:
English (US) · 