Melbourne developer buys $60m Kurraba Point waterfront site for luxury housing

Melbourne-based boutique developer PB & Co handed Sydney’s Ilic family a massive windfall on Thursday when they bought their family compound on the Kurraba Point waterfront for $60 million.

Alex Bragilevsky, who heads the luxury developer he co-founded with Michael Pesochinsky, said they were already in discussions with the likes of renowned architect Koichi Takada to develop the 4200-square-metre parcel into between eight and 12 luxury residences.

The $60 million deal includes 11 of the 20 apartments owned by the Ilics in an adjoining 1970s block, amid plans by the developer to acquire the rest of the block and redevelop it into a high-end development of five whole-floor apartments.

Mr Bragilevsky said the project, which is funded from their capital raising investment arm Dark Horse Capital, would target well-heeled downsizers and returning expats by replicating the branded approach to its Melbourne development Fifty Two Black in Brighton, where furnishings and home accessories were commissioned from Ralph Lauren.

“The driving factor is we want to make our brand global,” said Mr Bragilevsky.

Belle Property Mosman’s Tim Foote, who had listed it with CBRE’s Nick Heaton, confirmed the $60 million sale price.

Property investor brothers Glen and Randon Ilic listed the property last November with Belle Property Mosman’s Tim Foote and CBRE’s Nick Heaton some 45 years after the family started amassing the vast landholding, which includes two duplex buildings on the street front and a waterfront mansion across a double block.

Historic title records show the waterfront house was the first family purchase in 1975 for $198,000, bought from the family of Australian ocean racing legend and boat builder Trygve Halvorsen. The adjoining waterfront block was added later that year for $78,000 from Valmai Pratten, of the Arnott’s biscuit family.

A duplex was added in 1985 for $580,000 and its neighbouring duplex added in two parts: the first in 1989 for $805,000 and the second half a decade later for $1.256 million.

As well as the four land titles purchased for less than $3 million through the 1970s and 1980s, the Ilics have accumulated 11 apartments in the block next door, with the first acquired back in 1997 for $265,000 and the most recent for $3 million in 2007.

“I’ve long had the conviction the Lower North Shore market hasn’t achieve the potential it deserved, and we’re hoping this sale will recalibrate values north of the Harbour Bridge,” Belle’s Tim Foote said.