Property Paydays for Rich-Listers Singo, Gordon

There’s been substantial pay days for two Australian media identities as they divest landmark properties in New South Wales.

In Sydney’s Paddington, advertising legend John Singleton has sold his former head office for more than $30 million, while down south in Wollongong, billionaire businessman Bruce Gordon has picked up $70 million for the WIN Grand development site.

Singo’s sale of The Bonython, a three-level, five-building precinct, is the end of a chapter for Australia’s Ad Land—the ad guru had held it since 1976 when he and Duncan McAllan bought the property from art dealer Kym Bonython, who had converted the 1890s factory into a gallery in 1967.

The Bonython is hidden from the street by rows of terrace houses and includes the long-established Bonython Cafe, a 50-seat licensed cafe in the atrium courtyard.

The new owner is Annie Cannon-Brookes, the estranged wife of Mike Cannon-Brookes, the billionaire co-founder of tech giant Atlassian.

Cannon-Brookes adds the property to a portfolio that includes the Far North Queensland abandoned tropical island resort, Dunk Island.

She paid about $25 million for the cyclone-ravaged former tourism trophy asset in July, 2022.

▲ The Bonython was famous for its Friday afternoon parties that drew the rich and famous, including politicians, media owners and more.

Meanwhile, the sale of Gordon’s development site in the southern second city’s CBD has set a record, according to agents.

It has been acquired by developer and construction firm Level 33 on the understanding it will continue with the vision of the owner of the country’s largest regional television network.

In September, 2021, Gordon revealed plans for a $292-million mixed-use development on the 1.3ha site.

The 95-year-old rich-lister’s company, Birketu, filed plans to develop the entire block at the end of Crown Street Mall near Wollongong Station with a 45m-high commercial building and 402 apartments across three towers of 120m, 57m and 65m part of those plans.

▲ Sold: A render of the WIN Grand precinct in the Wollongong CBD.

The scheme also includes mixed-use precinct and an entertainment precinct.

Gordon, with an estimated worth of $1.07 billion, has a 50 per cent stake in the St George Illawarra Dragons NRL team, which has a base at WIN Stadium in Wollongong, and is the largest shareholder in Nine Entertainment.