Domain Prestige - May 29, 2019

29 MAY / 2019

PRESTIGE THE BEST IN AUSTRALIAN PROPERTY

ROCK STAR Stone & s tyle

TWO AND THREE BEDROOM RIVERFRONT AND CITY VIEW RESIDENCES

NEW FARM’S MOST ANTICIPATED MASTERPIECE

8 0 O X L A D E D R I V E N E W FA R M theoxlade.com.au 0438 870 780

B y K ATE FARRE LLY

Tamarama Sydney 7 Gaerloch Avenue $8 million J E N M E LO CCO

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For sale Agent: Cassim Real Estate, Michael Cassim 0412 469 886 In terms of expensive collections, a stable of Sydney trophy homes would

Enjoy the highlights of the Sculptures by the Sea

have to be one of the most costly. However, that hasn’t stopped

exhibition from the comfort of your own living

businessman and art collector John Schaeffer from having a long history of

room at this three-storey home which sits

buying and selling some of the city’s most high profile luxury residences, as

directly opposite Mackenzies Bay and drinks in

Lucy Macken writes in this edition’s Property Path. If a home in the

panoramic ocean views. There are three separate

mountains is more your thing, then turn to Next Stop where we feature a

living spaces, a modern gas kitchen and lower-

stunning chalet in the Swiss ski town of Verbier. Complete with a main suite

level guest accommodation.

with separate lounge and fireplace, along with an indoor pool and cocktail bar, it is the ultimate retreat after a long day on the slopes. A little closer to home we visit the Perth riverside suburb of Claremont and take in its

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attractions. As well as a fine selection of homes from Federation to more

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modern styles, there is plenty on offer in shopping and dining.

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Editor: Jen Melocco Jen.Melocco@domain. com.au Editorial producer: Isabelle Chesher Managing editor: Alice Stolz Senior designer: Colleen Chin Quan Graphic designer: Emma Staughton Chief executive officer: Jason Pellegrino Chief consumer officer: Jason Chuck Residential sales: Queensland Brad McLeod, 0429 571 826 New South Wales Belinda Sinclair 0414 580 903 Victoria & Tasmania Mitch Armstrong 0438 820 767 Western Australia, South Australia & Northern Territory Jeroen van de Peppel 0427 292 797

HOT PROPERTY

DESIGN DIGEST Natural selection

PROPERTY PATH Trophy material

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Digital edition Visit domain.com.au/ digitaledition

O U R COVE R G01/32 Domain Street,

LIVING IN Perth’s Claremont

South Yarra Listed by Marshall White PAG E 5

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NEXT STOP Swiss & swish

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Use the Domain app codes to see more of your favourite properties

Broadbeach Gold Coast 319 Monaco Street $5.45 million

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For sale Agent: Kollosche, Michael Kollosche 0411 188 815 A five-minute drive from both the beach and Pacific Fair, this riverfront home has French oak floors, Carrara marble in the kitchen and bathroom, a wine cellar and butler's pantry. The covered terrace extends to level lawns and a pool and there's also self-contained guest accommodation.

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South Yarra

Mosman Park

Melbourne g01/32 Domain Street

Perth 2 Masson Mews

$11.5 million-$12.3 million

$6.5 million-$6.95 million

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Expressions of interest: Close May 29

For sale

Agent: Marshall White Stonnington, Nicholas Brooks 0419 883 136

Agent: Ray White Dalkeith,

From the expanses of marble to the custom light fittings and joinery, the

Vivien Yap 0433 258 818

attention to detail in this David Hicks-designed residence is impressive. One

This lavish new home captures elevated Swan

of three whole-floor apartments, it has four bedrooms with en suites and

River views and comes with a lift, a home theatre

open-plan living spaces opening to a courtyard and heated plunge pool.

with bar, a lap pool and a guest suite.

