The sale kick-starts Sydney’s $20 million-plus trophy-home market which is usually centred on the eastern suburbs’ harbourside suburbs, but in the past year has included Sydney’s oceanfront suburbs such as Tamarama, Bronte and now Manly.
The exact sale price remains undisclosed, given confidentiality agreements attached to the deal. But the Catholic Church leasehold was sold by Asian equities expert Andrew Swan from investment manager Man GLG, of British investment giant Man Group. Last year, Mr Swan submitted a new DA for a single residence designed by Campbell Architecture with a pool and landscaped gardens at a cost of $6.5 million. But rather than pursue the DA, he has instead opted to sell and move to Manly’s North Steyne.In September last year, Mr Swan bought a penthouse at North Steyne for $10.7 million through agent David Murphy just days before it was set to go to auction. More recently, he has sold his apartment in the same building for $5.4 million.
The Fairy Bower sale tops Manly’s previous high of $17.5 million. That was set by the oceanfront reserve house a few doors away when sold bySelling agent Michael Clarke, of Clarke and Humel, refused to comment on the sale. But sources say the sale figure was well over $20 million and one well-placed source said it was $23 million.
I loved Manley beach.
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