Latest news with #RoseBay
Daily Telegraph
29-05-2025
- Business
- Daily Telegraph
Neighbours become $200m richer overnight
One Sydney street is poised to become a multi-millionaire's row overnight with 16 neighbours primed to double their money. Wilberforce Ave in Rose Bay, a quiet street lined with family-friendly freestanding homes, is about to change – to the tune of more than $200m. A collective of 12 neighbours, and a separate group of four, have joined forces to reap the rewards of the NSW Government's new Low to Medium Density housing scheme. As of February, residential zones within 800m of nominated town centres and transport hubs can accommodate apartment buildings of up to six storeys. If affordable housing requirements are met, project heights can extend to eight storeys. The policy is expected to unlock 112,000 new homes in five years to tackle the housing crisis. MORE: Byron Bay's Beach Hotel sold for $140m Between Wilberforce Ave and Dover Rd, 10 houses and two semis are expected to sell in one line for approximately $165m via 1st City Realty and Colliers. 'This Rose Bay super site is probably the largest consolidated development opportunity to have been publicly offered within Sydney's eastern suburbs for many years,' said Julian Hasemer of 1st City Realty. Colleague Brad Caldwell-Eyles said the agency was approached several years ago by four owners on Wilberforce Ave. 'But the houses were too good to knock down. Redevelopment never stacked up under the old controls. The day the LMR was announced, I reached out and said 'your day just arrived'.' Within weeks of the new housing reform, the 6000sq m super site was born. 'The sheer scale and multi-street frontage will almost certainly allow for a design that will optimise the new LMR controls and further benefit from the 30 per cent affordable housing bonus. It'll also deliver a broad range of apartment price points providing wins for off-plan purchasers, developers and governments at both local and state levels,' Mr Caldwell-Eyles said. MORE: Wild reason Aussie has 300 homes 'Individually, before the LMR decision, these homes were probably worth $8m on average. In this deal, they're likely to double that.' A smaller 1988sq m site of four homes from 12 and 18 Wilberforce Ave is currently listed with price expectations of between $53m and $55m via Colliers agent Paul Ephron. 'This is a once in a 30-year change and the area needs it. There's a pushback but if it's sympathetic with the streetscape, and a quality product, it'll be well received. It'll be an inconvenience, until it's a convenience – just like the changes to Kia Ora Rd in Double Bay which residents now love,' he said. Mr Caldwell-Eyles added that apartment types will likely provide a greater offering than recently seen in new builds across the eastern suburbs. 'I want to see 100sq m two-bedrooms with studies. They're probably going to start at about $3.5m; they're not all going to be $15m apartments. That's not how this will work.' 'Developers can't put all their eggs in one basket. A good unit mix will ensure more accessible properties.' Affordable housing in the wake of the reforms is a point of contention for many eastern suburbs residents, including Woollahra Mayor Sarah Swan. MORE: Kmart set to change everything in Temu war 'There's absolutely nothing affordable about doubling the value of property overnight,' she said. 'From the community's perspective, and I share this view, the NSW Government talks a very big game about housing, while falling well short of the National Housing Accord targets. These reforms are a rushed, politically panicked, ham-fisted attempt to save face for the Premier and the Planning Minister.' She added that the changes would unleash stormwater flooding, create more congestion on local roads, and put further pressure on public schools. 'This is all at the cost of our neighbourhoods and our local communities. At what cost, quite literally, is this delivering affordable housing?' she said. 'We've got to define what we mean by affordable housing. Are we talking about housing which is affordable for people who are downsizing, inheriting money or who have significant assistance from family? Or are we talking about affordable housing that's defined by the act? And is the LMR fit for purpose to deliver that kind of housing?' MORE: Price of car spot proves Australia has lost it
News.com.au
29-05-2025
- Business
- News.com.au
Neighbours become $200m richer overnight
One Sydney street is poised to become a multi-millionaire's row overnight with 16 neighbours primed to double their money. Wilberforce Ave in Rose Bay, a quiet street lined with family-friendly freestanding homes, is about to change – to the tune of more than $200m. A collective of 12 neighbours, and a separate group of four, have joined forces to reap the rewards of the NSW Government's new Low to Medium Density housing scheme. As of February, residential zones within 800m of nominated town centres and transport hubs can accommodate apartment buildings of up to six storeys. If affordable housing requirements are met, project heights can extend to eight storeys. The policy is expected to unlock 112,000 new homes in five years to tackle the housing crisis. Between Wilberforce Ave and Dover Rd, 10 houses and two semis are expected to sell in one line for approximately $165m via 1st City Realty and Colliers. 'This Rose Bay super site is probably the largest consolidated development opportunity to have been publicly offered within Sydney's eastern suburbs for many years,' said Julian Hasemer of 1st City Realty. Colleague Brad Caldwell-Eyles said the agency was approached several years ago by four owners on Wilberforce Ave. 'But the houses were too good to knock down. Redevelopment never stacked up under the old controls. The day the LMR was announced, I reached out and said 'your day just arrived'.' Within weeks of the new housing reform, the 6000sq m super site was born. 