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‘There’s nothing like it in Australia’: How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit

A mega-mansion has hit the market for a staggering price which is 500 per cent more than the owner paid for it five years ago.

The Gold Coast property is expected to fetch around $45million, a whopping profit from the $5.3million paid for it in 2013.

The home is owned by Perth civil engineer Riccardo Rizzi, who purchased the incomplete house after the previous owners ran out of money halfway through building it.

Mr Rizzi was shocked when he was able to buy the home – which had in total cost the previous owners $21.44million – for $5.3million, according to Domain.

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 2

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 3

He bought the block of land next door for $1.19million so that the property would have 106-metre water front – creating the massive 26 Knightsbridge Parade East, Sovereign Islands, home.

Mr Rizzi then got all the approval he needed to continue the initial build – including the original design by the Brunei royal family architect Bayden Goddard.

The brief was a 100-year-old chateau reminiscent of Long Island, New York, or the European coastline.

The home took an incredible five years to complete – and has just now hit the market with a price tag advertised for U.S$30million to attract international buyers.

The home has a 14.5-metre high entrance lobby, formal dining and loungerooms – one of which can host up to 30 people.

There is also Australia’s only 6.5-metre tall bronze imported Italian statue of King Neptune sitting in the entrance way

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 4

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 5

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 6

The home has a Turkish bathhouse and a 30-metre pool in addition to its waterfront views.

The home’s seven bedrooms, including a master suite with his and hers baths, are all found in the East and West wings of the home.

Each bedroom has water views.

Alex Phillis, of Alex Phillis Real Estate, told Daily Mail Australia the corridor between wings it 70 metres long.

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 7

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 8

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 9

‘The pictures don’t do it justice, you could drive a Land Rover through the middle without issue,’ he said.

Mr Phillis explained Mr Rizzi bought the fifth block of land to serve as a Roman garden.

‘Whoever is buying this home will have an entourage – whether it is their family, friends or business manager – and so the home needed the garden for children,’ he said.

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 10

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 11

The home was about 60 per cent complete – with about $15million worth of work put in to it – and so Mr Rizzi continued with the original luxurious design.

For caretakers and staff their is a self-contained granny flat and a staff wing with a second bedroom and office.

‘I’ve never seen anything like this. It’s in an absolute league of its own. It’d be worth $100million easy if it was on the Sydney harbour,’ Mr Phillis told Domain.

Mr Rizzi said: ‘I don’t think this house will ever be duplicated in Australia again because it means giving up five years of your life. The true value is not in the bricks and mortar, it’s the five years of a person’s life.’

He is selling the home to be closer to his children in Perth.

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 12

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 13

 

 

 

Source: www.dailymail.co.uk

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Developments

Di Carlo Property Group set for Broadbeach owner-occupier apartment tower

Di Carlo Property Group set for Broadbeach apartment tower

The Brisbane-based Di Carlo Property Group has ventured back in to the Gold Coast market.

The family run company, who in recent years have been developing boutique projects in Brisbane’s inner ring, have lodged plans for their first tower in Broadbeach, dubbed Lusso Sky Homes.

Lusso Sky Homes (Lusso is Italian for luxury) – is a collection of just 17 full-floor apartments at 11 Anne Avenue.

Designed by Hayes Anderson Lynch Architects, the four-bedroom apartments span over 200 sqm internally, with a further 40 plus sqm of balcony space.

The kitchen (complete with butler’s pantry), meets the living and dining space, which opens to the balcony oriented to front Anne Avenue and capture south east ocean views. The master suite, complete with walk in wardrobe and ensuite, is also cleverly located at the front of the apartment to capture the views.

In addition to the master, there are a further two bedrooms and a multi-purpose room, which has been designed o act as either a second living area, a home office, or a fourth bedroom.

Crowning Lusso will be the resident amenity rooftop terrace, featuring a pool, gym, sauna and barbecue facilities.

Alfie Di Carlo, one of the family directors at the company, says the design offering should hit the mark for the luxury buyer.

“We produce boutique, owner-occupier developments in Brisbane so we definitely wanted to stay in our lane and produce something that would service that type of buyer on the Gold Coast,” Di Carlo told Urban.

“Its a really nice pocket of the Gold Coast and it’s always been on the agenda,” Di Carlo added.

“This site ticked all the boxes given its centrally located between the beach, the Broadbeach entertainment and dining precinct, the Star Casino and Pacific Fair Shopping Centre.”

Di Carlo expects a healthy enquiry mix from local downsizers cashing in on their houses but not wanting to compromise on space, and interstate and Brisbane holiday makers who are looking for a high-end holiday home or weekender.

The development acts as another diversification for the Di Carlo Group, who have recently started developing in the retail and commercial space.

The team have over 40 years experience building and managing in excess of $500 million of property development and construction projects across South East Queensland.

