In Sydney’s seemingly unassailable prestige property market, a Mosman mansion has taken a rare backwards step, selling for about $15.2 million – significantly less than the $17 million it traded for just last year.
The house in question is Federation mansion Cambria, owned by the co-founder of tech sector investment firm Potentia Capital, Andrew Gray, and his wife, Emma, on the exclusive Balmoral slopes of the blue chip lower north shore suburb.
Potentia’s Andrew Gray has sold his Balmoral slopes home in Mosman.
In July last year, the Grays paid former Perpetual boss Geoff Lloyd $17 million for the luxury abode, around the same time Potentia (which Gray co-founded with MYOB’s former chief executive Tim Reed) was in talks to sell mining sector software pioneer Micromine to Aspen Technology for $900 million. The deal ultimately fell through.
Now, the sold sign has gone up on the turnkey mansion for an undisclosed sum that local real estate sources say is about $15.2 million, with the two-storey property selling before auction. Selling agents Ray White Lower North Shore’s Vincent Wong and Geoff Smith declined to comment on the price, vendors and buyers, citing a confidentiality agreement.
Whether the circa $1.8 million price drop was down to the Grays having paid top dollar last year, or a sign interest rates are (finally) starting to nip at the trophy market, remains to be seen.
Or perhaps it could be loss of momentum due to the on-again, off-again marketing campaign, with the four-bedroom property first appearing on real estate websites in February this year with a $17 million guide, only to later reappear with Ray White later in the year with $15 million hopes.
The property Cambria comes with a contemporary rear extension and harbour views.
Despite the loss-making Mosman sale, the Grays are hardly unlucky in real estate, given they sold their previous home – Bellevue Hill’s Rothesay estate – for $37 million to Adani Group CFO “Robbie” Jugeshinder Singh last year, in a near-tripling of the $13 million they paid for the historic estate in 2012.
Settlement on the Mosman property will reveal the exact price and identity of the buyers moving into the designer home. Built in 1907, Cambria has been extensively revamped by Corben Architects alongside Stewart & Stewart Interior Design.
Original features meld with a contemporary extension, with a large family room that opens out onto an entertainer’s barbecue and wet-edge pool. Other features include a palatial master bedroom with harbour views, along with a 1500-bottle cellar.
Prestige agent Simon Cohen, of Cohen Handler, said while the Sydney prestige market was strong, buyers needed to be careful not to get caught up in the hype.
“People need to be careful what they buy things for, and pay a reasonable price, especially if they ever need an exit strategy,” Mr Cohen said.
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