A luxury holiday home at Hyams Beach, formerly owned by INXS drummer Jon Farriss, is on the market with price expectations more than double the current suburb record.
Known as Mimosa Lodge, the five-bedroom waterfront house is used by its current owners as a holiday rental with a price tag of $1600 per night at the peak rate.
Mr Farriss, a founding member of the Australian rock band, sold the NSW South Coast property in 2016 for $2.32 million. The musician was recently linked to anti-vaccine protests in Canberra.
Title documents reveal the home is now owned by a company in the name of Milena Franovic, related to Croatian-Australian businessman and developer Marko Franovic.
With a current price guide of $8.5 million to $9 million, the home could far surpass the current suburb record of $4.8 million, set in 2020 with the sale of 94 Cyrus Street.
Leading the sale is Scott Morton of Jervis Bay Properties Huskisson, who also sold the home on behalf of Mr Farriss almost six years ago.
Mr Morton said the current owners spent 18 months renovating and extending the home before listing it as a holiday rental around 2018.
"The extension they did on it was an extension that Jon [Farriss] had sort of dreamt up ... but never got around to it," he said.
Occupying a 733-square-metre block, the two-level property now boasts five generous bedrooms, four bathrooms, a theatre room, multiple indoor and outdoor living spaces and a spa. Guests of the high-end holiday home are afforded views to Point Perpendicular, Bowen Island and across Chinamans Beach.
Touted as one of Australia's best beaches, Hyams Beach is home to less than 300 properties and holds a median house price of $1.8 million.
It's not often the tightly held properties go up for sale, Mr Morton said.
"If you've ever got more than say three properties on the market in Hyams Beach, it's pretty rare. And in that location, it's probably once or twice a year," he said.
While Mr Morton said the price guide was "pushing the envelope", he said the value is in the home's location and views over the waterfront, plus the high quality renovations.
"I've been in real estate 14 years now and I've never had anything of that quality [listed for sale]," he said.
"Normally, if someone builds something nice and architectural for themselves, they use it for 20, 30 years and then we might get a hold of it. So for that quality level, it's very, very rare to come along."
MORE PROPERTY NEWS:
- Unusual property trend putting Canberra buyers under stress
- Townhouse of 'grand proportions' sets price record for Gungahlin district
- Buyer pays top dollar for Barilaro's former house
He estimated the renovation and extension would have cost the owners around $1.5 million.
"To do that again now and have a builder basically [working] there for a year and a half, just doing your property would cost significantly more than that. Also, the cost of building materials seems to be going up day by day with the COVID crisis," he said.
Mr Morton said he's received a mix of inquiries from owner-occupiers and investors, including interest from Canberra and Sydney's Northern Beaches.
"Hyams Beach is not so much just returns it's capital. [The property could] sit there for 10, 15 years and [people] should make their money there," he said.
The Franovic family have also listed another waterfront South Coast property for sale. The five-bedroom home in nearby Vincentia is on the market for $7.5 million.