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DESIGN DIGEST

Down to earth A return to warm natural tones brings a sense of calm and touch of the outdoors to our interiors. C o m p i l e d b y PAU LIN E M O RRIS SE Y ‘THE PLEASURE IS ALL MINE’ BY KAYLEIGH HEYDON Available through Modern Times, the latest work by artist Kayleigh Heydon fills the canvas with a rich tapestry of shape and colour, prompting a sense of energy and joie de vivre. moderntimes.com.au

BANG & OLUFSEN’S BRONZE COLLECTION Bang & Olufsen has launched its new Bronze Collection, ranging from loudspeakers to noise-cancelling headphones. Its use of earthy colours, aluminium bronze, yarn and walnut aims to reduce technology’s visual presence. bang-olufsen.com

THE ELLIOT DINING CHAIR BY JASON MILLER

THE EGYPTIAN COLLECTION BY ARMADILLO & CO Drawing

A new range for De La

weaving techniques and expresses a sense of calm. armadillo-co.com

inspiration from Lisbon, Portugal and Portuguese architect Manuel Aires Mateus, the Egyptian rug collection by Armadillo & Co honours ancient

Espada designed by Jason Miller includes the Elliot Dining Chair.

Being pared back to an elegant minimum, the chairs can be both of the moment and entirely timeless. spenceandlyda .com.au

SHARYN CAIRNS

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PROPERTY PATH

B y LU CY MACKE N

The art of acquiring trophy homes Some of Sydney’s most notable estates have captured the eye and heart of this avid property buyer.

B Main Rona in Bellevue Hill grew with the addition of a neighbour’s tennis court and the original stables. John Schaeffer sold it in 2004 for $20.5 million.

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usinessman and art collector John Schaeffer insists you can’t take a business approach to buying art because ultimately you are getting far more value out of it than any financial gain.

The world-renowned art collector should know, having bought, sold and gifted some of the most valuable works of art over the decades – much of them Pre-Raphaelite works.

But in his property-obsessed Sydney hometown it is his appreciation of fine real estate that has left an indelible impression on the landscape.

There was the $20.7 million national record he set in 2002 when he bought the Spanish mission-style trophy home Boomerang in Elizabeth Bay, his 1989 purchase of the neoGothic estate Rona in Bellevue Hill ending more than a century of Knox family ownership, and, more recently, his brief ownership of the F. Glynn Gilling-designed mansion Bonnington.

But his most impressive financial gain, on a percentage basis, was his first Sydney home built on a bush block in East Lindfield he bought in 1965 as a 24-year-old with his first wife Kerry for $4500.

The block’s most distinguishing feature was a round rock platform on which a friend offered to design a glass, round house. Schaeffer then built it with the help of some mates.

Soon after completion the Schaeffers travelled to Europe and the US on a two-year working holiday and leased it out, almost paying it off by the time they returned home.

Eight years later the distinctive house in Namoi Place sold for $51,375. It stands today, having last traded in 2016 for $1.6 million.

“At that age you just don’t know what’s ahead of you,” Schaeffer said. “We weren’t as well informed about the market as people are now and we had no idea of the colossal price gains that would be made in terms of Sydney’s rising house prices.”

Schaeffer’s first big impression on the property market was in 1982 when he paid what was then a jaw-dropping $1.19 million for the historic waterfront mansion Craigstone in Drummoyne.

He sold it in 1990 for $2.55 million, setting a Drummoyne suburb record in the process.

By then Schaeffer had already made a name

Left John Schaeffer outside Bonnington in Bellevue Hill. Above and below Rona is one of just a string of high-profile acquisitions of the prolific trophy home buyer.

for himself among Sydney’s trophy home set having bought the prized historic Rona in Bellevue Hill the previous year for $9.6 million.

In the ensuing decade, Schaeffer’s stocks soared. His Tempo Cleaning Services had become the largest contract cleaner in the country by 2000 when he debuted on the BRW Rich List worth $110 million.

In 2002, he cemented his place as one of Sydney’s most notable trophy home hunters by setting a national house price record of $20.7 million when he bought Boomerang in Elizabeth Bay. In doing so he toppled the previous high of $19.25 million, held for 14 years by the Point Piper residence Paradis sur Mer. But rising debt and a downturn in the Tempo share price prompted a sell-off of his stocks, his prized real estate and much of his art soon after.