'The sheer scale and multi-street frontage will almost certainly allow for a design that will optimise the new LMR controls and further benefit from the 30 per cent affordable housing bonus. It'll also deliver a broad range of apartment price points providing wins for off-plan purchasers, developers and governments at both local and state levels,' Mr Caldwell-Eyles said. 'Individually, before the LMR decision, these homes were probably worth $8m on average. In this deal, they're likely to double that.' A smaller 1988sq m site of four homes from 12 and 18 Wilberforce Ave is currently listed with price expectations of between $53m and $55m via Colliers agent Paul Ephron. 'This is a once in a 30-year change and the area needs it. There's a pushback but if it's sympathetic with the streetscape, and a quality product, it'll be well received. It'll be an inconvenience, until it's a convenience – just like the changes to Kia Ora Rd in Double Bay which residents now love,' he said. Mr Caldwell-Eyles added that apartment types will likely provide a greater offering than recently seen in new builds across the eastern suburbs. 'I want to see 100sq m two-bedrooms with studies. They're probably going to start at about $3.5m; they're not all going to be $15m apartments. That's not how this will work.' 'Developers can't put all their eggs in one basket. A good unit mix will ensure more accessible properties.' Affordable housing in the wake of the reforms is a point of contention for many eastern suburbs residents, including Woollahra Mayor Sarah Swan. 'There's absolutely nothing affordable about doubling the value of property overnight,' she said. 'From the community's perspective, and I share this view, the NSW Government talks a very big game about housing, while falling well short of the National Housing Accord targets. These reforms are a rushed, politically panicked, ham-fisted attempt to save face for the Premier and the Planning Minister.' She added that the changes would unleash stormwater flooding, create more congestion on local roads, and put further pressure on public schools. 'This is all at the cost of our neighbourhoods and our local communities. At what cost, quite literally, is this delivering affordable housing?' she said. 'We've got to define what we mean by affordable housing. Are we talking about housing which is affordable for people who are downsizing, inheriting money or who have significant assistance from family? Or are we talking about affordable housing that's defined by the act? And is the LMR fit for purpose to deliver that kind of housing?'
Daily Mail
27-05-2025
- Business
- Daily Mail
Pub baron's eye-watering debts get personal as he's accused of remortgaging his mother's multimillion-dollar Rose Bay home without her knowing
A playboy executive turned pub baron allegedly remortgaged his mother's luxurious Sydney mansion without her knowledge in a bid to pay off his pub empire's debts. Jon Adgemis allegedly mortgaged the Rose Bay home to pay of his business debts to La Trobe Financial, which now amount to $6.2million. The financier applied to the courts to take possession of the mansion – bought in 2018 for $4.5million – in a bid to recoup its loans. La Trobe would then look to sell it for as much as $10million. However, the financier has run into trouble trying to enforce the move. His mother is fighting to keep the property, where both her daughter and grandson live, according to court documents. Justice Stephen Rothman heard the case and made a preliminary judgement to allow it to proceed. He stated Adgemis' mother is claiming she 'does not recall and has no record of ever receiving' any legal documentation from La Trobe's endeavours to enforce a loan agreement, according to the Australian Financial Review. She denied hiring the law firm which represented her in the main dispute. A default judgement made against her was overturned and a cross-claim filed to remove the mortgage. The mortgage had been taken 'without the knowledge of the first defendant and without her authority,' Justice Rothman said in his written explanation of the claim. Adgemis 'conducted all of the meetings and arrangements in relation to the property and mortgage, none of which seems to have been explained or adequately explained,' to his mother. In a ruling on the house dispute, Justice Rothman said it could be argued the ownership between Mr Adgemis and his mother changed. In such a case, it would follow that debts could only be enforced against the businessman. Justice Rothman considered Mr Adgemis' nephew, who is disabled, needs full time care and lived in the Rose Bay home following the installation of a series of modifications made to cater to his needs. The nephew may have beneficial ownership in some of the equity in the home, the justice said, and he would need to be represented in the case to have his interests asserted. Justice Rothman granted a temporary stay on La Trobe financiers taking possession of the property given Mr Adgemis' mother had an 'arguable case'. She is set to file her defence in June. Adgemis' woes began after he left his dealmaker role at professional services heavyweight KPMG. He was the head of mergers and acquisitions at accounting giant KPMG. He founded the Public Hospitality group in 2021 and accumulated a sprawling portfolio of 20 venues and developments across Sydney. One of his companies splashed more than $50million on pubs. The portfolio included The Town Hall in Balmain, The Kurrajong in Erskineville, The Exchange in Darlinghurst and The Camelia Grove in Alexandria. He funded the rapid acquisitions and developments with borrowed money, against a low cash-rate during the pandemic. Increased financing costs sent his company to the brink of collapse in recent years, and a number of the venues went into administration in 2024. Monacobased fashion heir Richard Gazal also brought legal action against Adgemis with a personal bankruptcy claim to the tune of $26million plus interest. Public Kitchen, an entity within Public Hospitality, also faces winding-up by the Australian Taxation Office (ATO) in the Federal Court. The ATO clocked an alleged $286,175 default on the firm last week, filed to the courts on Friday. In the past, the taxation office also conducted raids on Adgemis' home and business.
