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.
2 min
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.
Margot Robbie and Jacob Elordi star in an adaptation of the classic novel that respects the romance’s slow burn.
High-end homeowners are choosing to upgrade rather than relocate, investing in bespoke design, premium finishes and long-term lifestyle value.
A 160-year-old Paddington Queenslander has been spectacularly reimagined and is now poised to test Brisbane’s house price ceiling.
3 min
After a popular Brisbane plastic surgeon scored an NBL star’s period Paddington home in 2022, he performed a major facelift on the 160-year old Queenslander.
Now that the mansion has had its makeover, the luxury five-bedroom property is back on the market with a March 14 auction date.
The quintessential Queenslander at 49 Reading St was to be a fixer-upper project for Brisbane Bullets player, Aron Baynes and his wife, Rachel.
The couple had bought the 1634 sq m property – also known as The Governess – in 2021 for $4.5 million, with plans to undertake the renovation themselves.
Award-winning builders Graya were engaged to restore the estate to its former glory, but the game changed for the Baynes, who sold it in 2022. Canadian-born Dr Justin Perron spent $5.8 million for the landmark residence, which came complete with a DA for Graya to give it their Midas touch.
That sale was negotiated with Josh Brown and Matt Lancashire of Ray White New Farm, who are again trusted with the marketing campaign. Because it is being sold under the hammer in Queensland, state legislation prohibits agents from providing a public price guide.
Currently, the house price record for Paddington is $11.8 million, set early last year for a fully renovated pre-war five-bedroom house on Garfield Dr The Governess is expected to smash through that price barrier.
“Given its size, its heritage and the extraordinary inclusions with a five-car garage, internal lift and impeccable renovation, I do believe it represents really good value. There’s just nothing like it in Brisbane,” Brown says.
The property, which spans four blocks on the corner of Fernberg Rd and Reading St, dates back to the 1860s and is known locally as the older “sibling” of Government House, given that it was designed by the same architect, Benjamin Backhouse and sits just across the road from the grander heritage estate.
Now with its new look, The Governess is considered one of Paddington’s most significantly transformed homes; one that oozes with the charm of yesteryear, but the sophistication of today.
Blending old and new, the reimagined residence balances past and present over three spacious levels, separated by a statement spiral staircase.
Several period elements have been retained, including the iconic balustrades and wide wraparound verandas, while there is also a long list of modern conveniences, from a state-of-the-art kitchen to full home automation.
Inspired by nature, the interiors reflect the neighbourhood’s surrounding colour palette, with rich green marble accents and warm walnut-toned cabinetry. High 3.1m ceilings and floor-to-ceiling glass have also been used to frame the city and treetop views.
The gatehouse and veranda arches mirror the curves of the entrance hall, which, in turn, connects the original footprint to the contemporary addition and open plan family area.
In the gourmet kitchen, there are Miele appliances, a vast 4.5m island workbench beneath a skylight, and a large, hidden butler’s pantry. This space flows out to the alfresco dining space, barbecue terrace, pool and fenced lawn.
The main living level also houses three bedrooms, a study, a powder room and a family-friendly laundry.
Up via a private internal lift, the accommodation level is home to a palatial primary suite with a sitting area, dressing room and a luxury ensuite with a fireplace. Besides the main bedroom, a smaller bedroom with an ensuite could make an ideal nursery.
On the lower ground floor, there is even more space for entertaining on a grand scale, including a wine cellar, wet bar, tasting room, and gym.
The Governess has a long story to tell, with a range of added extras, including home automation via Electronic Living, a five-car garage, mudroom, communications room, panic room, air conditioning, and security.
It is about 550m to Paddington precinct, 900m to Rosalie Village shopping and 3.5km to Brisbane’s CBD.
The Governess at 49 Reading St, Paddington will go to auction on March 14 at The Calile Hotel from 9 am with Josh Brown and Matt Lancashire of Ray White New Farm.
Warmer minimalism, tactile materials and wellness focused layouts are redefining luxury interiors as homeowners design for comfort, connection and lasting appeal.
Pure Amazon has begun journeys deep into Peru’s Pacaya-Samiria National Reserve, combining contemporary design, Indigenous craftsmanship and intimate wildlife encounters in one of the richest ecosystems on Earth.
