It was Australia’s most expensive house. It could soon become a seniors living complex

2 weeks ago 2

A push to meet soaring demand for seniors housing in Sydney has reached one of the city’s most exclusive suburbs, with a group of investors planning to turn a historic mansion that was once Australia’s most expensive home into a multi-storey seniors living complex.

Once owned by the Fairfax publishing family, and then tech titan Scott Farquhar, Point Piper’s Elaine estate could soon be home to up to 90 senior residents as part of “state significant” housing development plans lodged with the state government.

A photo of the Elaine mansion at 550-550A New South Head Road, Point Piper.

The seven-bedroom building on the site dates back to 1863. It was acquired by the Fairfax media family in the 1890s, who held it for more than a century.

In 2017 Atlassian co-founder Farquhar purchased the estate for $71 million. He sold it seven years later to an investor group for $130 million, setting the then-record for Australia’s most expensive home.

A proposal by Woollahra Council to have the site formally listed as a state heritage site failed in 2014 after an independent heritage study found it failed to meet the threshold for significance.

Despite the grandeur of the property, the site has become a forlorn relic of its once gilded glory, falling into neglect as its new owners weighed up its future.

The historic property has had some high-profile occupants over the decades.Credit:

They have now lodged “preliminary scoping” plans with the state government to have the site transformed as part of a state significant development application process.

While in the early stages, the pre-development application has earmarked a $55 million complex on the site accommodating 90 residents across 70 living units in a 5800sqm building – equivalent to the size of about two full-line supermarkets.

The development would overlook Sydney Harbour and Woollahra’s Redleaf gallery, and stand opposite Sydney’s Cranbrook School.

Planning consultant Matthew Daniel, the director of Pacific Planning who has been appointed to develop the project, said the development has been designed to meet demand for seniors living and is expected to cater for the deep-pocketed “upper end” of the market, given the site’s location.

“More than one in five Woollahra residents are already over the age of 65, giving the area one of Sydney’s oldest populations, and that share is only expected to rise,” he said.

“The housing crisis isn’t just affecting young people trying to buy or rent their first home – older people are also struggling because of a lack of seniors accommodation and healthcare in Sydney.”

Early planning work on the project has not ruled out a partial or full demolition of the Elaine building, which takes up the southern end of the waterfront site on New South Head Road.

Planning work is also investigating incorporating “social benefits” into the projects including “key worker housing”, which could cater for the very workers the operation of a seniors living complex would rely on, such as cleaners and carers who may otherwise be unable to afford to live in the Point Piper locality.

Opposition to the development is already being anticipated, with consultants on the project planning to hold “extensive consultation” with surrounding residents, property owners and Woollahra Council to address the expected push-back and concern.

“Sydney is in a housing crisis but, with any proposal, I think by delivering proper evidence to people you can show housing can be done in a way where you respect the history and social fabric of a site, which provides outcomes for everyone,” Daniel said.

“Most people are reasonable and will look at the proposal and say, ‘This is something we need’.”

The plans come amid renewed focus on the housing market for seniors in Australia, fuelled by demand from a growing and ageing population.

A 2023 Western Sydney University study found the greatest area of housing need was for more affordable seniors housing as more older people experience housing insecurity and homelessness.

The state significant development for the Point Piper site means plans will not require direct approval from Woollahra Council, with the Department of Planning instead granted the final say in the determination process.

Woollahra mayor Sarah Dixson said the state significant development process was an example of how the state’s planning system has reduced the ability for councils to provide input into major planning applications.

“Councils have limited involvement through the state significant development process, and what that’s done is effectively dilute the ability for councils to provide feedback into outcomes that benefit that community,” she said.

“As a result of that, the input from residents in areas where these developments are being planned is also reduced.”

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