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.
The grand harbourside residence combines sweeping Sydney Heads views, resort-style entertaining and refined designer finishes with a reported $36 million price guide.
Rising rates, construction inflation and shrinking investor confidence are pushing Australia deeper into a dangerous housing spiral that monetary policy alone cannot fix.
Office rents in Sydney, Melbourne and Brisbane are climbing at their fastest pace since the pandemic as tenants compete for premium CBD space amid tightening supply.
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Australia’s major CBD office markets are recording some of their strongest rental growth since the pandemic, with businesses increasingly prioritising premium office space despite elevated geopolitical and economic uncertainty.
Knight Frank’s Australian Office Indicators Q1 2026 report found net effective rents in Sydney and Melbourne CBDs rose at their fastest annual pace since COVID-19, increasing 10.2 per cent and 6.8 per cent respectively over the 12 months to March.
Brisbane posted the strongest growth nationally, with net effective rents climbing 11.7 per cent over the same period.
The report points to a widening divide between prime CBD office towers and secondary office stock, as occupiers increasingly focus on quality, location and workplace amenity when making leasing decisions.
Knight Frank Senior Economist, Research & Consulting Alistair Read said demand remained heavily concentrated in premium assets within core CBD precincts, helping drive stronger rental growth in top-tier buildings.
“Occupier demand continues to be heavily concentrated in the most desirable CBD precincts and the highest-quality buildings, accelerating a sharp divergence between core and non-core markets,” Mr Read said.
According to the report, Sydney’s Core precinct and Melbourne’s Eastern Core significantly outperformed broader CBD markets over the past year.
“In Sydney’s Core precinct and Melbourne’s Eastern Core, net effective rents surged 14.3% and 16.1% over the past year, significantly outperforming the rest-of-CBD precincts,” Mr Read said.
The rental gap between prime and non-prime office locations has also continued to widen sharply.
“As a result, core CBD rents are now 54% higher than non-core locations in Sydney and 93% higher in Melbourne, highlighting the growing premium placed on amenity, accessibility and workplace quality,” he said.
Knight Frank said the strong rental growth across the major CBDs was being underpinned by a limited supply pipeline, with few new office developments expected to be delivered in the near term.
Mr Read said subdued construction activity was likely to support ongoing rental growth and tighter vacancy rates over the medium term, particularly for premium office towers.
“The combination of sustained demand and declining levels of new development will aid ongoing prime rental growth and lower vacancy rates over the medium term, particularly for best-in-class assets,” he said.
The report noted that current economic conditions were making new office developments increasingly difficult to justify financially.
“Economic rents remain well above expected market rents, making the construction of new office towers largely unviable, and concentrating tenant demand into existing buildings,” Mr Read said.
While suburban office markets generally remained subdued compared with CBDs, Melbourne’s Southbank precinct was identified as a relative outperformer, recording annual net effective rental growth of 2.7 per cent.
The report comes as broader Asia-Pacific office markets continue to stabilise following several years of disruption linked to hybrid work trends, inflation and rising interest rates.
Knight Frank’s separate Asia-Pacific Q1 2026 Office Highlights report found Sydney and Brisbane were among the strongest-performing office rental markets in the region, behind only Bengaluru and Tokyo for annual prime net face rental growth.
The Asia-Pacific report also found 18 of the 24 cities monitored across the region recorded stable or increasing rents in the first quarter of 2026, even as geopolitical uncertainty intensified following escalating conflict in the Middle East.
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