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Buyers with ultra-high net worth are buying portfolios of multimillion-dollar homes in Sydney’s CBD, one prestige selling agent says.
The Agency’s co-founder Steven Chen said some clients have deliberately bought more than two homes in the city centre.
“Several have purchased multiple Sydney Harbour properties for weekday and weekend getaways, offices and for family members to stay when in Sydney,” Chen said.
“Some have bought to use the facilities and have a change of scenery with their family when they feel like it. Some have bought for extra city car parking and as another place to watch the football with their mates.”
Recently, Chen has been enlisted by Lendlease to sell residences in their $2 billion-plus project One Circular Quay.
This masthead donned a hard hat and boots to inspect what will be the sub-penthouses in the 58-level residential tower positioned between the Harbour Bridge and Sydney Opera House. The homes are still in the shell stage but are being transformed. A number of cabinets are already installed along with other marble fixtures and high-end fittings.
Architecture is by the late Kerry Hill and interiors by London-based Daniel Goldberg. Armani has also designed a sub-penthouse with a price guide between $60 million and $70 million.
There’s still an aroma of fresh wood and varnish, and attention to detail in the complex is evident with a tilted axis, expansive glass, statement marble, custom joinery and curved surfaces.
“One Circular Quay has been designed to capture the best of Sydney Harbour, with the tower angled to ensure every residence enjoys views of both the Harbour Bridge and the Opera House,” Daniel Baxter, Lendlease’s executive director of development for NSW and the ACT, said.
Chen said international buyers are willing to pay a premium for uninterrupted views of Sydney Harbour.
“They view Sydney as a premier global destination primarily due to the harbour and are willing to pay the highest waterfront price premium in the world to secure it.”
One Circular Quay will be crowned with a $150 million penthouse, a figure that should it be achieved, would break the $141.55 million cash sale record made by millennial multimillionaire Yan Zhang for the penthouse at One Sydney Harbour at Barangaroo South.
Chen said One Circular Quay is on par with some of the world’s best. Monaco’s Tour Odeon Sky Penthouse has an estimated value of about $US335 million ($A482 million), according to Forbes, while former Australian soap opera star Holly Valance’s ex-husband, property mogul Nick Candy, has listed his penthouse at One Hyde Park in London for around £175 million ($338 million).
Billionaire Ken Griffin also bought a penthouse on Manhattan’s Billionaire’s Row for about $US238 million.
Premier Rose Bay listing
Hongyun Zhang, a financial controller, has put her Rose Bay mansion on the market with a price guide of $46 million, local sources have revealed.
Zhang bought the existing dwelling on the site for $6.8 million in 2014 from Margaret Binetter, the matriarch of the Binetter family who established Nudie Juice, records show. It’s understood she is downsizing.
Architect Bruce Stafford was enlisted to design a new three-level, six-bedroom, six-bathroom build. There are three kitchens including a caterer’s kitchen, a cinema, gym, sculptural curved marble staircase and an outdoor pool with panoramic Sydney Harbour views.
The asking price is roughly half of what billionaire Alex Birkenstock, heir of German cult sandal brand Birkenstock, and his wife, Vanessa, paid for a waterfront estate in the suburb. Settlement documents in February revealed Mr Birkenstock paid $83.5 million in cash.
Spencer Sun and Michael Pallier of Sydney Sotheby’s International Realty are handling Zhang’s listing, but both did not respond for comment when contacted by this masthead.
Billionaire’s mum sells home
Svetlana Kestelman, mother of Rich Lister and NBL owner Larry Kestelman, is believed to have sold her Mosman mansion for around $12 million, local sources say.
The retired doctor listed the home in April with a price guide of $12.75 million to $14 million, having bought the 1950s dwelling on the site for $7.31 million in 2020, records show.
A sold sticker went up on the listing indicating a sale by private treaty on July 1, with the price withheld. It will be left to settlement to reveal the exact sales price and buyer’s identity.
Ms Kestelman transformed the Mediterranean-style abode into a four-bedroom, four-bathroom residence that oozes Hollywood glamour and neo deco design notes.
Approved DA plans lodged with council reveal an extensive renovation coming to a total of about $1.48 million, including decking and landscaping.
Larry was born in Odesa in Ukraine and moved to Australia with his parents in his youth. He co-founded telecommunications company Dodo in 2001 and sold it for $203 million in 2013, assumed ownership of the NBL in 2015 and has an estimated wealth of $1.38 billion, according to The Australian Financial Review’s 2026 Rich List.
Michael Coombs of Atlas Lower North Shore sold the Mosman home but did not respond for comment when contacted by this masthead.
