Revealed: A $70m "fixer upper" in one of Australia's richest suburbs

The mid-century mansion at 38 Vaucluse Rd might not have the same street presence as its glamorous neighbours, but the $70m “fixer upper” still has all the right ingredients to be an enviable eastern suburbs estate.

If the old adage is true – and it’s all about location – then this 1400sq m dual access parcel with postcard views of the Harbour City’s heavy-hitter icons actually has it all.

With the Harbour Bridge and Opera House at centre stage, the outlook propels the listing into its multi-million dollar category, but the owners are also a talking point.

The original five-bedroom residence has been the home of 98-year-old philanthropist Isaac Wakil and his late wife, Susan, for the past 65 years.

Although the perfectly positioned Vaucluse home with the hefty price tag is impressive enough, the one-time high society couple have a history of making headlines with their rundown, yet eye-watering, portfolio.

For decades, the duo held onto several abandoned, but enviably placed properties, including the iconic Griffiths Teas building in Surry Hills and the Terminus Hotel in Pyrmont.

After building their wealth in the garment industry and then property, the pair, who had no children, began selling off their real estate in 2014. The huge cache of properties earned more than $200m, which all went to charity.

They donated millions to The Art Gallery of NSW, Opera Australia, St Vincent’s Hospital and the Sydney Jewish Museum. In 2016, the couple handed a record $35 million to The University of Sydney through the Susan and Isaac Wakil Foundation.

With their Vaucluse residence expected to be a “knockdown”, it could be the most expensive “land” sale in Sydney.

Despite predictions it could be bulldozed, the listing through Ray White Double Bay’s Elliott Placks and Riki Tawhara, depicts “grand interiors waiting modern refurbishment” and describes the homes as offering “character of a bygone era”.

As is, the unique two-storey house has a ground floor dedicated to everyday living and entertaining with a full-width balcony capturing the show-stopping outlook, a formal dining room, library, office, and three bedrooms, including a main with the landmark view and an ensuite.

The same level also houses two full bathrooms, a powder room and a garage.

Downstairs, there is an original kitchen and vast rumpus room with a bar and French doors opening onto a grand terrace, a level lawn with established palm trees, and a huge swimming pool facing the sweeping harbour panorama.

The property, which also has access to Carrara Rd, has two more lock-up garages below and is close to Hermitage Foreshore track, harbour beaches, and Kambala School.

Listed with Elliott Placks and Riki Tawhara of Ray White Double Bay, inspections for 38 Vaucluse Rd, Vaucluse are by pre-arranged private appointment.

The Sydney developer-builder, which typically retains its projects, is offering 54 residences off the plan on Spencer Street, with prices starting at $3.9 million.

HSN Property Group has launched Maison Jolene in Rose Bay, giving buyers a rare opportunity to purchase off the plan from a developer-builder that has spent more than two decades building a predominantly build-to-hold portfolio in Sydney’s eastern suburbs. HSN values that portfolio at $4 billion.

Located at 2–16 Spencer Street, Maison Jolene comprises 54 residences, including house-sized two- and three-bedroom apartments, sub-penthouses and penthouses. Prices start at $3.9 million, according to HSN, with many residences designed to capture views across Rose Bay, Sydney Harbour and the city skyline.

James Nixon, head of projects at The Rubinstein Group, is handling the sales campaign alongside agency founder Gavin Rubinstein. He says the launch is an unusual opportunity for buyers who have followed the developer’s work.

“HSN is renowned for building entire projects and rarely selling a single apartment to the open market, so Maison Jolene really is a first for potential buyers who have been following the brand across previous projects,” Nixon says.

HSN worked with architecture practice MHN Design Union and interiors studio The Unlisted Collective on the development. A rhythm of arches and deep-set openings gives the building its presence on Spencer Street, while the residences are positioned to make the most of natural light, privacy and outlook. Landscaping frames the arrival and carries through to the shared outdoor spaces.

“Maison Jolene was conceived to bring a touch of European elegance to Rose Bay, drawing on the understated charm of Mayfair and the romance of Paris while remaining grounded in the relaxed character of Sydney’s eastern suburbs,” says Rafi Assouline, founder and director of HSN Property Group.

The apartments were designed with established Rose Bay downsizers in mind. Large kitchens, generous storage and flexible living areas are intended to ease the move from a family home, with layouts that can also accommodate families and professionals looking for more space in an apartment.

The shared amenities are designed as an extension of those homes. Residents will have access to a lounge, private dining room and landscaped alfresco entertaining area. A wellness retreat brings together a magnesium pool, cold plunge, sauna, steam room and heated stone recovery bench, alongside a gym and dedicated space for Pilates and yoga.

Inside the apartments, the curves of the façade recur in the cabinetry and balustrades. Custom wall sconces, tapware and patterned parquetry sit alongside carved marble basins, hammered-glass shower screens and recessed stone niches. Timber veneer wardrobes have leather-clad drawers, while an Art Deco-inspired motif appears in the raised ceiling detail, joinery and built-in velvet bedheads.

“Maison Jolene is at once contemporary and old world, with custom-designed parquetry flooring and an art deco-inspired motif juxtaposing with the curvature of the arched facade, balustrade and internal cabinetry,” Assouline says.

The kitchens bring several of those ideas together in a sculptural, bubble-shaped island. Assouline helped design and engineer the curved form and personally selected the marble, which is bookmatched so the veining mirrors across adjoining pieces.

“With each of our projects, I look for symmetry in design,” he says. “Crafting the apartments is like solving a puzzle of one thousand pieces; one little detail wrong could mean the picture doesn’t translate correctly once it’s finished.”

HSN will develop and build Maison Jolene, overseeing the project from design through to construction. The family-owned company says it has delivered more than 270 homes, has 200 apartments under construction and has a 100 per cent completion record.

“As a private, integrated developer-builder, we maintain close control over every stage of a project,” Assouline says. “We see our projects as collaborative partnerships with our architects, interior designers and specialist trades with whom we have refined a very unique aesthetic, to ensure every detail is considered for those who will live there.”

For Nixon, the developer’s involvement in both design and construction is part of the pitch to buyers. “The attention to design excellence, combined with HSN’s proven track record in delivering ultra-high-end developments, ensures a level of rarity and enduring quality seldom seen in today’s market,” he says.

“To purchase an HSN property is to acquire a property that will not just hold its value but stand the test of time as a timeless piece of Sydney real estate.”

The Spencer Street address puts residents close to Rose Bay’s village cafés and restaurants, foreshore walks and ferry service, with beaches, golf courses and schools nearby. Maison Jolene is now selling off the plan through James Nixon and Gavin Rubinstein.

Revealed: A $70m “fixer upper” in one of Australia’s richest suburbs

A once-grand Vaucluse estate with knockout harbour views and a legacy as remarkable as its outlook hits the market for $70 million.