September Property Roundup

Bishopscourt on market, Walsh and Monaghan turns 90, Sydney Four Seasons Hotel sold

Bishopscourt is a neo-gothic mansions that was built by a wealthy businessman in the 1840s
  • Bishopscourt is a neo-gothic mansions that was built by a wealthy businessman in the 1840s
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Bishopscourt hits the market for an estimated $25m

Bishopscourt at Darling Point, a historic mansion that has been home to the Anglican Archbishop, has been placed on the market for an estimated $25 million.

The Anglican Church has appointed Ray White Double Bay to sell the 1840s building which is set on 6216 sqm.

Bishopscourt is a neo-gothic mansion that was built by a wealthy businessman, Thomas Sutcliffe Mort, in the 1840s.

The main building was designed by F J Hilly, with Edmund Blacket designing later additions. Leslie Wilkinson also designed further additions in the 1930s.

It has been home to the Anglican Archbishop since 1911.

Craig Pontey from Ray White said he expects potential buyers to include owner occupiers who will be motivated to buy the property due to “emotional factors”.

“It is in an extremely attractive location and when you combine this with the character of the building and the beautiful gardens, this is a unique offering,” Brian White, chairman of Ray White, said.

The sale of the property was given the go-ahead in October last year, with a standing committee report (PDF) finding the property was no longer suitable for the home of the Archbishop because it was expensive to maintain, with the report detailing it costs around $367,843 a year to maintain the property.

The report also found a less “grand” and more modern facility would be more suitable and the sale of the property would help to increase cashflow.

The building is listed on the Register of the National Estate and listed under the NSW Heritage Act.

The Anglican Church has previously said any sales must undergo final approval before the standing committee of the diocese for sign-off.

Expressions of interest close Thursday, 31 October, 2013.

Walsh and Monaghan turns 90

Valuation firm Walsh and Monaghan has celebrated turning 90 years old.

More than 130 people celebrated the occasion recently at the Shoalhaven Entertainment Centre.

The firm was established in 1923 by Urich Walsh and Stan Monaghan in Nowra, on the south coast of NSW, originally operating as a real estate and property valuations agency.

In the 1980s, the firm opened a second office in Wollongong. In 1992 the firm turned its sole focus to valuations after it sold its real estate and leasing arm.

There are now 13 registered valuers at the company, including five directors.

John Austin formally retired from the company at the recent event after 42 years at the company, including 34 years as a company director.

He has been a valuer for 53 years.

Sydney Four Seasons Hotel sold for $340m

The iconic Four Seasons Hotel in Sydney has been sold for $340 million to Mirae Asset Global Investments, a Korean financial institution that manages US$58 billion in global assets.

The hotel will be managed by Sydney-based firm Millinium Capital Managers.

The Four Seasons hotel was opened in 1983 and comprises 531 rooms at Circular Quay overlooking the Harbour Bridge and Opera House. It recently underwent a $45 million refurbishment, with a new restaurant, bar and conferencing facilities added to the hotel.

“The sale of the Four Seasons Hotel Sydney saw investors from China, Hong Kong, Singapore, Korea and the United States competing for the iconic hotel. In my 19 years of brokering hotel deals, I have never seen a stronger investment market for CBD Australian hotels,” Craig Collins, from Jones Lang LaSalle’s Hotels and Hospitality Group, said.

The hotel has two potential development schemes to expand the property, including options to convert up to 231 rooms into residential apartments. The second option includes building a further residential tower on the northern end of the 5314 sqm site.

The hotel was jointly marketed by Mr Collins and Dan McVay of McVay Real Estate on behalf of Eureka Funds Management.