Ilic family list vast Kurraba Point waterfront parcel

One of the largest waterfront sites on the lower north shore, covering 3000 square metres on Kurraba Point, has hit the market amid expectations of setting a house price record in the process.

Belle Property Mosman’s Tim Foote and CBRE’s Nick Heaton are yet to set a guide for the site, but it comes as the Thirdi Group completes a consolidation of three blocks of apartments across the road on Kurraba Point to create a non-waterfront block totalling 3200 square metres worth more than $56 million.

Last weekend, the Thirdi Group launched the $170 million residential project offering 24 luxury apartments known as Kurraba Residences through the CBRE team.

The Ilic family have been amassing the vast landholding since the 1970s, including a waterfront mansion previously owned by Australian ocean racing legend and boat builder Trygve Halvorsen, as well as two streetfront duplex blocks, and majority ownership of an adjoining block of apartments.

Title records show the Ilic family’s ownership of the parcel dates back to 1975 when a street-front duplex was purchased for $580,000. The following year the waterfront house, now home to property developer Randon Ilic, was bought from the Halvorsen family in 1976 for $198,000, and an adjoining block the same year for $78,000 from Valmai Pratten, of the Arnott’s biscuit family.

A duplex next door was added in two parts: first in 1989 for $805,000 and the other half a decade later for $1.256 million.

A block of 20 waterfront apartments is also dominated by investment purchases by the Ilic family, dating back to 1997 for $265,000 and most recently for $3 million in 2007.

The family are already well-established property investors. Brothers Glen and Randon Ilic’s corporate interests own about 200 hectares of land in Sydney’s west near the proposed second airport at Badgerys Creek.

The Ilics submitted a proposal to the Greater Sydney Commission in 2017 for a new community called Bradfield that would contain 10,000 to 20,000 homes, startup innovation hubs, health and education facilities.

However, that development looked unlikely to proceed when in 2018 the commission stated in its Metropolix of Three Cities Plan that land west of the airport would be designated “metropolitan rural”.

The family’s sale is expected to include a record house price for the waterfront mansion that is the jewel of the holding, topping the $25 million high set by the Mosman mansion Hopetoun bought by Swans chairman and investment banker Andrew Pridham in 2018.

The apartment record for the north shore was reset at $21 million earlier this year when private equity veteran Peter Wiggs settled on an off-the-plan purchase in The Bradfield at McMahons Point that dated back to 2016. It doubled the previous high of $10.5 million set in 2018 by the sale of another off-the-plan purchase in Lavender Bay’s Blue development by orthopaedic surgeon and human rights activist Munjed Al Muderis.