The details of one of Brisbane’s biggest sales have been revealed, with one of the city’s most lavish riverfront mansions changing hands for $9.5 million.
Described by some as the city’s most iconic residence, ‘Balaam’ at 33B Harbour Road in Hamilton is a landmark home renowned for leading a resurgence in luxury riverfront property.
The eight-bedroom, nine-bathroom home was originally sold late last year by Ray White’s Matt Lancashire for $9 million.
But in an unusual twist, the buyer decided to onsell his option agreement for the property to another party before settlement for $9.5 million — making $500,000 profit.
That deal was negotiated by Heath Williams of Place Estate Agents.
“It’s an unusual deal; it’s an unusual house,” Mr Williams said.
“I was fortunate enough to sell next door for $10.3 million 10 years ago and I’m sure the owners will restore this home back to its former glory.”
The home Mr Williams is referring to is that of activewear guru Lorna-Jane Clarkson.
Mr Williams said ‘Balaam’ was “an iconic home”.
“It’s an amazing piece of riverfront real estate,” he said.
‘Balaam’ is set on three titles across 1609 sqm of riverfront land and the buyer, according to Mr Williams, bought it intending to keep only one of the titles and sell the other two.
His option agreement gave him the right to on-sell the two titles before he settled.
‘Balaam’ was originally built for local developer and Consolidated Properties’ boss Don O’Rorke, who sold it for $11.8 million back in 2015.
Designed by celebrated architect Shaun Lockyer, the trophy home spans three levels on the banks of the Hamilton stretch of the Brisbane River.
The house features a whopping 1034 sqm of living space and was most recently leased for a whopping $3850 a week.
There’s a pond and three-car garage by the main entrance, while the ground floor includes a playroom and gymnasium with shower and sauna, a bedroom with an ensuite, and a lounge room with glass doors to a waterfront terrace.
Outside, there’s huge scope for family entertainment with an open-air fire pit, children’s cubbyhouse and animal enclosure, several secure play areas and an amazing, cantilevered heated pool with an adjoining bar and kitchen.
All spaces offer sweeping river and city views.
A lift and an internal staircase provide access to the upper levels, where the main living hub sits on the middle floor.
There’s also a media room and four bedrooms on this level — two with ensuites — while the other two are serviced by a bathroom and a powder room.
On the upper floor is the main bedroom, with highlights including a balcony, dual walk-in wardrobes and ensuites, and a parents’ retreat space.
There’s also a library and the final two bedrooms with ensuites.
The home also boasts three outdoor terraces and a climate-controlled wine cellar, and there’s also the potential for a 24m pontoon with direct access.
Mr Williams said the Brisbane housing market was “booming”.
“Last week I did (a sale) for $6 million… and on the weekend, I put another two homes under contract for just over $3 million,” he said.
“There’s a bit of FOMO, low interest rates, there’s a lot of money in the economy floating around, and I think people have reprioritsed how they use their homes now, in terms of wanting to have space at home for a home office. I’m seeing a lot of upgraders.”
The post Brisbane riverfront mansion sells for $9.5m in “unusual deal” appeared first on realestate.com.au.