$60 Mil will buy you ….

Anyone who was in doubt about where the Byron property market was heading should read this. 12 Bay Street, next door to the Byron Beach Hotel and across the road from the Byron Surf Lifesaving Club, is now in play. The developer Adam Hammond of Cavvanbah Projects, optioned the site last August for $30 million and expects to lodge the DA this month. Melbourne architect John Bornas from Workroom Design came up with the design concept and this is his fifth Byron project.

The team will be listing the property off the plan with Beauchamp Estates for 35 million pounds – that is around $61.3 million Australian dollars at the current exchange rate. ‘The Beach House’ is on a quarter acre block and looks onto Mian Beach. The Byron Beach Hotel next door recently sold for $100 million-plus.

The Design

The design concept features a main residence spanning 700 sqm of internal space,  landscaped outdoor heated pool area, Japanese hot-tub, Finnish sauna, yoga pavilion, instant gas hot water outdoor showers and an outdoor kitchen and dining area with unobstructed views of the Pacific Ocean.

A second self-contained residence of 300 sqm with switchable private elevator access would allow the owner to accommodate visiting friends and relatives, holiday let or combine to form a total main residence of 1000 sqm.

Billionaires Wanted

Mr Hammond says, “Where else can a Hollywood A-lister walk from the surf straight into a restaurant or bar without shoes on and not be bothered for an autograph?” the advertisement reads.

Mr Hammond said the property was likely to attract more international interest, given its scale and price tag. “The sort of person who can spend just over $60 million Australian on a house, which realistically will be a holiday house, will likely have a net worth of at least half a billion dollars,” Mr Hammond said.

“The profile of this sort of person – they may be Australian – but likely not, as billionaires are fairly thin on the ground here. “These people prize exclusivity, bespoke builds and discretion over anything else. “For somebody in that league, this isn’t going to be their only address.”

The site is currently zoned mixed-use and could feature a combination of retail, commercial, and residential space. Apparently, there is already interest in leasing the ground floor restaurants spaces.

Some of this text in this article came from the Courier Mail and The Northern Star. More on this story is in the Market Watch link below.