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Sydney's biggest private beachfront set to sell for $26 million

The Property Addict / Distinct Dwellings

Aug 28 2017

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Rumours are circulating that Sydney's largest private beachfront property might be close to selling "â? after being on and off the market for the past seven years. Marara, is owned by millionaire financier and co-founder of lender Mortgage Choice Peter Higgins, and includes more than 119m of sand, a deep waterfront and a jetty "â? all for a price guide of about $26 million. The property stretches across 12,685sqm of waterfront at 94-104 Cabarita Rd, Avalon Beach. With six separate titles, the property includes three homes, two boathouses, one massive wharf/jetty and a slipway. sydney1 It is in the same street as Cooinda, an architectural masterpiece that has just come onto the market with an impressive $15 million price tag, and also Finisterre, the family estate of the late wine magnate Bob Oatley. Finisterre holds the title of the area's most expensive property, and was bought by Mr Oatley in 2002 for about $20 million. sydney3 Mr Higgins first tried to sell Marara in 2010, listing it with hopes of about $40 million. He had another go at selling in 2012 with a listing price of more than $25 million. And then again in 2015 he listed it again, this time without a price guide, although it was believed somewhere between $20-30 million could secure the property. The property is now in the hands of marketing agent David Watson and Claudio Marcolongo, of LJ Hooker Avalon, and it is understood the price guide is now about $26 million. Mr Watson was remaining tight-lipped about the status of the property, and said he could not make any comment about any negotiations with potential buyers or a rumoured imminent sale. However, industry sources said negotiations were progressing and a sale might not be far away. If it does go ahead, it will be only the second time the property has changed hands in more than 80 years.   sydney4   sydney6 The agency's realestate.com.au listing says the property has development application approval for demolition of existing residence and the opportunity to build a world class residence/gated estate (subject to council approval); current approval for "six separate land titles with substantial commencement. Design or build 6 luxury homes (STCA)"; or "potential to further subdivide (STCA) into 12 magnificent residential lots." "I cannot make any comment," Mr Watson said. In recent years Mr Higgins has expanded his business interests internationally in the technology sector, and is an active member of the polo community. He now calls a 500 acre riverfront property in Richmond home. He did return to the northern beaches in 2015 to show his much-loved Marara to The Manly Daily. "You can only do so much with one life," he said when asked why he was selling up. "We have so much happening we just don't get to come here like we used to." Mr Higgins and his wife Rebecca came upon the property in 2003 when they were renovating their house in Belrose and rented a house at Bilgola Beach. "My wife saw a little ad in the Manly Daily, so we went and had a look," he remembered. "A lot of other people had seen that ad, but we fell in love with it." He bought the property and a neighbouring property, with the whole deal costing about $18 million. Meanwhile, their Belrose house was completed and they moved back there to contemplate what to do with their new waterfront. One year the family decided to spend Christmas at one of the "little" houses on the property. It turned into a long holiday of sorts. "We came for Christmas and we stayed for three and a half years," Mr Higgins said. "Then we went back to Belrose and we realised our whole life had changed and was going in a different direction." sydney7 sydney8 They ended up in Richmond, where Mr Higgins is also involved in property development. Over the years, the couple has come up with a range of ideas for the Avalon property, including a large home, a medium density villa development or a subdivision. Mr Higgins said at the time that he did not rule out a joint venture as a possibility for the sale terms. The property has plenty of history. Originally built for Sir Herbert Henry Schlink, Chairman of the Royal Prince Alfred Hospital for 28 years from 1934, founder of the Royal Australasian College of Surgeons and one of Australia's most distinguished doctors, Marara has had only two owners over the past 80 years. by Amanda Sheppeard Save Save

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