Private equity boss Chris Hadley leads Mosman's prestige home owners to market

Mosman’s high-end version of the drought – a shortage of prestige homes for sale – is hoped to be over thanks to the collective selling plans of local trophy home owners.

Private equity legend Chris Hadley and his wife Sue are among the locals opting to downsize from their Mosman home following a run of sales, including three mansions with their own tennis courts that have sold in recent weeks on the lower north shore for a total of about $55 million.

“All the market needed was an injection of confidence these big-ticket sales bring, and three in quick succession seems to have provided that,” said Geoff Smith, of Ray White Mosman.

Hadley, executive chairman of leading private equity firm Quadrant, has owned the Hopetoun Avenue property since 2003, paying $3.25 million and commissioning a three-level residence with gym, cellar and swimming pool soon after from architect Phil Corben.

Mr Smith has a guide of $10 million. If the Hadleys sell before they buy, they have the option of moving to their Palm Beach weekender they bought in 2013 for $10.6 million from businessman Paul and Rosie Nankervis.

Among at least half a dozen notable properties set to hit Mosman’s ultra-prestige market is the historic Victorian mansion Musgrave House, owned by Karen Baker, also known as Karen Lowe, who was one of the financial victims of convicted conman Hamish McLaren.

The 1800-square-metre property was bought by Baker in 2006 for $11.25 million from ASX chairman Rick Holliday-Smith and his wife Mary, and returns to the market for more than $15 million through Michael Coombs, of LJ Avnu.

Mr Coombs is also set to launch the nearby residence known as the Land house designed by acclaimed architect Peter Stutchbury for chairman of advanced medical device company Symbyx Peter Carre and his wife Lesley for $16 million.

“Uncertainty has stifled the market in recent years, but it’s now become clear there are good buyers for these properties,” Mr Coombs said. “My expat inquiry at this level has doubled from 18 per cent to almost 40 per cent and that’s all coming from Hong Kong.”

Further, Mr Coombs said global fears of the coronavirus were cementing Australia’s property market as a safe-haven investment.

Of the three recent sales of properties with private tennis courts on the lower north shore, the highest was for close to $22 million on Ruby Street to  Mengyao Ling, the business partner of Olympian Michael Klim.

Another sold on Hopetoun Avenue by Siobhan Downe for more than $19 million, and another on the Kurraba Point waterfront owned by former magazine publisher Marcia Raheb for about $16 million.

“We’re certainly seeing more interest coming from overseas, and that will only increase with the weakening Aussie dollar,” said Brendan Warner, of Raine & Horne Mosman.

The Australian dollar fell to US65 cents this week.