Waterfront estate on Kurraba Point sells to Melbourne developer for $60 million

Mega million dollar sale – the Kurraba Point estate.

Sydney’s lower north shore’s residential sales record has been shattered by $30 million, with the $60 million sale of a rare family-owned waterfront estate at Kurraba Point.

Luxury boutique development company PB&Co has bought the estate, owned by the Ilic family, and is planning a luxury development.

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The 4240sqm estate takes in 184B, 186-188 and 190 Kurraba Rd and part of 23 Baden Rd, Kurraba Point. The Baden Rd property is a block of 20 apartments, of which 11 are held by the owner of the other properties.

PB&Co co-founder Alex Bragilevsky said they were in talks to purchase the remaining nine apartments.

Kurraba Rd Location

There are a number of homes in the family compound.

The holding was marketed by Tim Foote, of Belle Property Mosman, and Nicholas Heaton, of CBRE. Mr Foote confirmed the property had sold for $60 million, and that there had been a handful of buyers vying for the property.

“This is, I think, the best waterfront holding to come to market in 50 years,” he said. “And it isn’t likely anything like it will come to market again in another 50 years.”

This is the first Sydney purchase for PB&Co, which is headed by Mr Bragilevsky and Michael Pesochinsky, and it comes hot on the heels of the company’s launch of its latest luxury development in Melbourne.

PB&Co’s Fifty Two Black project in the upmarket suburb of Brighton, will include four high-end residences and one penthouse – all fully appointed with designer pieces, including everything from the bathrobes and framed art, to crockery and crystal.

The homes will range in size from 225sqm to 289sqm internally and are priced from $6 million to $9 million.

“You don’t need to bring anything but your toothbrush,” Mr Bragilevsky said.

An aerial view.

He said they were working with architect Koichi Takada on plans for the Kurraba Point site. The development is likely to see a redevelopment of the existing apartment block and a number of luxury boutique residences, some on the water.

“It’s part of the fabric of Kurraba Point and we don’t feel that it’s necessary to remove it,” he said.

“This is not our first foray into a sensitive neighbourhood, we really want to listen to the neighbours.”

Mr Bragilevsky would not be drawn on the number of homes which would be built on the site or the asking prices.

“These are going to be exclusive residences so they will be priced accordingly,” he said.

But he did reveal they had been looking for a flagship site to make their foray into Sydney’s luxury market, and had considered other sites in Double Bay and Rose Bay.

“This is a really world class location, it’s a world-renowned city,” he said. “This needs to be a world-class development. The land hasn’t come cheap but we feel the market is extremely strong.”

Kurraba Rd Location

One of the homes on the site.

He expects the homes to be very popular with downsizers and also expats returning to Australia in the coming years.

The sale at has obliterated the lower north shore’s residential sales record by more than $30 million.

The current sales record for the lower north shore was set in 2018 with the sale of a property in Hopetoun Ave, Mosman.

Sydney Swans chairman Andrew Pridham paid $25 million for one of Sydney’s finest waterfront estates, known as Hopetoun.

Set over two blocks on 2400sqm in the centre Mosman’s exclusive Golden Mile, the home has spectacular harbour views from all three levels. Features include a championship sized tennis court and club house with an ideal north/south orientation, boatshed and slipway, and heated pool and spa.

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Hopetoun, in Mosman.

The home has six bedrooms, nine bathrooms, and accommodation for five cars.

At the time of the sale, The Agency — North’s Sandie Dunne, who sold the property with Ray White Lower North Shore Group director Geoff Smith, said Mr Pridham was planning to use the large estate as an investment property. It is one of only 10 homes on Hopetoun Ave to have direct water access.

Kurraba Point is one of the most exclusive harbourfront pockets on the lower north shore, with only about 1000 houses and apartments in total, according to CoreLogic.

Kurraba Point’s most expensive property deal to date prior to this one, was done in August, 2020, with the $19.5 million sale of a five-bedroom waterfront trophy home owned by former Woolworths boss Bill Wavish and his wife Vonnie.

This deal was negotiated by Mr Smith and colleague Richard Harding.

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