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.
A record-breaking $11 million sale at The Centennial Collection has set a new benchmark for luxury apartment living in Bondi Junction.
As interest rates, inflation and market sentiment fluctuate, investors are being urged to focus on data, not panic.
Australia’s median advertised rent has climbed to a record high, with every capital city recording quarterly price growth despite a slight lift in vacancy rates.
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Australia’s rental market has reached a new milestone, with national median advertised rents climbing to a record $670 per week in the June quarter as prices continued to rise across every capital city.
New data from realestate.com.au shows national rents increased 3.1 per cent over the quarter and 6.4 per cent over the past year, while capital city rents rose 2.2 per cent over the quarter to a median of $690 per week, up $10 from the March quarter.
REA Group economist Luc Redman said rental price growth had continued despite a small increase in vacancy rates.
“National median rents reached a new high in the June quarter, with widespread price growth across the capitals,” he said.
“The rent increases occurred despite a small increase in the rental vacancy rate over the same period.”
Melbourne and Perth recorded the strongest quarterly growth among the capitals, with rents increasing 3.5 per cent in each city. On an annual basis, Perth led the nation with rental growth of 10.3 per cent, followed by Hobart at 9.1 per cent and Darwin at 7.7 per cent.
Sydney remained Australia’s most expensive city for renters, with a median advertised rent of $800 per week, while Melbourne and Hobart were the most affordable capital cities at $600 per week.
Regional markets were more subdued, with rents holding steady over the quarter but remaining 5.3 per cent higher than a year ago, suggesting the rapid pace of growth outside the capitals has eased.
Mr Redman said the full impact of the Federal Budget’s changes to investor tax settings was yet to be seen.
“The May Federal Budget, which announced sweeping changes to investor tax settings, occurred in the middle of the quarter, so the full impact on the rental market is yet to be seen,” he said.
“While the vacancy rate has edged higher, the expected decrease in investor demand due to the budget’s tax changes could slow the pace of new supply, putting further pressure on rents.”
The report also found house rents continued to outpace units, rising 2.9 per cent across capital cities over the quarter compared with 1.5 per cent for units. Melbourne was the only capital where renting a unit was more expensive than renting a house, reflecting demand for well-located apartments.
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