Rona went first, sold in 2004 for $20.5 million to property tycoon Terry Agnew. Schaeffer says he probably only just broke even on the property given an extensive restoration and his subsequent purchase in 1992 of the neighbour’s tennis court for $1.235 million and the original

stables for $2.7 million to take the estate to 5700 square metres. Agnew sold it last year for $58 million.

In 2005 Boomerang was sold for $20 million to Katrina Fox, daughter of Melbourne trucking magnate Lindsay Fox. After the trophy home sell-offs Schaeffer retreated to Point Piper, and an art deco block where he later bought one of two penthouses for $4.03 million in 2009. He added the adjoining penthouse in 2014 for $3.3 million, and ANDREW QUILTY

Left Boomerang in Elizabeth Bay, which was sold for $20 million.

amalgamated it into one spread. A year later, he sold the penthouse for $12 million.

When Schaeffer bought the F. Glynn Gillingdesigned mansion Bonnington in Bellevue Hill for $20.5 million in 2017 it was of some consolation, as it was set on part of the original Rona estate.

However he says he returned Bonnington to the market a year later because his partner, film producer Bettina Dalton, preferred their $7 million Bondi apartment.

There was also the burden of two mortgages over both properties, combined with the couple’s increased travel.

Bonnington sold under the hammer for $20.32 million to fund manager Ari Droga, making it Sydney’s second highest auction sale.

It is somewhat of a paradox for Schaeffer that he is now settled at his contemporary Bondi Beach Pacific apartment and his Pre-Raphaelite art collection is in storage as he waits for “something delicious” and historic to come up for sale in the $12 million range where he can hang his art again.

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LIVING IN

31.980° S, 115.779° E

CLAREMONT

Beautiful homes combine with a stellar location to sustain buyer interest in this Perth riverside suburb. B y K ATE FARRE LLY The Formica family has been operating high-

space, gives it some warmth and adds a

end furniture and homewares business Trilogy in

new dimension.”

Claremont for 12 years and managing director

Fewster says residents also love being close to

rather be.

the Claremont Quarter where high-end retailers and Marc, Carla Zampatti and Georg Jensen. The

Highway in Claremont and we wouldn’t change it

shopping centre is also home to one of the locals’

for anything. For anyone moving to WA the first

favourite restaurants, Miss Chow’s, an Asian

place they should be heading to is Claremont, it’s

eatery and dumpling house.

to the city at the same time. We’ve also got

Top nosh

fantastic public transport.”

For wining and dining in the area, Formica is a fan

Close ties Formica says it’s a tight-knit community where “everyone knows everyone” and while many

Perth 29 Airlie Street $2.7 million-$2.9 million

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include Parker & Co, Scanlan Theodore, Camilla

says. “We’ve got both of our stores on the Stirling

right near the beach and the river and quite close

Claremont

Ray White Cottesloe-Mosman Park agent Jody

Tyler Formica says there’s no place they would “We’re very lucky to be based in the area,” he

YOU MAY LIKE ...

of Italian haunts Bellissimo on Claremont’s main street, and Il Lido Italian Canteen, opposite the beach in neighbouring Cottesloe.

“As time goes on more restaurants and cafes

people do business together, they will also spend

are opening up,” says Formica. “There’s been a bit

For sale

time socialising together on weekends.

of a shift from retail-only to more dining options

Agent: Ray White Cottesloe-Mosman Park,

with a laid-back and relaxed atmosphere.”

Jody Fewster 0414 688 988

Formica, who has also lived in the suburb, says Claremont has attracted affluent residents keen to take advantage of water views and amenities.

Well-restored Federation homes stand side by

The suburb is also a magnet for families thanks

the Leon House kitchen or cool off in the pool at

schools, including Presbyterian Ladies College,

this Richard Reilly-designed home. Centrally

side with new builds and Trilogy’s mix of classical,

Methodist Ladies College, Christ Church

French provincial and art deco furnishings has

Grammar School and Scotch College.

pieces to suit all styles.

