No. 92 Wolseley Rd, Point Piper, has sold for $95m this week.
An Australian-based buyer has splashed $95m on an incredible Sydney waterfront mansion, in what will be the second-highest house sale ever recorded.
The Wolseley Road, Point Piper property known as Edgewater has a rare 40m harbour frontage and is in one of the most-prized locations in Point Piper, directly in front of the Bridge and Opera House.
Its tennis court on the waterfront is well known and there’s a deepwater jetty — no wonder it’s been snapped up, even during a crisis, by a savvy purchaser.
Multiple sources say the agent behind the deal, which exchanged on Monday, was the Sotheby’s managing director Michael Pallier.
When contacted this morning by the Wentworth Courier, Pallier said he was not able to comment on the sale.
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Incredible views.
It was converted into two residences by architect Stephen Gergely in the late 1980s.
The property is owned by the co-founders of the Katies women’s retail clothing chain Joseph Brender and the late Sam Moss.
They’d bought the 1800 sqm property for $5m in 1985 from the entertainment promoter Michael Edgley as a concrete shell and engaged the architect Stephen Gergely to convert it into two strata residences to house the two families.
The property is just a few doors along from the Westfield billionaire Frank Lowy, who bought his waterfront for $1.3m in 1991.
The street-level of the Brender-Moss property is the car park — the roof of the residences.
A lift takes you to the two-level Brender residence, then to the two-level Moss apartment.
A shared entertainment level — accommodating a kitchen and an indoor swimming pool — is on the next level. And the tennis court, pavilion and jetty are down on the waterfront.
The 40m harbour frontage was what made it so special.
What an outlook.
It’s understood the buyer paid $47.5m for each of the properties with settlement delayed until 2022.
The purchaser will convert it back into one grand residence and live there.
The lower level residence is currently rented out for $6000 per week.
Atlassian co-founder Mike Cannon-Brookes bought the mansion Fairwater nearby for $100m in 2018.
To put it in perspective, that property was on 11,000sqm of land, while this residence is on less than 2000 sqm of land.
Commenting on the sale, valuer Simon Feilich said: “When you buy something for $5m and make $90m, that’s a pretty unbelievable return.
“There’s been a flight to quality … in uncertain times, people want a safe haven and Australia is exactly that both politically and from a COVID-19 perspective.”
Brender and Moss had a special business relationship for about 50 years before Moss died in 2016 aged 90.
They owned the textile group Brenmoss Holdings, which represented 70 per cent of Australia’s bedlinen, fabric and clothing manufacturing industry by the 1990s.
Both men were keen collectors of Australian art. And they both appeared on the rich 200 list in the past.
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