Glencore executive turned real estate mogul Vaughan Blank is offloading his beachside project in one of Sydney’s most tightly-held suburbs.
Blank has spent almost $12 million over seven years acquiring the six apartments on the 657sq m block at 5 Pacific Avenue, overlooking Tamarama Beach, Australia’s second-most expensive suburb.
But now he is listing the property with a development application approval for five new apartments, designed by Mark Shapiro.
Blank has been buying up properties in the well-heeled areas around Bondi and Point Piper over the past decade, and filed plans last year for shoptop housing above Bondi Beach’s former Westpac building.
Colliers national director Miron Solomons, one of the agents marketing the site, said the Tamarama area was a developers’ haven.
“Developers are well aware that the eastern suburbs coastline is a sought-after location for residents in search of breathtaking views,” Solomons said.
“These [planned] apartments are expected to be highly desirable. Covering 1300sq m of gross floor area, this development is a remarkable addition to the skyline.”
The development application for the demolition of the existing property and the development of a five-storey apartment block with high-end apartments and a pool at the rear of the property was approved last year.
The apartment project would be aimed at the prestige end of rightsizers or downsizers, according to Colliers. But it’s not just developers who are in the buyer pool—the apartment block could also be demolished to make way for a house.
Tamarama Beach is between two headlands on the well-traversed Bondi to Coogee Walk, and is home to some of Sydney’s wealthy elite.
It is Australia’s second-most expensive enclave with land prices averaging $25,684 per square metre, according to Domain.
Domain chief of research and economics Dr Nicola Powell said this was a reflection of housing preferences and a desire to live close to the city or coastline.