 

 

Article source: www.urban.com.au

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Developments

Bassar Construction Group set for Eternity, Broadbeach apartment tower

Bassar Construction Group set for Eternity

Bassar Construction Group, who are behind the sold-out Broadbeach apartment building Infinity, is preparing to release its second Broadbeach project.

Bassar, who sold out the 62-apartment, 39-storey Infinity development in March, currently under construction on the corner of Surf Parade and George Avenue, has secured a site at 14-18 Mary Avenue to developer Eternity.

Kollosche agent Simon Worthington negotiated the off-market sale of the 1518 sqm site for $16.6 million.

That sale, which settled at the start of May, paves the way for Eternity, a DA-approved 35-level development comprised of 88 apartments, including two penthouses, and resort-style amenities.

“The major appeal of this site is the unobstructed ocean views because that is what people expect when they visualise their sea change on the Gold Coast,” said Leo Sarris, who heads up Bassar Construction Group alongside Simon Bassil.

“Our commitment and focus remain in Broadbeach because we feel it is the suburb that caters for everyone and everything you need is within walking distance.” Located opposite Broadbeach State School, the site is currently home to two seventies-style blocks of flats across two titles.”

Gold Coast-based Plus Architecture has been engaged to conceive a slender design which improves upon an existing development approval sold with the site.

Eternity will offer three and four-bedroom floor plans ranging from 190 sqm to 300 sqm, in addition to the 500 sqm for the penthouse suites.

Apartments will each have a double garage, while the penthouses come with triple car parking, a rooftop terrace and a plunge pool.

Residents will also benefit from a magnesium pool and spa, infrared sauna, steam room, gym and residents’ lounge.

“We know that buyers in the luxury space prefer to have larger apartments,” said Sarris.

“That third or fourth bedroom is important for downsizers who like to host guests and for growing families who prefer easy, low-maintenance living.”

Kollosche New Projects has been appointed as the exclusive selling agents for Eternity, with registrations of interest now being taken ahead of the official project launch in June.

Hutchinson Builders, who are also building Infinity, have been appointed by open negotiation to lead a 2.5-year construction timeline which would see the team break dirt in early 2023.

Sarris noted the key relationships forged on Infinity have carried over to Eternity, creating not only a smooth pathway for the developer but also confidence for buyers.

“Aligning ourselves with the right people in the industry has been key to our success on the Gold Coast to date and we’ve been very deliberate in taking those relationships into our next project,” said Sarris.

“When you look at the issues we’ve faced as an industry through Covid – be that increases in material prices and supply issues – you’re always better off working with people that you know will take the project to completion with you.”

 

 

Article source: www.urban.com.au

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Gold Coast

Winning hand: Sizzling Coast market helps Star sell-out two towers, 879 apartments

Sizzling Coast market helps Star sell-out two towers, 879 apartments

The first residents who will live, as well as play, at The Star Casino on the Gold Coast are preparing to move in with all 422 apartments in the upper levels of The Star’s new $178m hotel and apartments tower sold out.

All apartments in the second $400m tower under construction and due for completion in 2024 have also sold, which means all 879 residential apartments across both towers have sold out in the scorching hot Gold Coast property market.

It is the first time that people are able to lay their money down to live at the casino.

The residential influx ushers in a new era of high-rolling in-casino living in Queensland, with the Gold Coast and Brisbane upping the ante on luxury integrated resort lifestyle offerings.

The sell-out also signals some good news for The Star amid damning ongoing compliance hearings surrounding The Star’s casino operations and an exodus of The Star Entertainment Group senior executives.

The luxury residential apartments join the startling upsurge of hotel rooms in the rapidly-developing tower builds on the Gold Coast casino’s Broadbeach island.

As well as residences, the new builds also bring around 900 apartments to the short-term holiday rental pool. Combined, the four towers on the island also mean The Star precinct will offer nearly 1200 hotel rooms and suites.

Destination Gold Coast Consortium Project Director Jaime Cali said The Star sales had seen “record growth and resiliency, despite the pandemic” among cashed-up downsizers and investors.

“Investors were out in force over the past summer with 80 per cent of the purchasers in the second tower being locals looking for a second investment,” Cali said.

“Remote and decentralised working arrangements as a result of the pandemic have seen investors attracted to a lifestyle where they have the convenience of dining and other facilities right on their doorstep.”

With the flurry of tower construction, the casino location is almost unrecognisable compared to a few short years ago.

Two new towers sit alongside the existing The Star Grand hotel and The Darling hotel.

The 53-storey Dorsett hotel is joined by the new $400 million 63-storey tower, which is as yet unnamed.

Under a $2 billion expanded masterplan, approved by the Queensland Government in November 2018, The Star could move to construct yet another three hotel towers to complement the current four.

The masterplan is being overseen by Destination Gold Coast Consortium—the joint venture between The Star, Chow Tai Fook Enterprises, and Far East Consortium.

The joint venture is also developing the $3.6 billion Queen’s Wharf Brisbane precinct.

 

 

Article source: inqld.com.au/news

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