In Sydney’s eastern suburbs, a property investor has traded $98 million worth of property, selling in Vaucluse to upgrade to a Point Piper waterfront.
Hoang Trang Do knows upgrading trophy homes in Sydney’s east doesn’t come cheap. The property investor has bought and sold $98 million worth of real estate in recent weeks to make the four-kilometre move from Vaucluse to Point Piper.
Mr Do, of QTKT property investment, first emerged as the buyer of Point Piper’s waterfront home Akuna, which he recently purchased from Sydney FC owner Scott Barlow and wife Alina for about $60 million, according to a caveat placed on the title.
Property investor Hoang Trang Do recently sold his Vaucluse home for about $38 million after buying in Point Piper. Louie Douvis
Then, a Vaucluse property owned by Mr Do was quietly sold off-market for about $38 million, dovetailing with his plans to vacate and move two suburbs west to Akuna on Point Piper’s Wolseley Road.
The Vaucluse sale price is double the $16 million Mr Do paid for the five-bedroom Fisher Avenue home when he bought it off jewellery maker Roderick Morton in 2018.
The property sold through Black Diamondz’s Jad Khattar, who declined to comment on the deal. The unidentified buyer was represented by buyer’s agent Simon Cohen, of Cohen Handler, who, along with the rest of the eastern suburbs jet set, is currently in Europe and could not be reached for comment.
Mr Do purchased Akuna in Point Piper from Sydney FC owner Scott Barlow and wife Alina.
Now, Mr Do is set to trade up from Vaucluse harbour vistas to the Point Piper waterfront, complete with Akuna’s Pagoda-style boathouse.
Despite the seasonal lull and European exodus, there is surprising movement in the eastern suburbs’ trophy market with the recent sale of the Balagiannis hotelier family’s harbour-view mansion for about $36.2 million.
Patriarch Nick Balagiannis, who came to Australia from Greece in 1965, founded Reserve Hotels, which owns multiple CBD sites including Mr B’s and Albion Place Hotel. The Balagiannis family have owned the Vaucluse property for almost three decades after paying $3.21 million in 1994.
This Vaucluse property has just sold for about $36.2 million.
The sale comes three years after a report in The Daily Telegraph detailing a Balagiannis family feud that erupted when the patriarch ousted his family off the board, following a dispute over investing $60 million into a new hotel.
The three-level Vaucluse abode– complete with glass dome – sits on over 1000 square metres, and comes with an elevator and garaging for up to five cars, a wet-edge pool with spa and panoramic views of the harbour including the Harbour Bridge and Opera House.
The Balagiannis hotelier family have sold their property ‘Panorama’ after three decades of ownership.
The property was sold by Alexander George and Peter Leipnik of Bradfield BadgerFox, who first sent the home to auction where it failed to sell after auctioneer Damien Cooley placed a $35 million vendor bid. Three weeks later, an unidentified local buyer – represented by buyers’ agent Sean Huang at Concierge East – signed a deal in line with vendor expectations.
According to Mr Leipnik, Sydney’s top end is currently swarming with cashed-up buyers with nowhere to go. “We’ve got so many buyers that are throwing money at us.” Mr Leipnik said, “But trying to find the owners who want to let go is the challenge.”
The prestige agent said big offers were on the table, but eastern suburbs’ trophy homeowners were unwilling to part with the keys.
The Balagiannis’ three-level home features a pool, lift and parking for five cars.
“I’ve had an offer in the $80 million on a Vaucluse home, and it got knocked back,” Mr Leipnik said. “One they [the owners] don’t need the money, and if they did sell it, how would they replace it?”
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