Local downsizer snaps up $20 million Coogee penthouse in record-breaking sale

A new suburb record has been set in Coogee, with the sale of a 3-bedroom penthouse at Central Element’s (CE) Ballamac House for an impressive $20 million. The sale, which took place ahead of the project’s official launch to the market, has surpassed the previous suburb record of $13.1 million for a four-bedroom house on Wolseley Road, purchased by M&C Saatchi Australia’s Simon Corah and his interior designer wife Monique in 2022.

The penthouse, spanning 241 square metres of internal space and 77 square metres of external area, achieved a price of nearly $90,000 per square metre. This sale also eclipses the previous apartment record in Coogee, which was set by the recent sale of a 286 square metre 4-bedroom penthouse on Carr Street for $8.8 million, bought by former NSW premier Bob Carr.

The record-breaking sale at Ballamac House even surpasses the $18.5 million record in neighbouring South Coogee, which was achieved earlier this year for a three-level five-bedroom clifftop residence at 1A Seaside Parade.

Ballamac House, established by Charles Moore in 1860, boasts a rich history, having served as a private residence, hotel, and infirmary over the years. CE plans to transform the site into eight prestigious three-bedroom oceanfront residences across two buildings, with the heritage Victorian house undergoing a meticulous restoration to be converted into two exquisite residences, and a further six dwellings situated in a new build to the east, offering stunning ocean views.

The $20 million penthouse was purchased by a local owner-occupier who was captivated by the site’s history and the uninterrupted views of Wedding Cake Island from the building’s elevated position on Coogee’s north headland.

Cameron Porter, Head of Sales at Central Element, commented on the sale, stating that buyers in the ultra-luxury downsizer market who would have traditionally sought properties in Bondi and Bronte are now turning to Coogee due to its elevated lifestyle offering. He attributed this shift to the recent influx of world-class dining options in Coogee, such as Yana, Louie, and Coogee Pavillion’s mimi’s.

Following the success of CE’s award-winning Anden Coogee project, which sold out in under a year, Porter expressed confidence in the demand for premium properties in the area. With Ballamac House’s prime location and the quality of product Central Element is known for delivering, he expects the project to be quickly snapped up when it launches to the market later this year.