Kathryn Welling, Property journalist
First published 17 Aug 2023, 6:00am
11 Raglan St, Mosman sold for about $17m to a businessman based in China.
A wealthy China-based businessman has bought one of Mosman’s most significant waterfront homes, Sirius Lee, for about $17m and intends to spend millions more on its renovation.
Sirius Lee, at 11 Raglan St, is a five-bedroom, four-bathroom home dating back to 1904 with a private deepwater pontoon and slipway and views of Sydney’s best-known icons.
It was listed in May with a guide of $17m but didn’t proceed to auction in June.
Instead Bo Zhang, of Atlas Lower North Shore, decided to hold out for an overseas buyer and pushed the period home onto Chinese websites.
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The impressive facade of the home.
What a location!
Multiple indoor and outdoor dining areas.
Late last week, a successful businessman flew into Sydney to inspect Sirius Lee for himself and he inspected it twice before signing on the dotted line and returning to his Chinese base.
“The buyer arrived on Thursday, saw the house that day and again on Saturday and the deal was done at 11pm on Monday,” he said.
“He appreciated the character, history and views of the home and his plan is to bring in a couple of local architects and interior designers to work on the property and really polish it up,” he said.
The waterfront comes with its own private jetty.
The views include the harbour, city skyline and icons.
The house has five bedrooms.
Zhang said since April when the number of flights from China to Sydney increased he started to see more China-based buyers, Australian citizens and permanent residents, arriving in Sydney searching for trophy homes.
He said he had five or six high-net-worth China-based buyers on his books now looking for a trophy home.
“They feel secure bringing money to Australia and they especially like trophy homes, also the exchange rate is very favourable for overseas buyers at the moment,” he said.
Records show that 11 Raglan St last traded in 2015 for $7.3m and the property is owned by the Fan family.
Zhang couldn’t confirm the exact selling figure, but it is believed to be close to $17m.
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