Salute to a Randwick Icon

As local legend has it, retired Colonel William Farrell Commanding Officer of the first infantry regiment, stood on the balcony of his new Randwick residence back in 1906 and watched his soldiers parade by, saluting his honour.

Today, more than a century later, Swan Isle itself deserves a salute as it remains one of Sydney’s most meticulously maintained heritage addresses.

The 1349sq m estate in Randwick made an appearance on the market in early 2024, at the time asking $20m – a figure that would have eclipsed the suburb price record of $14.35 million set that same year.

Ray White Double Bay’s Kate Smith, and principal Elliott Placks, have brought the palatial seven-bedroom home back to market with a new campaign and an amended guide of $14 million.

The $6 million price correction may seem significant, but the eastern suburbs’ prestige property scene evidently sets its own pace.

Just last week the period residential estate Iona in Darlinghurst – once owned by Hollywood elite Baz Luhrman and Catherine Martin – sold for top dollar after an apparent $13 million “discount”.

That heritage estate had been marketed unsuccessfully in 2024 with a $40 million guide, was then slashed to $27 million at the start of this month, but sold in just 12 days for $37.5 million.

Since Swan Isle last sold in 2002 for $2.02 million, the two-storey home at 87 – 89 Darley Rd has been lovingly restored by the current owners and retired hoteliers, Robert and Mary Lou Richards.

The Richards were the publicans of The Strand, in Darlinghurst in 1992 and the Rocksia in Rockdale between 2012 and 2020.

After Colonel Farrell and his wife Frances raised five children at the historic home, the property was later used by St Jude’s Anglican Church for monthly services.

By the mid-20th century it became a private hotel and was then returned to private hands in 1960.

Inside, the stately residence expertly balances period charm and contemporary convenience with formal and casual living rooms featuring high ornate ceilings, chandeliers, polished timber floors and intricate lead light windows.

There are also original fireplaces and bespoke joinery that has been crafted to suit the home’s Victorian past, while modern upgrades include a modern kitchen with stone surfaces, Ilve and Miele dishwasher and a butler’s pantry.

All seven bedrooms are spread across both levels, plus two of the four bathrooms have elegant freestanding tubs and dual vanities.

In addition to multiple entertainment spaces downstairs, the upper floor houses a study, media room, billiards room and several balconies capturing panoramic views of Centennial Parklands and the city skyline.

Outside, the expansive grounds are home to manicured gardens befitting the romantic era, and more 21st century inclusions such as a barbecue area, a heated swimming pool, and a self-contained pool house that doubles as a studio.

The block has dual street access with Huddart Lane and there is an automated four-car garage with ample storage.

Swan Isle is close to Royal Randwick Racecourse, Allianz Stadium, Moore Park Golf Course, the Entertainment Quarter and the SCG.

Swan Isle at 87-89 Darley Rd, Randwick is listed with Kate Smith and Elliott Placks of Ray White Double Bay. It is listed via private treaty with a $14 million price guide.

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.

Salute to a Randwick Icon

Randwick’s Swan Isle is a meticulously restored heritage estate. With a $14 million guide, the palatial residence blends Victorian grandeur with modern luxury.

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.