CASTLE-LIKE PADDINGTON RENOVATION SET TO SMASH SUBURB RECORD
Once a pub, now a palatial home, Paddington’s Windsor Castle is hitting the market with a $25m price guide.
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Windsor Castle in Paddington may be of a very different calibre of real estate than the prestigious pile of the same name in England. Still, the former Sydney pub is nonetheless impressive in its own right.
Once a popular watering hole known as the Windsor Castle Hotel, the landmark corner building was transformed 13 years ago into a luxury five-bedroom residence with a $25 million price tag.
If the converted bar achieves its expected price point, it would break the Paddington price record, which currently stands at $20 million. That benchmark was set in 2023 with the sale of a penthouse crowning the residential apartments at the historic Royal Hospital for Women site on nearby Flinton Street.
This time around, the house is due to go under the hammer on October 11 through Luke Hogan and William Manning of McGrath Double Bay.
Built in the 1870s, the Victorian structure with a charming castellated roofline was one of Sydney’s premier hotels in its heyday, affectionately called The Castle.
Anita Nolan and former Goldman Sachs executive David Nolan bought the home in 2016 for $11.85 million, after the initial transformation by XPACE Design Group.
Before that, it traded in 2009 for $4.3 million when the hotel was sold by hotelier Marcus Levy, his wife Vanessa Sanchez-Levy and her brother, developer Chris Sanchez.
The couple of empty nesters are now looking to downsize.
Since purchasing the property nine years ago, the pair have made additional improvements, installing a grand 187-inch CinemaScope screen, Barco projection and 10 electric leather recliners in the home cinema, a 1700-bottle wine cellar, as well as a marble and white dolomite kitchen with a large butler’s pantry.
The state-of-the-art kitchen has a Sub-Zero fridge and freezer, an integrated wine fridge, two Miele dishwashers, a V-Zug induction cooktop, and Gaggenau self-cleaning steam ovens.
On a 770sq m block on leafy Windsor St, the unique house has 1000sq m of internal and outdoor living space. It features a four-person lift to four levels, plus a spiral staircase up to a private rooftop terrace with panoramic views to the CBD and Harbour Bridge.
Other alfresco areas include the north-facing ground floor courtyard with a heated pool and barbecue area. This secluded outdoor space flows seamlessly from the kitchen and dining zones, for all-weather entertaining.
Created as a personal retreat on the second floor, the main bedroom features a vast, hotel-inspired en-suite, a dressing room, a private sitting room, and a large terrace. On the first floor, there are three more bedrooms, a home office and a library. Each of the three bedrooms has a limestone ensuite, Juliette balcony and built-ins.
Down on the lower ground level, there is a rare five-car garage with a turntable beside the wine cellar and cinema, and the house features smart home automation throughout.
A castle without a rolling estate to maintain, this Paddington property is within walking distance of inner Sydney’s most popular eateries, boutiques along Oxford St and Centennial Park.
Windsor Castle is set to go to auction on October 11, at 12.34 pm with Luke Hogan and William Manning of McGrath Double Bay, with a price guide $25 million.
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Buyer demand, seller confidence and the First Home Guarantee Scheme are setting up a frantic spring, with activity likely to run through Christmas.
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The spring property market is shaping up as the most active in recent memory, according to property experts Two Red Shoes.
Mortgage brokers Rebecca Jarrett-Dalton and Brett Sutton point to a potent mix of pent-up buyer demand, robust seller confidence and the First Home Guarantee Scheme as catalysts for a sustained run.
“We’re seeing an unprecedented level of activity, with high auction numbers already a clear indicator of the market’s trajectory,” said Sutton. “Last week, Sydney saw its second-highest number of auctions for the year. This kind of volume, even before the new First Home Guarantee Scheme (FHGS) changes take effect, signals a powerful market run.”
Rebecca Jarrett-Dalton added a note of caution. “While inquiries are at an all-time high, the big question is whether we will have enough stock to meet this demand. The market is incredibly hot, and this could lead to a highly competitive environment for buyers, with many homes selling for hundreds of thousands above their reserve.”
“With listings not keeping pace with buyer demand, buyers are needing to compromise faster and bid harder.”
Two Red Shoes identifies several spring trends. The First Home Guarantee Scheme is expected to unlock a wave of first-time buyers by enabling eligible purchasers to enter with deposits as low as 5 per cent. The firm notes this supports entry and reduces rent leakage, but it is a demand-side fix that risks pushing prices higher around the relevant caps.
Buyer behaviour is shifting toward flexibility. With competition intense, purchasers are prioritising what they can afford over ideal suburb or land size. Two Red Shoes expects the common first-home target price to rise to between $1 and $1.2 million over the next six months.
Affordable corridors are drawing attention. The team highlights Hawkesbury, Claremont Meadows and growth areas such as Austral, with Glenbrook in the Lower Blue Mountains posting standout results. Preliminary Sydney auction clearance rates are holding above 70 per cent despite increased listings, underscoring the depth of demand.
The heat is not without friction. Reports of gazumping have risen, including instances where contract statements were withheld while agents continued to receive offers, reflecting the pressure on buyers in fast-moving campaigns.
Rates are steady, yet some banks are quietly trimming variable and fixed products. Many borrowers are maintaining higher repayments to accelerate principal reduction. “We’re also seeing a strong trend in rent-vesting, where owner-occupiers are investing in a property with the eventual goal of moving into it,” said Jarrett-Dalton.
“This is a smart strategy for safeguarding one’s future in this competitive market, where all signs point to an exceptionally busy and action-packed season.”
Two Red Shoes expects momentum to carry through the holiday period and into the new year, with competition remaining elevated while stock lags demand.
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