Daily Telegraph
21-05-2025
- Sport
- Daily Telegraph
State of Origin star Angus Crichton's investment home sold for $3.135m
Only two weeks after the Sydney Roosters star walked down the aisle with Chloe Esegbona at the glamorous Krinklewood Estate, Angus Crichton has sold his Rose Bay semi for $635,000 over expectations. Under the hammer at Cooley Auctions, the three-bedroom house on Onslow St achieved $3.135m despite a pre-auction goal of $2.5m through listing agent Alex Lyons of Raine & Horne Double Bay. MORE: Bizarre feature of Hemsworth's $50m Byron Bay home 'We just had a lot of competition on it. Interest rates got cut on the day and we can see now that sentiment has really been improving in the market,' Mr Lyons said. 'I've done over $100 million worth of sales just this past week.' The NRL and State of Origin champion decided to list the property prior to tying the knot with plans of upsizing the family home. It's been a period of celebrations of late, on and off the field, with Crichton named yet again to don the blue jersey for the famous clash of the states. MORE: Kyrgios' next big move after split from girlfriend He made his State of Origin debut in 2018 and last year started all three games for the Blues, finishing the season with the Wally Lewis Medal and Brad Fittler Medal. According to title records, Crichton bought the 308sq m property at 73 Onslow St for $2.18m in 2018, and has most recently been collecting $1,650 per week in rent. MORE: Price of car spot proves Sydney has lost it The single-level semi on the quiet cul de sac has timber floorboards, high ceilings, an open plan layout to a private courtyard, a stone gas kitchen with Smeg and Miele appliances, a main bedroom with ensuite, renovated bathrooms, as well as a lock up garage and off-street parking
News.com.au
21-05-2025
- Sport
- News.com.au
State of Origin star Angus Crichton's investment home sold for $3.135m
Only two weeks after the Sydney Roosters star walked down the aisle with Chloe Esegbona at the glamorous Krinklewood Estate, Angus Crichton has sold his Rose Bay semi for $635,000 over expectations. Under the hammer at Cooley Auctions, the three-bedroom house on Onslow St achieved $3.135m despite a pre-auction goal of $2.5m through listing agent Alex Lyons of Raine & Horne Double Bay. 'We just had a lot of competition on it. Interest rates got cut on the day and we can see now that sentiment has really been improving in the market,' Mr Lyons said. 'I've done over $100 million worth of sales just this past week.' The NRL and State of Origin champion decided to list the property prior to tying the knot with plans of upsizing the family home. It's been a period of celebrations of late, on and off the field, with Crichton named yet again to don the blue jersey for the famous clash of the states. He made his State of Origin debut in 2018 and last year started all three games for the Blues, finishing the season with the Wally Lewis Medal and Brad Fittler Medal. According to title records, Crichton bought the 308sq m property at 73 Onslow St for $2.18m in 2018, and has most recently been collecting $1,650 per week in rent. The single-level semi on the quiet cul de sac has timber floorboards, high ceilings, an open plan layout to a private courtyard, a stone gas kitchen with Smeg and Miele appliances, a main bedroom with ensuite, renovated bathrooms, as well as a lock up garage and off-street parking