Showcase your art, whip up a gourmet meal in

to its proximity to a clutch of Perth’s best

Throw in a tennis club, an aquatic centre and a

located and well-appointed, the light-filled

Claremont attracts

property features floor-to-ceiling windows.

buyers interested in a

lakeside golf course and it’s little wonder

relaxed lifestyle with

homes], but even with the more contemporary

Claremont is one of a handful of Perth suburbs

access to the best in

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builds a lot of people like to mix the old with

where prices have risen over the past 12 months,

retail, eateries and

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the new. Bringing in our product softens the

with two sales over $6 million this year.

entertainment.

to view listing

“Our furniture works very well [with the older

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World Class Waterfront Residence A timelessly designed palatial masterpiece, together with the best river & city views Perth has to offer. 8 Majestic Close is a truly iconic landholding in one of Western Australia’s most tightly held enclaves. Situated on 2,508sqm of north-facing land with a 38m river frontage, and spanning three substantial levels, every square metre has been designed to make the most of the incredible views on offer at this world class location.

Matthew Podesta M 0408 950 039 E matthew.podesta@montproperty.com.au

8 Majestic Close, Applecross PERTH, WESTERN AUSTRALIA

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FOR SALE Price on Application VIEW By Appointment

45 Ardross Street Applecross WA 6153 P 08 9364 6668 W montproperty.com.au

NEXT STOP 46.096° N, 7.229° E

WHAT YOU CAN BUY FOR … $11.26 million Soak up spectacular alpine views from a rustic-luxe four-bedroom apartment in Verbier. The 266-square-metre residence includes two car spaces and access to a shared fitness room. $9.78 million In a quiet neighbourhood a few minutes’ walk from the main village, a fourbedroom chalet combines traditional finishes with 21st-century mod cons. $3.36 million Built in 2009, this topfloor, three-bedroom apartment in a boutique block of six sits in the heart of Verbier village.

VERBIER

Chalet style dominates the architecture of the exclusive Swiss ski-fields enclave of Verbier. B y E LICIA M U RR AY

according to last year’s Knight Frank Ski Property Index.

Gamboa says a new law restricting construction of new secondary homes in Verbier may drive up

The Swiss ski resort of Verbier offers abundant

Hugo Gamboa of Cardis Sotheby’s International

prices for existing homes. Other factors in

snow, more sunshine than many of its alpine

Realty, the agency marketing the property, says

Verbier’s favour include its strong summer rental

rivals and a huge range of activities off the slopes

prestige homes in Verbier are typically free-

market and booming demand from Asian skiers.

– including a legendary apres-ski scene.

standing chalets or apartments built in Swiss chalet-style. “The individual chalets provide

Can Australians buy in?

has hit the market with a guide of more than 20

privacy and can vary greatly in size, layout and

For foreigners who are Swiss residents, there are

million Swiss francs (about $28 million). Chalet

special amenities, such as pools, spas and

no restrictions on property purchases.

Bel Horizon is a vision in timber, where traditional

cinema rooms,” Gamboa says. “The apartments

alpine architecture meets contemporary luxury.

are practical and, in some cases, just as exclusive

including limits on the size of homes that can

… as the individual chalets.”

be bought.

Close to the village centre, an imposing chalet

The seven-bedroom residence includes a lavish main suite with two bathrooms, a dressing room and sitting area with fireplace.

Relax after a day on the piste in the sumptuous

Verbier, gateway to Les 4 Vallees ski area, is less than two hours’ drive from Geneva Airport.

living area, complete with a cocktail bar and

Current market

vintage timber accents. Other highlights include

The property market in Verbier has recorded

a vast balcony, glamorous indoor pool and

strong gains over the past two years, including a

jacuzzi, children’s play area and ski room.

3.4 per cent rise in the 12 months to June 2018,

There are strict rules for non-residents,

Holiday homes must be held for five years before they can be resold, and foreigners can’t own more than one property in Switzerland.

Taxes between 2.5 and 3 per cent of the purchase price apply, plus lawyer’s fees. sothebysrealty.com

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