Prestige Property: 32 Wentworth Street, Dover Heights, NSW
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Prestige Property: 32 Wentworth Street, Dover Heights, NSW

Panoramic ocean views elevated to new heights.

By Terry Christodoulou
Fri, Oct 29, 2021 1:45pmGrey Clock < 1 min

Perched on a dramatic clifftop location comes this architectural masterpiece that commands ocean views to the horizon and western views across to the city’s landmarks.

Crafted by award-winning designers Hare & Klein, ‘The Edge House’ uses a tempered palette of colours, polished concrete and light timber flooring and high-end finishes throughout to deliver a family home at the forefront of contemporary style.

Across three levels comes 4-bedrooms, 2-bathrooms, and 1-car parking. On the ground floor is the open plan living areas to the entertainment terrace and the lawned gardens, complete with infinity pool and views of the ocean.

It’s also on the ground floor that the kitchen is located with its generous marble island and butler’s pantry complete with high-end appliances. A climate-controlled wine cellar is tucked away while the family room enjoys bespoke cabinetry throughout.

Upstairs, the first floor sees three of the bedrooms, each complete with custom cabinetry. East facing bedrooms have access to the large, wrap-around terrace which hosts an outdoor cinema. Yes, outdoor cinema.

The top floor of the residence is devoted to the master bedroom suite with a floor-to-ceiling window bringing in streams of light. The west-facing dressing room takes on breathtaking views and has been designed as a space to enjoy. Also here is the ensuite with its custom marble vanity, sauna and porthole with glimpses of Bondi.

Located in a quiet cul-de-sac the home is nearby to North Bondi and Bondi Beach and offers the best of the Eastern Suburbs’ eateries and lifestyle.

The listing is with Mark Goldman of Sydney Sotheby’s International (+61 411 193 299). POA; sydneysothebysrealty.com



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Thousands of Australian companies on the brink of going into administration as EOFY nears

Along with high inflation and weak consumer spending, there’s another key factor pushing a record number of businesses to the edge

By Bronwyn Allen
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More than 10,000 companies are expected to have entered external administration by the end of the 2024 financial year, a level not seen for more than a decade. Data just released by the Australian Securities & Investments Commission (ASIC) shows 1,245 companies became insolvent in May, the highest monthly number this financial year. At present, a total of 9,988 businesses have gone bust in FY24 with data from June yet to be finalised.

Deloitte Access Economics Partner David Rumbens said the surge in business insolvencies this year was a “clear sign of economic distress”.

He commented: “[ASIC] predicts that by the end of the financial year, the number of companies entering external administration will likely exceed 10,000 – a level not seen since 2012-13, in the aftermath of the Global Financial Crisis (GFC).”

Mr Rumbens said the elements contributing to this year’s surge in insolvencies include high inflation and interest rates, weak consumer spending, and the commencement of more proactive tax debt collection activities by the Australian Taxation Office (ATO).

“One of the key factors contributing to this surge in insolvencies is the [ATO] pursuing debts that were previously put on hold during the COVID-19 pandemic,” he said.

Mr Rumbens cited ATO figures showing collectable debt rose 89 percent in the four years to June 2023. This has particularly impacted small businesses, which account for approximately 65 percent of the total debt owed at about $33 billion. “But more strictly enforced debt collection is coming at a time of tough economic conditions. High interest rates and cost-of-living pressures have weakened consumer spending, particularly in more discretionary components of spending.”

The construction sector has seen the highest number of insolvencies by far in FY24, mirroring the trend of FY23. Of the 9,988 insolvencies to date, 2,711 of them are in the building sector, which faces several challenges. These include a substantial lift in the cost of construction materials that is well above inflation and has made many fixed-price contracts signed within the past few years unprofitable. There is also a significant labour shortage that is delaying new home completions and new project starts, and also adding higher costs to projects.

“The construction sector has been hit particularly hard, with construction firms leading industry insolvencies in every quarter since mid-2021,” Mr Rumbens said. “They have accounted for approximately 25 percent of all insolvencies during this period. The residential construction sector is already facing a backlog of projects to complete as a result of skills and material shortages in recent years, and increased insolvencies in the sector may only exacerbate the problem of housing shortages.”

The ASIC data shows the next biggest industry affected is ‘other services’, which includes a broad range of personal care services such as hair, beauty, dietary, and death care services. The sector has seen 939 insolvencies in FY24. Retail trade is next with 687 insolvencies, followed by professional, scientific and technical services with 585 insolvencies.

“The food & accommodation sector has also experienced a wave of insolvencies. High input costs, worker shortages, and weak consumer sentiment have put pressure on businesses. Specifically, in March, cafés, restaurants, and takeaway businesses accounted for 5.5 percent of total business insolvencies, the highest proportion in the last three years.”

Mr Rumbens pointed out that while the number of insolvencies was high, it represents a lower share of the business sector at 0.33 percent than it did in FY13 when it was 0.53 percent. “This reflects the increase of registered companies in Australia, which has risen from just over two million to 3.3 million since 2012-13. Even so, the continued lift in insolvencies since 2021 highlights the difficult conditions many businesses face at present.”

 

 

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11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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