There are only a dozen houses set on Whale Beach’s Malo Road which, thanks to their northerly aspect over the beach and the privacy of the beachside cul-de-sac, are arguably among the most prized homes in the glamorous holiday hot spot for a who’s who from banking to Hollywood.
“The fact that these houses are often held for generations by one family means there are few opportunities to buy on the street,” says BJ Edwards, of LJ Hooker Palm Beach.
So when a humble 1940s cottage, Islay – owned for decades by the Kyle family, long-time owners of the Abbotsford Boat Shed – was offered recently there was plenty of competition despite a guide of $6.3 million.
Belle Property’s Brendan Pomponio has kept shtum on the sale price and buyer since, but the widely tipped price and buyer among locals were $7.3 million and next-door neighbour and former Macquarie Group chief executive Nicholas Moore.
It remains unknown if Moore will consolidate the property with the one he bought 21 years ago for $2.25 million, but the purchase at least would hand him any control over any future redevelopment if he places height restrictions on the title.
Given the large-scale rebuilds of other houses on the street in recent years, Moore’s purchase makes sense.
Take the house sold by shoe designer Gary Castles in late 2012 for $4.5 million to Rae Cottle, the daughter of the late property tycoon Ray Fitzpatrick, which has been substantially rebuilt in recent years.
Or the major rebuild by pokie game pioneer Scott Olive and his wife Tiane since they purchased five years ago for $8.16 million.
Of course, Moore is not the only high-profile home-owner on Malo Road.
ANZ senior executive Maile Carnegie and her husband, corporate advisor Charles Carnegie, have owned there since buying in 2016 for $3.52 million.
Then there are long-time holiday-home-owner and film director George Miller, who bought his house overlooking the ocean pool in 1994 for $3.2 million from prominent businessman Nick Whitlam, and venture capitalist John Grant who purchased his weekender from 60 Minutes journalist Jana Wendt in 2005 for $5.9 million.
“For a lot of buyers the number one request is for a property that’s a genuine walk to the beach, no car required,” Edwards says.
That would explain the strong interest in the recently listed property of Judi Lenert and Bruce Hancox, investment advisor to billionaire Lang Walker.
The four-bedroom, five-bathroom residence on 588 square metres last traded in 2017 for $4.65 million when sold by Valerie Agnew, widow of the late Agnew Wines founder Brian Agnew, and has been given a cosmetic renovation since then with new landscaping at the rear.
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