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Unliveable Potts Point mansion sells for $13.7 million

An unliveable mansion apartment in Potts Point has sold for $13.7 million, a stunning $3.7 million above its initial $10 million price guide.

The top-floor apartment at Manar, a historic Victorian building, lacked essential amenities such as a kitchen and a bathroom.

Located at 1/42 Macleay St, the apartment had been intermittently on the market with various agents over the years, according to realestate.com.au.

The buyers, an older couple from the eastern suburbs planning to downsize, intend to undertake extensive renovations immediately after the property settles.

Maclay Longhurst of Sydney Sotheby’s International Realty, who managed the sale, highlighted the unique nature of the property.

“We just managed to match the perfect buyer with the apartment,” he said, while noting the confidentiality surrounding the buyer’s identity.

Despite its condition, the property was highly sought after, attributed in part to its potential, underscored by the existing designer development approval (DA).

This approval offers a significant opportunity for the new owners to customise the grand space within the historical context of the building.

“For the lucky purchaser, it’s ready to go,” Mr Longhurst told realestate.com.au

“They can either put their own touch on it or use the plans the vendors have had created.”

A CGI image of what the apartment could look like. Photo: Sydney Sotheby’s International Realty

The previous owners, Victoria and Andrew Isles, bought the first-floor plan in 2009 and expanded their living space by acquiring additional parts of the building over seven years.

Their efforts included creating an extravagant master bedroom and an alfresco living area from previously common areas of Manar.

The sale was fast-tracked ahead of its scheduled May 22 auction due to the buyers’ eagerness to finalise the deal, emphasising the property’s desirability.

The Manar penthouse features 296sq m of space, 3.6m ceilings, classic arched windows, and includes two car parking spaces in a neighbouring building, making it a remarkable but challenging renovation project for its new owners.

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