Roy and Anthony Medich pay $12 million for Potts Point terrace

An Italianate terrace in Potts Point, Highclere, has sold for more than $12 million to father and son property investors Roy and Anthony Medich.

The result more than doubles the $5.18 million the property last traded for in 2010 when bought by Joanna McNiven, wife of businessman John McNiven.

Settlement will reveal the exact result, but sources say the more than $12 million sale comes close to the $13 million national record high for a terrace set a year ago when socialite Heidi Onisforou sold her home two doors away to lawyer Karen Beck.

The Medichs, joint managing directors of the family’s Medich Corporation, are expected to retain the property as an office space. Anthony Medich resides in the Vaucluse heritage residence Djirang he bought in 2015 for $12.8 million. Roy Medich, OAM, lives in a harbourfront apartment he bought in Rose Bay for $7 million in 2009.

Built in the 1880s on Challis Avenue, across the road from the Victorian terrace of former prime minister Paul Keating, it has a ground-floor space currently leased by Priscillas Model Management. There are four apartments on the upper levels and space for three cars.

Sources say the deal was negotiated by ​McGrath’s Will Manning, who was unable to comment because of confidentiality orders.