A newly rebuilt designer home in Bellevue Hill has been sold for approximately $22 million, setting a benchmark for luxury property sales in the sought-after Sydney suburb.
A Record-Setting Sale
The four-bedroom property, owned by billionaire coal industry figure Quentin Flannery and his wife, Kim, attracted over 130 potential buyers over six weeks before an unidentified local buyer purchased it.
Originally listed with a $20 million price guide, the final sale price reflects the increasing demand for high-end homes in the area. The home, marketed by Gavin Rubinstein of TRG and Ashley Bierman of Ray White Double Bay, was set for auction but sold ahead of the scheduled date.
The Flannerys’ Bellevue Hill property had seen remarkable value growth. It was purchased in 2015 for $5 million, resold in 2017 for just under $7 million, and has reached a value over three times its initial sale price after extensive redevelopment.
A Home Designed for Elegance
Set on a 740-square-metre block, the property features Mediterranean-inspired landscaping by Secret Garden and a complete rebuild by Critharis Constructions. The interiors, designed by Decus, boast a gallery-like aesthetic with a dramatic steel spiral staircase, high-end appliances, and custom cabinetry.
Entertainment spaces include a home theatre, gym, sauna, wine cellar, and tasting room, while outdoor features include a pool with city skyline and harbour views.
The property’s unique combination of modern luxury and architectural sophistication made it a standout in the Bellevue Hill market, catering to a growing appetite for bespoke residential designs.
Flannerys Move to Larger Project
The sale follows the Flannerys’ recent purchase of a $31.75 million unrenovated property at 1 Wentworth Road, also in Bellevue Hill. Mining industry figures Mei Peng and Zhian Zhang previously owned the larger residence.
This new purchase highlights the family’s continued investment in Bellevue Hill, though they face significant renovation work to bring their new property to the same standard as their former home.
Community Spotlight: Bellevue Hill’s Rising Demand
This record sale reflects a broader trend of rising property values in Bellevue Hill, a suburb known for its prestige and proximity to the city. Industry experts have noted increased demand for custom-designed homes with unique architectural features. Local agents attribute the area’s appeal to its blend of natural beauty, luxury amenities, and community charm.
Published 6-Dec-2024