Stephen Gaitanos, the co-founder of student housing business Scape Australia, and his wife Emma have lodged plans with council for renovations to further improve their already stylish $50 million Bellevue Hill mansion.** **
The couple emerged on settlement documents in March as the buyers of a six-bedroom abode that features “original period details” and “contemporary refinement”, as stated on the listing. They also own a $4.2 million five-bedroom Hunters Hill home purchased in 2018.
Plans lodged with council in June reveal alterations and/or additions to the existing dwelling by architecture firm Humphrey & Edwards, and landscaping, with works estimated to cost around $737,000.
Proposed works include a new roof, driveway and turntable, paving, a lift, entry gate and timber shutters, while proposed demolition includes the driveway, garage door and paving.
The Gaitanos family bought their new home from Paul Oppenheim, the chair and co-founder of Plenary Group, and his wife Cathie-Jane. Plenary Group invests, develops and manages public infrastructure in Australia, the Middle East and the UK.
The Oppenheims paid $18.8 million in 2017 for the three-level house on 1714 square metres and made some renovations. While the tennis court and pool were already there, they updated the interiors and preserved the period details such as leadlight windows and ornate cornices.
There is a gym, office, steam room, library, rumpus and billiard room, updated kitchen, multiple terraces and gardens by Will Dangar.
Gaitanos, a former Morgan Stanley investment banker, co-founded Scape Australia in 2013 with Craig Carracher, a former lawyer to Kerry and James Packer. Scape offers purpose-built student accommodation across Sydney, Melbourne, Brisbane and Adelaide.
Scape’s rebranded parent business is The Living Company and also encompasses build-to-rent homes, affordable housing and retirement living. In June last year, Scape bought retirement village operator Aveo for $3.85 billion, as reported by The Australian Financial Review. The Living Company is aiming to own and manage $100 billion worth of property, as shared on its LinkedIn page.
Elliott Placks and Ashley Bierman of Ray White Double Bay declined to comment on any aspect of the sale or buyer’s identity.
**Point Piper price reduction **
Listing agents for a waterfront mansion in prized Point Piper are offering a discount for buyers of about $10 million.
The four-bedroom, four-bathroom residence with its own jetty, boat shed and harbourside pool hit the market in May with a price guide of $50 million to $55 million, local sources revealed to this masthead at the time. However, the buyer’s guide is now $41 million to $45 million, as stated on the listing.
James Dunn of Sydney Sotheby’s International Realty told this masthead there had been a reduction in price to reflect market feedback.
“Buyers recognise the property’s incredible position, but they’re also factoring in the cost and time involved in renovating or rebuilding to create their ideal home,” Dunn said.
“Having said that, at the current guide it’s a fantastic opportunity to secure a genuine waterfront property in Point Piper with its own water facilities. Opportunities like this don’t come along very often, and we think it represents exceptional value for someone looking to create a truly special home.”
Listing agents have been tight-lipped about the vendors’ identities throughout the campaign.
However, title records show the property is in the company name of Haduso Pty Ltd, where Chow Kwok Ching, the son of late Singaporean property developer Chow Cho Poon, is listed as one of a few directors. Transfer documents show Haduso Pty Ltd paid $343,000 for the address in 1977.
Interiors feature floorboards, whitewashed walls, a gas kitchen and a main bedroom with a private terrace.
Point Piper’s market includes notable owners such as tech entrepreneur Scott Farquhar, who paid $130 million for Uig Lodge, and Aussie Home Loans founder John Symonds, who owns a $200 million-plus home.
Dunn is selling the Point Piper mansion in conjunction with Michael Dunn of Richardson & Wrench Double Bay, and Maclay Longhurst of Sydney Sotheby’s International Realty.
**Outgoing Lendlease boss buys Sydney pad **
Tony Lombardo is relocating to South-East Asia as he steps down as the chief executive officer of Lendlease in August, however, he and his wife May will still have a Sydney base to call home.
Settlement documents from June reveal a three-bedroom, two-bathroom apartment in Darling Point had been purchased for $11.5 million under May’s name.
The unit with its own gardens and patio, was previously owned by sisters Anna and Louise Granger, the daughters of the late Walter Granger, who along with his father, established the Walt Disney brand in Australia.
Interiors feature oak parquetry floors and art deco windows, and there’s an indoor pool for all residents to enjoy.
Lombardo worked for construction and real estate company Lendlease for 18 years, including the last five as group chief executive officer. An ASX announcement in February revealed he would be stepping down from the top job and relocating to South-East Asia.
Tony Laing and Cathy Morgan of The Agency sold the Darling Point home, but both declined to comment on any aspect of the sale when contacted by this masthead.
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