There could be no better representation of the old real estate adage, “location, location, location” as a very modest 1920s bungalow home overlooking the stunning beaches of Sydney’s Tamarama sells for an eye-watering $50 million price tag.
The $50 million sale of “Lang Syne”, spanning arguably the most desirable three blocks of Sydney, has not only broken sale records for the eastern beaches, but any Sydney waterfront suburb.
Described by agents, Forbes Global Properties as “one of the great land holdings of Sydney” the property has been a focal point of Tamarama’s coastline for almost a century and held by the same family for more than six decades.
The property is set across three blocks totalling a level 1100 square metres and offers views from the south head of Bondi, across Mackenzies Bay to Tamarama and Bronte. However because of its elevated position above the famous Bondi to Bronte walkway, the agents say it remains a “secluded sanctuary”.
While the exact sale price, or who bought it, has not yet been released, it is likely to be revealed at settlement.
Forbes Global Properties’ Ken Jacobs had it listed with a price range of $47 million to $52 million – and sources say that it sold for a price close to the bottom end of the range to a buyer represented by buyer’s agent, Simon Cohen.
Tamarama’s previously most expensive block was $29.2million.
‘Lang Syne’ – a four bedroom, two bathroom home, was built in 1924 by shoemaker, George Wolf. The family owned the home until 1959, when radio and TV personality Harry Griffiths, and his wife Dimity Griffiths, paid a reported equivalent of $18,000 to purchase it.
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